Detailed information
About company
PACE Credit Union is a member-owned co-operative bank headquartered in Vaughan, Ontario. Today, PCU is a full-service financial institution with over $1 billion in assets. PACE Credit Union serves over 40,000 members through its 15 branches.
Features
PACE Credit Union positions itself as an alternative to traditional banks. As a co-operative bank, PCU provides a full range of personal and business products and services.
Being credit union owners, PCU members can influence decision-making and participate in profit sharing.
Unlike traditional banks, PACE Credit Union treats each member individually and evaluates the complete borrower’s financial situation when reviewing the applications.
Pros and cons
Here are the advantages of a PACE Credit Union membership:
Products and services for both personal and business members
Profit-sharing opportunities
Insurance coverage of eligible deposits by the Financial Services Regulatory Authority (FSRA)
An opportunity to apply for most banking products online
Online and mobile banking capabilities
Access to 2,400 surcharge-free ATMs across Canada
The disadvantages are:
Availability of products and services to Ontario residents primarily
The lack of insurance products
Products
Here are the personal products available at PACE Credit Union:
Chequing accounts with different numbers of monthly transactions included or pay-as-you-go basis
Savings accounts including options for youth with no monthly fees and interest-bearing capabilities
Open and closed mortgages with flexible repayment terms and competitive interest rates
Personal loans for different borrowing needs with flexible repayment terms and competitive interest rates
RRSP loans allowing you to optimize your RRSP contributions and benefit from tax deductions
Secured and unsecured lines of credit providing financing of up to an approved credit limit with interest charged on the borrowed amount only
Credit cards varying in benefits they provide — no fees, low rates, cash back, and rewards
Term deposits or GICs ensuring the safety of your principal investment and providing a guaranteed return
Registered plans like RRSPs, TFSAs, and RESPs to hold cash and investment products and grow your money tax-free
Products for business members include:
Business chequing accounts for everyday banking with options tailored to different transactional needs
Business loans and lines of credit providing the working capital for your business at competitive rates and on flexible conditions
Business credit cards with an unlimited number of cardholders and benefits like no fees, low rates, cash back, and rewards
Open and closed mortgages with competitive rates providing financing for real estate projects of your business
Services
For both personal and business members, PACE Credit Union offers wealth management services. With personalized guidance from a PACE expert, you can get an actionable plan for achieving your financial goals.
As a business member, you can get the advantage of merchant services providing your customers with convenient ways to pay you.
