Credit Union Innovation Timeline
Credit unions have always been all about innovation – read on for some of the most innovative moments in credit union history.
- 1901: First loans based on a borrowers character
- 1933: First payroll deduction service for deposits and loan payments
- 1959: First open mortgages in Canada
- 1961: First financial institutions to lend to women in their own names
- 1967: First to offer daily interest savings
- 1977: First full-service ATMs
- 1980: First home equity lines of credit
- 1982: First debit card service
- 1986: First ethically screened mutual funds
- 1988: First registered education plans
- 1995: First fully functional online banking
- 1996: First branchless bank
- 2013: First mobile cheque deposit app
- 2014: First social impact bond publicly launched in Canada
- 2014: First loans offered as an alternative to payday lenders
- 2016: First socially responsible GICs in Canada
- 2016: First to offer mobile pay in Canada
We have a proud history of innovation in Canada that we will continue to build on. You can also watch the video linked below for a summary of the many ways credit unions have innovated over the years.
*Source: Canadian Credit Union Association’s, “2017 Credit Union Community & Economic Impact Report”