Originally published July 26, 2018
One of the most prevalent myths about credit unions is that they charge high fees – or extra yearly fees, or special fees that the banks don’t charge – and this is one reason why people don’t consider switching.
To help debunk this myth, here is an infographic to give you an example of the fees charged by an Alberta credit union – First Calgary Financial – compared to one of the big banks – Canadian Imperial Bank of Commerce (CIBC). This comparison shows the difference between being a member of First Calgary Financial with a regular No Fees For Me™ Chequing Account with the personal banking upgrade compared to being a CIBC customer with a CIBC Smart™ Chequing Account.
To top it all off, when you are a credit union member that means you benefit from profit-sharing. Last year, that meant more than $90 million went back to members across the province – that means money back into your wallet. But don’t just take our word for it – visit your local credit union to learn more about how they can help you save money on fees AND get money back with profit-sharing.