A credit union is a member-owned nonprofit cooperative financial institution.
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient. ID Ghana is an example of a microfinance institution.
Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.
Coast Capital Savings Federal Credit Union is a member-owned financial co-operative headquartered in Surrey, British Columbia. It is the largest credit union in Canada with 600,000 membersthrough its 45-location branch network. In 2022, Coast Capital's net income was at $94.1 million. Coast Capital Savings operates nationally and has branches located in British Columbia, including Metro Vancouver, Fraser Valley, Okanagan and Vancouver Island regions.
The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
The Consumer Federation of America (CFA) is a non-profit organization founded in 1968 to advance consumer interests through research, education and advocacy.
Opportunity International is a 501(c)(3) nonprofit organization chartered in the United States. Through a network of 47 program and support partners, Opportunity International provides small business loans, savings, insurance and training to more than 14 million people in the developing world. It has clients in more than 20 countries and works with fundraising partners in the United States, Australia, Canada, Germany, Switzerland, Singapore, Hong Kong and the United Kingdom. Opportunity International has 501(c)(3) status as a tax-exempt charitable organization in the United States under the US Internal Revenue Code.
Founded in 1908, the Certified General Accountants Association of Canada (CGA-Canada) serves Certified General Accountants and students in Canada and nearly 100 countries. CGA-Canada established the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally. CGA-Canada joined the Chartered Professional Accountants of Canada to integrate operations under the CPA banner in 2015. CPA Canada is the new national accounting body formed by the merger of the Canadian Institute of Chartered Accountants (CICA) and the Society of Certified Management Accountants (CMA) in 2013, and now Certified General Accountants.
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.
Financial literacy is the possession of skills, knowledge, and behaviors that allow an individual to make informed decisions regarding money. Financial literacy, financial education and financial knowledge are used interchangeably. Financially unsophisticated individuals cannot plan financially because of their poor financial knowledge. Financially sophisticated individuals are good at financial calculations; for example they understand compound interest, which helps them to engage in low-credit borrowing. Most of the time, unsophisticated individuals pay high costs for their debt borrowing.
The Financial Consumer Agency of Canada is an agency of the Government of Canada that enforces consumer protection legislation, regulations and industry commitments by federally regulated financial entities. It also provides programs and information to help consumers understand their rights and responsibilities when dealing with financial institutions and promotes financial literacy.
Envision Financial, a division of First West Credit Union, is based in British Columbia, Canada. Founded in 1946, Envision Financial was established in 2001 through a merger between Lower Mainland-based Delta Credit Union, whose roots were in the fishing industry, and Fraser Valley-based First Heritage Savings Credit Union, which had historic ties to the farming and agriculture industries. First Heritage Savings Credit Union was the product of a merger between East Chilliwack Credit Union and Clearbrook District Mennonite Savings Credit Union in 1983. It is insured by the Credit Union Deposit Insurance Corporation of British Columbia.
Financial inclusion is the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services which include banking, loan, equity, and insurance products. It is a path to enhance inclusiveness in economic growth by enabling the unbanked population to access the means for savings, investment, and insurance towards improving household income and reducing income inequality
Island Savings, a division of First West Credit Union, is based in British Columbia, Canada. Since 1951, Island Savings has served communities on Vancouver Island and Gulf Islands.
Vancouver City Savings Credit Union, commonly referred to as Vancity, is a member-owned financial co-operative headquartered in Vancouver, British Columbia, Canada. By asset size, Vancity is the largest community credit union in Canada as of 2019, with CA$28.2 billion in assets plus assets under administration, 60 branches and more than 543,000 members.
Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population. Credit union membership is largest in Quebec, where they are known as caisses populaires, and in western Canada.
A prize-linked savings account (PLSA) or lottery-linked deposit account is a savings account in which some of the interest payment on bank deposits or marketing dollars are distributed as prizes based on chance. They are attractive to consumers as they function both as a sweepstakes or game of chance and as savings vehicle. PLSAs are similar to lottery bonds, except they are offered by banks, credit unions, prepaid card companies, and financial technology companies, and they can be held for a period of time determined by the consumer. Sometimes the returns are in-kind prizes rather than cash.
Children's Savings Accounts (CSAs) are a type of savings accounts in the United States, usually specifically designed for higher education savings. They are often available through state or local government programs or nonprofit organizations, in partnership with banks and credit unions. CSAs can be based in state-sponsored 529 plans or other investment products such as Coverdell Education Savings Account, and usually allow deposits from children, parents, and relatives as well as third parties such as school districts and scholarship programs. Many CSAs begin with an initial deposit from government or a nonprofit in the name of the child and subsequent family contributions are often encouraged by matching funds. CSAs often incorporate incentives to encourage saving by disadvantaged youth and families. Withdrawals from CSAs are generally limited to higher education expenses, after the child turns 18. Following college graduation, unspent funds can often be used for other asset purchases or for retirement savings. CSA programs can also include financial education to teach children and families about financial institutions' products, smart consuming and saving practices, and strategies for long-term investing.
The Co-op Credit Union is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom.
London Community Credit Union Limited is a member-owned and led financial co-operative, operating in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest and the City of London. It has over 17,000 members and 4 branch offices in Bethnal Green, Poplar, Hackney and Stratford.
