Ban on ‘Banking’ Terms Lifted

Our voices have been heard. Credit unions may continue using terms like ‘banking’ and ‘bank’ to describe the services we offer.

This news comes as a great relief to Canadian credit unions after last year’s advisory from the Office of the Superintendent of Financial institutions (OSFI) that effectively banned credit unions from using words like ‘banking’ to describe our services.

Following a powerful outcry from credit union members across the country, Finance Minister Bill Morneau recently announced the decision to amend the Bank Act, allowing credit unions the flexibility to use the terms ‘bank’ and ‘banking’ as we have done for decades.

It is great to see the federal government support those who choose to bank with a credit union.  To our members and MPs who lent their voices to this cause, thank you! Common sense has been restored. After all, how else would we have described the things you do when you ‘bank’ with us?

While we will continue to use common-language terms like bank and banking to describe the services we provide, rest assured, we will never use them to describe who we are.

Interior Savings is a member-owned credit union that puts our members’ financial wellbeing at the heart of everything we do.  Our members have a say in how their credit union is governed, a share in its success and, through their membership, a hand in helping to develop their community.

We ask that you continue to join with us as we proudly proclaim, #ibankwithacreditunion.