Detailed information
About company
Ukrainian Credit Union (UCU) is a full-service cooperative financial institution serving over 28,000 members in Ontario, Canada.
UCU is known as one of the Ukrainian Credit unions in Canada, with more than $1 billion over administration. It was established in 1944 by The Ukrainian National Federation as The Ukrainian (Toronto) Credit Union.
The credit union offers bank accounts, mortgages, loans, online and mobile banking, credit cards, wealth management, etc.
Features
You don't need to be Ukrainian to become a UCU member and get access to services. The membership is open for any person who is a resident of Ontario or employed in Ontario of the age of majority.
The credit union became the first with total assets raised over $1 Billion. UCU is one of the 15 largest credit unions in Ontario and the 50 largest credit unions in Canada.
Ukrainian Credit Union is tailored to the needs of the Ukrainian community: special phone numbers to reach out to the credit union from Ukraine and Poland, texts, and telephone banking in the Ukrainian language.
Ukrainian Credit Union provides its services through a network of 16 branches and serving points in Ontario, a network of over 3,300 charge-free ATMs, and online, telephone, and mobile banking.
Pros and cons
Pros
Full-service financial institution in Ontario
The large credit union made for the Ukrainian Canadian community
Ukrainian Canadians and Ukraine support
16 branches to bank in person in Ontario
Special programs and products for youth
Apply for membership and accounts online
Loan and mortgage online pre-approval
Flexible repayment terms with rapid paydown and prepayment options
Great choice of borrowing solutions and rates
Full suite of business services
Online, telephone, and mobile banking
Access to a vast network of surcharge-free ATMs
Cons
Should be an Ontario resident to become a member
Should be a member to apply for products
Limited choice of personal accounts
Mortgage rates guaranteed only for 90 days for retail home
Can't apply for a loan or open a new account via the mobile app
Products
Youth Unlimited for members aged 5 — 24 with services available within growing up.
Personal Savings Account without a transaction fee and service charges for deposits, withdrawals, balance inquiries, and transfers with interest calculated daily or monthly.
ucublu too is a chequing account available only online and by U-Touch telephone with free Interac, direct point-of-sale purchases by debit card, bill payment, chequing, and UCU ATM transactions.
Personal loans are 1 — 8-year term loans with an amount of up to $250,000 for unsecured loans and fixed and variable rates.
Student lines of credit offer different rates and credit limits depending on the area of studies with a 12-month post-graduation grace period.
Term Deposits with term from 30 days to 1 year are redeemable before the maturity and available to apply online.
ucubiz Premium is a business chequing account giving 60 transactions with a moderate monthly fee that could be waived if you maintain a minimum balance.
Services
Chequing and savings accounts with no minimum balance required free deposits and USD accounts, options for youth and seniors, and virtual-only accounts with free transactions and higher interest.
Credit cards offer no fee, cash back, travel rewards with Mastercard benefits, and US Dollar card, provided in the partnership with Collabria.
Lending: personal, student loans and lines of credit, home equity lines of credit, and variable, convertible, open, and closed mortgages, available to apply online.
Investments: RRSP, RRIF, RESP, TFSA and term deposits, GICs, wealth management, UCU Class A shares, Qtrade Investor online brokerage platform, and Mutual Funds offered through Credential Asset Management Inc.
Business banking services: wide range of chequing accounts, credit cards, commercial loans, mortgages, Small Business Access Cards, merchant and cash management services.
Online and mobile banking could be used to transfer funds, pay bills, set up alerts, access balances, and transactions, etc.
