About company
Copperfin Credit Union is a financial cooperative established in 2008 as a result of a merger of two Kenora-based credit unions. In 2013, it became the largest locally-owned credit union in Northwestern Ontario.
Features
Copperfin Credit Union is a financial institution governed by the Board of Directors and a team of Senior Leaders. Credit union members can elect or run for the Board of Directors and participate in profit sharing.
The credit union offers a full range of personal and business banking products and services.
Being committed to community development, Copperfin Credit Union finances charitable donations, sponsorships, and financial literacy programs. In addition, Copperfin Credit Union positions itself as an equal-opportunity employer.
Pros and cons
Here are the advantages of being a Copperfin Credit Union member:
A wide range of products and services for individuals and businesses
Earning dividends on member shares
Fee-free chequing accounts for seniors
No monthly fees for savings accounts
Competitive rates for term deposits and select savings accounts
Insurance coverage of eligible deposits guaranteed by the Financial Services Regulatory Authority (FSRA)
Access to more than 3,000 ding-free ATMs
Online and mobile banking capabilities
The major disadvantage of Copperfin Credit Union is the availability of products and services to Ontario residents primarily.
Products
For personal members, there are the following products at Copperfin Credit Union:
Chequing accounts with different plans to meet your monthly transaction needs
Savings accounts with no monthly fees and up to 1.50% interest rates
Mortgages with fixed and variable rates ranging from 5.90% to 6.30% depending on the term
Credit cards with different benefits to choose from — zero annual fees, low rates, cash back, rewards, and zero foreign transaction fees
Lines of credit providing revolving access to an approved financing amount with interest applied only to what you borrow
Personal loans for different borrowing needs with competitive rates, flexible repayment terms, and penalty-free early payoff
Registered plans like RESPs, RDSPs, TFSAs, RRSPs, and RRIFs enabling you to grow your money tax-free
Term deposits or GICs available for terms of 30 days to 5 years, with rates ranging from 1.25% to 4.10% depending on the term
Mutual funds providing access to professionally managed portfolios of diverse investments
Products for business members include:
Business accounts for everyday banking low to unlimited transaction volumes, including specialized options for non-profits, charities, associations, and clubs
Term loans with flexible repayment terms to match your business’ cash flow
Lines of credit providing revolving access to financing of up to an approved amount, with interest applied only to what you borrow
Mortgage loans providing financing for real estate projects of your business at fixed and variable rates
Letters of credit providing assurance of your payment to a third party
Business credit cards with benefits like no annual fees, low rates, cash back, and rewards
Services
With Copperfin Credit Union, individuals can get access to the QTrade platform to trade investment securities online with low fees.
Business members can apply for cash management services. These services include:
Customer Automated Funds Transfer services to manage the collection of payments from your customers, process staff payroll, and move money between subsidiary and parent companies
Night deposit services ensuring convenient and safe deposit drop-offs
Investment solutions tailored to the specific financial goals of your business
