About company
Mainstreet Credit Union is a financial cooperative in Southwestern Ontario established as a result of the merger of two credit unions — Unigasco Community Credit Union and Sydenham Community Credit Union. Today, the credit union has 14 branches across Southwestern Ontario and $560 million in assets under administration.
Features
Mainstreet Credit Union is a democratically governed financial institution run by a leadership team and a local board voted by members. All members who bank with the credit union are its part owners. In addition, Mainstreet Credit Union has an annual profit-sharing program in place. In 2021, the amount shared with members and communities exceeded $1 million.
To help members come up with the right financial strategy for their long-term goals, Mainstreet Credit Union offers free financial advice sessions with experts.
Being a socially responsible organization, Mainstreet Credit Union regularly invests in local communities, non-profits, charities, and important community causes.
Pros and cons
Why join Mainstreet Credit Union? Here are the key benefits you get:
A full range of banking products and services
Competitive rates for savings and GICs
Deposit insurance coverage through the Financial Services Regulatory Authority (FSRA)
Participating in profit sharing
Free financial advice sessions
Online, mobile, and telephone banking available
Access to 4000+ ding-free ATMs
As for the drawbacks, we can mention the following:
Monthly fees for most chequing accounts
Limited geographic availability of products and services
Products
Here are the personal banking products at Mainstreet Credit Union:
Chequing accounts with different transaction volumes to your daily banking different
Fee-free savings accounts with up to 2.00% interest rates
Credit cards with a full line-up of benefit choices — low rates, zero fees, cash back, and travel rewards
Lines of credit providing financing of up to an approved credit limit, with interest, applied only on the portion you use
Home equity lines of credit enabling you to borrow against the equity in your home
Secured and unsecured personal loans with pre-set repayment schedules and competitive rates
Closed and open mortgage solutions with fixed and variable rates ranging from 5.45% to 7.50%
Mutual funds allowing you to invest in diversified portfolios that match your investor style
100% guaranteed term deposits or GICs with up to 4.80% interest rates
Products for business members include:
Business, commercial, and agricultural chequing accounts tailored to the different transaction needs, including fee-free non-profit accounts
AgriInvest savings accounts to make annual deposits and receive matching government contributions
Business and farm mortgages with up to 20-year amortization periods and custom repayment terms
Letters of credit providing a guarantee of your payment to third parties
Lines of credit providing revolving access to financing to cover day-to-day operating expenses of your business, with interest applied only on the borrowed portion of funds
Business loans for different borrowing needs, with fixed and variable rates and up to five-year terms
Business credit cards with rates ranging from 12.99% to 20.99% and additional benefits like zero fees, cash back, and rewards
Services
With Mainstreet Credit Union, personal members can get access to the Qtrade Direct Investing™ platform for self-directed investing and the VirtualWealth® platform, allowing you to choose portfolios that meet your investment needs.
Businesses can easily apply for merchant services to collect payments from their customers.
