THESE TORONTO CREDIT UNIONS ARE INVESTING IN A BETTER WAY TO BANK
The Readers’ Choice Awards are game-changers for Toronto businesses. Here, 2019 winners of the Credit Union distinction share the impact of the award
1. Best Credit Union Diamond Winner: Luminus Financial
Unlike a traditional bank, Luminus Financial aims to provide a more personalized approach to finances for its 5,500 members. “Winning the Readers’ Choice award solidified the reason why Luminus Financial exists: to provide ‘clearly better banking’ to anyone living or working in Ontario,” says chief executive officer George De La Rosa. Managing assets close to $200 million, the credit union opened a unique financial hub at the base of Yonge Street in Toronto. “It gives our members an opportunity to catch up with the staff, talk about their financial needs, and get the financial advice that they’re looking for,” says De La Rosa.
2. Best Credit Union Platinum Winner: Meridian Credit Union
Meridian Credit Union has grown rapidly since look on its first member. Now Ontario’s largest credit union, Meridian Credit Union boasts over 370,000 members who have access to 90 branches across the province. “We’ve launched award-winning campaigns and products like Price Drop, a free service that automates the traditionally time-consuming process of price matching for retail purchases,” says Scott Windsor, vice-president of corporate communications at Meridian. “We continue to hear about new ways that we can adapt to better meet the changing circumstances and needs of our membership.”
3. Best Credit Union Gold Winner: DUCA Credit Union, Richmond Hill
The motto of this forward-thinking credit union is simple: “profits with a purpose.” That ethos informed the institution’s push to become certified as a B-Corp organization, a global first for a credit union, and its popular bonus share program, which sees some profits distributed among members. Though a single branch of the DUCA Credit Union opened its doors in Toronto back in 1954, there are now 16 branches dotting Southern Ontario — including the award-winning Richmond Hill team — that serve more than 70,000 members.