Detailed information
About company
East Coast Credit Union is a financial cooperative founded in 1933 in Nova Scotia. Through years of operation, it has grown into a credit union serving over 42,000 members through 18 branches across the province.
East Coast Credit Union has over $1 billion in assets.
Features
This financial cooperative with a history of over 85 years was started by farmers and fishermen.
Being East Coast Credit Union’s owners, its members have a right to elect the Board of Directors that guides the credit union’s future development.
East Coast Credit Union reinvests 10% of its profits in local communities in Nova Scotia.
Pros and cons
Let’s outline the advantages of East Coast Credit Union:
A range of personal and business banking products and services
Competitive rates for GICs
An online application available for many products
Safety of eligible deposits guaranteed by the Credit Union Deposit Insurance Corporation
Access to over 3,600 ding-free® ATMs across Canada
Online and mobile banking capabilities
Credit union’s community involvement
Here are the disadvantages to be aware of:
Higher mortgage rates compared to other financial institutions
Only 18 branches available
Availability of products and services to Nova Scotia residents primarily
Products
Here are the personal banking products available at East Coast Credit Union:
Chequing accounts for your daily banking operations with either pay-as-you-go plans or unlimited monthly transactions included
Savings accounts allowing you to earn monthly interest at competitive rates
Credit cards with a range of benefits to choose from — low rates, zero annual fees, cash back, and reward-earning opportunities
Reloadable prepaid cards allowing you to avoid interest and earn cash back at partner merchants
Open and closed mortgages available at fixed and variable rates ranging from 5.79% to 9.15% depending on the chosen option
Loans for different borrowing needs with competitive interest rates and flexible repayment schedules
Lines of credit providing ongoing access to financing within your approved limit, with interest applied only to the borrowed amount
Redeemable and non-redeemable term deposits or GICs providing safety of your initial investment and a competitive return
Mutual funds to invest in professionally managed diversified investment portfolios
Registered plans like an RRSP, TFSA, RRIF, and RESP to grow your money on a tax-sheltered basis
Responsible investing portfolio to invest in socially and environmentally responsible projects
Insurance products including home, auto, life, critical illness, disability, and travel insurance
Business banking products include:
Chequing accounts for day-to-day banking operations of your business with different numbers of monthly transactions included
Savings accounts to safely deposit your excess business funds and earn monthly interest
Credit cards varying in benefits they provide — low rates, zero annual fees, cash back, and reward-earning opportunities
Mortgages with competitive rates and flexible repayment terms to finance real estate projects of your business
Loans providing financing for your business needs at competitive rates and with flexible payment options
Lines of credit providing ongoing access to financing up to an approved amount with interest applied only to what you borrow
Leasing solutions allowing you to access the required equipment under cost-effective conditions
Letters of credit serving as an assurance for your clients that your business will cover its financial obligations
Small Business Loan Guarantee Program designed to help business owners get financing of up to $500,000 for their projects
Services
Personal members can apply for the following services from East Coast Credit Union:
Working with a financial planner to get personalized advice on your financial situation
Working with an advisor to develop a customized investment strategy on how to meet your financial goals
Self-directed investing through the Qtrade and VirtualWealth investment platforms
For businesses, there are payment services like debit and credit card payment processing and PaymentStream™ AFT to make payments quickly and easily.
