The
Ottawa Police Credit Union was established to
serve the employees and related persons of the
police forces in the Ottawa area. Since 1955,
the credit union, has been offering it's members
a wide range of personal, financial and business
services.
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The
Ottawa Police Credit Union was established on August 17,
1955 to serve the financial needs of employees and related
persons of the police service in Ottawa.
The Ottawa Police Credit Union is a cooperative financial
institution owned and operated by the members who use
our services.
The governance of the credit union is based on members
electing from their peers a Board of Directors who meet
regularly to review its operation. We are also a not-for-profit
organization existing to provide a safe, convenient place
for members to save, invest and borrow money and to access
other financial services at reasonable rates.
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The
Ottawa Police Credit Union is provincially regulated under
the Credit Union and Caisses Populaires Act. In addition,
the Deposit Insurance Corporation of Ontario provides
deposit protection for all eligible deposits held at Ontario
credit unions. Deposit Insurance is part of a comprehensive
protection program in all Ontario credit unions which
is backed by provincial legislation.
Through the years, as the police services expanded and
the number of members increased, the credit union continued
to respond to the needs of its members. Today, the Ottawa
Police Credit Union is a full service financial institution
that provides a complete selection of product and services
that include internet and telephone banking, the ability
to access money anytime, anywhere with our Membercard,
a variety of investment and loan options including mortgages.
The Ottawa Police Credit Union is proud of its 50 year
history with the employees of the Ottawa Police Service
and looks forward to supporting the financial needs and
the community involvement activities of our members now
and into the future. |
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Ottawa
Police Credit Union
Celebrating 50 years of Service to the
Ottawa Police Community
1955 - 2005
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What
is a Credit Union?
A credit union is a cooperative financial institution
, owned and controlled by the members who use its services.
Credit unions serve groups that share a common bond ,
such as where they work, live or go to church. Credit
unions are also not-for-profit and exist to provide a
safe, convenient place for members to save money and to
get loans and other financial services at reasonable rates.
In credit unions, the members are the owners . Benefits
of ownership include better rates on deposits and loans
and better service. Regardless of their size or field
of membership, credit unions are different than for-profit
financial institutions. Credit unions exist to serve their
members. Banks and other financial institutions exist
to make money for their stockholders.
Credit unions are member-owned, cooperative financial
institutions that provide many of the same financial services
that banks do, savings and checking accounts, youth and
senior accounts, loans for a variety of purposes, insurance,
convenient services to access and send funds and more.
In essence they are mutual organizations operated entirely
by and for their members.
While for-profit institutions must make profits for their
shareholders, in a credit union any earnings in excess
of operational costs are returned to the members in the
form of increased interest on savings, decreased rates
on loans or other new and improved services. |
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The
Credit Union Difference
Credit unions are uniquely different from for-profit financial
institutions and offer their members special advantages:
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Member
Ownership
Each member of a credit union is an equal owner of that
credit union and is entitled to one vote at the annual
meeting, regardless of how much money he or she has deposited
in the credit union. |
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Members
First
Because credit unions are not-for-profit cooperatives,
they are usually able to offer lower loan rates, higher
savings rates and lower fees than for-profit institutions.
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Volunteer
Leadership
Credit unions are led by a board of directors elected
from the membership at the annual meeting. Board members
volunteer and are not compensated.
Credit Union Advantages |
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| Across
countries, surveys repeatedly show members are more satisfied
with the service they receive from their credit union
than customers of banks or savings and loans are with
their institutions. Because credit unions are democratic,
member-owned cooperatives , members have the power to
direct credit union policy. |
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