Classifications of Ontario Credit Unions | General financial discussion | Discussion forum

In Ontario, some credit unions are open to all Ontarians and some are only open to specified groups. To the best of my knowledge so far, none are open to non-residents, but please post if you know otherwise.

Those that are open to everyone are called "open bond". Those that are restricted are called "closed bond".

It appears that a credit union must apply for permission to become "open bond", and many have done so in recent years.

"Closed bond" memberships are typically restricted to people who live in a designated community, who belong to a specific ethnic group, or who belong to a particular employment sector.

A few (only one that I know of so far) are hybrids, where there is open membership in theory but with other qualifications required. For example, the Mennonite Savings and Credit Union is open to all, but you have to agree to a statement of faith.

This issue can get confusing, as not all credit union websites are clear about this.

Therefore, I encourage everyone to add to this thread as they become aware of relevant information.

An index of all Ontario CUs can be found here: https://www5.fsco.gov.on.ca/CreditUnion/english/default.aspx

A list of DICO-insured CUs can be found on the DICO site.