FAQs

What’s a credit union?
Credit unions are co-operative financial service organizations that are owned by their members.

How are credit unions different from banks?
There are many differences between banks and credit unions. Most significantly, credit unions are cooperatively owned and democratically run by their members. Credit unions' primary commitment is to serve their members' financial needs, whereas banks and trust companies exist to earn dividends for shareholders.

Can my spouse and children join the OPPA Credit Union?
Yes. Membership is open to OPP officers, civilian members of the OPPA and the immediate family members of individuals who meet these criteria.

What if I don’t live in Barrie?
Not living near our Barrie office shouldn’t stop you from banking with the OPPA Credit Union. Our members live and work throughout the province. Through Internet Banking, mobile banking, smart phone app banking, text banking, telephone banking and THE EXCHANGE® Network of Exchange ATMs, they always have access to their accounts. Our  Financial Advisors are just as available and able to serve you by phone as they are in person.

Do I have to pay a membership fee to join?
As a member, you are also a shareholder and must own at least one share in the credit union. While the cost is normally $100 per share, we’ll cover this cost for you, as long as you retain your membership in the OPPA Credit Union for at least ten years. If you close your account before 10 years, the Credit Union will retain the value of your shares. After 10 years, you’ll receive the full value of your shares.

Will my money be safe in a credit union?
Yes. The Deposit Insurance Corporation of Ontario insures Canadian currency deposits, including interest, to a maximum of $100,000 per individual; and each unique trust or joint account, to a maximum of $100,000 per account.  Deposits held in registered savings plans are separately insured from the deposits held in other accounts.  All deposits made to registered savings plans are fully insured with no limit on the maximum amount.  Registered Savings Plans include RRSP, LIRA, RRIF, LIF, RESP and TFSA.
 
 
 

 

 

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