David Schurman on First Ontario Credit Union

David Schurman, Executive Vice President and Chief Operating Officer of First Ontario Credit Union, said that credit unions and Rotary have similar mottos: People Helping People and Service Above Self. The first credit union started in Quebec in 1901 with a deposit of 10 cents. Since then credit unions have grown considerably with over 10 million Canadian members. First Ontario emerged in 2000 from an amalgamation of several other credit unions and now has 90 000 members in 15 communities in the Hamilton and surrounding area. A new location will be opening on King St. in Dundas this December.

David compared Canadian banks and credit unions noting that both offer a safe haven for money but that credit unions are even safer than banks because of the higher capitalization (4% vs 3%) and stricter rules of operation. Credit unions also have unlimited deposit insurance for registered funds like RRSPs. First Ontario presently has $3 billion under management, offers free checking and is proud that the money lent out stays within the area to assist people helping people.

You can watch David Friday mornings on CHTV's Finance Friday.