Checklist - Ask the Right Questions of Credit Unions/Caisses Populaires

Before deciding which credit union/caisses populaires you want to be a member of, you should consider asking the following questions so you can better understand what financial products they offer and the services you can expect:

 

What is the difference between this credit union/caisses populaires and a bank?

What services and/or financial products do you offer that a bank does not?

What services and/or financial products does a bank offer that this credit union/caisses populaires does not offer?

Banks have strong measures in place to prevent financial fraud. What measures does this credit union/caisses populaires have in place to prevent financial fraud from happening?

What is the difference between this credit union/caisses populaires and another credit union/caisses populaires? What do you have to offer that they don’t?

How big is this credit union/caisses populaires? What benefits, if any, are there of being the size that you are?

How is this credit union/caisses populaires governed? Who are the board members? How are they selected?

Is there an annual meeting for members? If so, when it is?

How will you communicate with me if something requires my attention?

Are there requirements of becoming a member of this credit union/caisses populaires? Are these requirements posted somewhere?

Who protects the members if the credit union/caisses populaires goes bankrupt? How will I be protected?

Are there member fees for being part of this credit union/caisses populaires? If so, what are they and how often are they charged?

Is there a limit to the number of withdrawals or deposits I can make to any of my accounts?

How accessible are the ATMs? Are there fees associated with ATM withdrawals or deposits?

Do you offer online banking, and if so, is there a fee to using this service?

Are there other fees I should be aware of? If so, what are they and how often are they charged?