We’re Your Community Credit Union

Strengthening our local communities

Since 1944, Union Bay Credit Union has been your community credit union, serving the needs of our members and giving back to our local communities.

With a wide array of financial products, services and account options, we’re able to offer you the financial services you need in today’s modern world with the close-knit feel and personal connectedness of a bygone era.

When you join UBCU, you become a proud member/owner of your homegrown, community credit union. You also become part of a growing cooperative movement that’s turning away from the ideology of profit for profit’s sake and embracing the values of equality, decision sharing and community building.

Decisions we make at Union Bay Credit Union are made right here at our branches. This is where we live, this is where we work and this is where – with your help – we’re making our communities stronger one member at a time.

The difference is community

Though the credit union movement is definitely growing in popularity, we're still occasionally asked, "How is a credit union different?"

While there are several defining features that distinguish credit unions from other financial institutions, the most significant is our connection to the communities we serve.

Union Bay Credit Union is a 100% member-owned cooperative and, as such, we reinvest our profits in those communities - from Bowser to Royston and Denman to Hornby. This 'giving back" takes the form of bursaries to local students, support of homegrown non-profits and even Community Connect gift certificates that benefit both local organizations and local businesses.

Already this year we have invested $14,000 in our local communities, supporting 21 different community groups in the process. On top of that, we award $5,250 in bursaries each year to students pursuing post-secondary education and we ensure that every single voting member, as part-owner of the cooperative, is eligible for an annual dividend payment.

When you get to the heart of the matter, giving back is what credit unions are all about. And because all of our decisions are made right here at our branches in Union Bay, Bowser and on Hornby Island, we'll continue to support those communities. After all, our credit union is only as strong as the communities we serve.

This is where we live, this is where we work and this is where, with the help of our members, we're helping to build more resilient communties. Do you represent a local community group? Apply for funding at ubcu.ca.

Proudly supporting the leaders of tomorrow

We all know that our population is aging. One thing we don't hear much about however, is how our aging workforce will affect the leadership capacity within our organizations. As workers retire in increasing numbers, are we preparing the next generation to pick up the torch?

The problem is equally pressing in the nonprofit sector. One local community group, for example, has an average age of 75, and we suspect there are others with similar demographics. In order to sustain the vital work of our community organizations, we need to empower the leaders of tomorrow to step forward and contribute their ideas and energy in a meaningful way.

At UBCU, we're continually looking at ways to mentor, transfer knowledge and otherwise prepare our youth for leadership roles. Along with other credit unions across the province, we proudly support the YES (Youth Exellence Society), which works to build the skill set and resiliency of BC youth through leadership camps and other programs. Its long-term mission is one that we can all rally behind: creating supportive, inclusive communities that encourage us to challenge ourselves and create positive change.

If you're looking at retirement in the not-too-distant future, think about how you can start transferring the vast knowledge you've accumulated to the next generation of young leaders. And if you're and up-and-coming leader, start identifying opportunities for mentorship or more active involvement in your organization or community.

By proactively working together, we can harness the goodness of the next generation and achieve the goal of healthy, united communities.

3 reasons to "bank" with a credit union

It's sometimes surprising how many people are unaware of the key differences between credit unions and banks.

True, both types of institutions offer similar products and services, including deposits, loans, mortgages, investments and more. The fundamental difference, however, is that banks are for profit corporations, while credit unions are member-owned cooperatives whose sole purpose is to serve their member-owners.

Here are three ways that key difference plays out, and why you might want to consider "banking" with your local credit union.

1. Local decision-making - At Union Bay Credit Union, all of our decisions are made right here in our local communities. That means your loan application (or anything else) is approved by someone who understands you and your community - not someone in a downtown Toronto tower.
2. We're motivated by you; not profits Because credit unions are owned by their members rather than by shareholders driven by profit, our sole loyalty is to you, our member. Any profits are redistributed to our members via dividends, competitive rates and services, donations to community initiatives and bursaries to deserving local students.
3. Depositors are 100% protected - As a credit union member, you receive unlimited depositor protection from the Credit Union Deposit Insurance Corporation of BC.

When you join UBCU, you become part of a growing cooperative movement that's turning away from the ideology of profit for profit's sake and embracinig the values of equality, decision sharing and community building.