Detailed information
About company
Vision Credit Union is a member-owned financial cooperative rooted in rural Alberta communities. Through years of operation, it has grown into the province’s third-largest credit union. Vision Credit Union is a full-service financial institution with $2 billion in assets serving over 35,000 personal and business members through its 23 branches across Alberta.
Features
As a member-owned financial institution, Vision Credit Union provides profit share allocation among its members.
Being a socially responsible organization, the credit union reinvests a portion of its profits back into local communities.
Vision Credit Union provides exhaustive services along three branches:
Personal banking
Business banking
Agricultural banking
Several of its products are designed especially for ranchers and farmers.
Also, there are solutions tailored for new parents, such as residential mortgages, RESPs, and a Grow with Us Account.
Pros and cons
Let’s outline the benefits of joining Vision Credit Union:
Earning a share of the credit union’s profits
Participation in the community development
A range of products and services for individuals and businesses
Fee-free savings accounts
Products and services for farmers
Safety of eligible deposits guaranteed by the Credit Union Deposit Guarantee Corporation
Access to over 1532 surcharge-free ATMs across Canada
The drawbacks of Vision Credit Union are:
The lack of transparency about savings accounts’ rates
Availability of products and services to Alberta residents primarily
Products
Vision Credit Union offers a range of personal banking products:
Chequing accounts with zero to low monthly fees and different transaction volumes including options for seniors and youth
Savings accounts with zero monthly fees and interest-earning capabilities
Residential mortgages with rates ranging from 4.69% to 6.90%
Personal lines of credit providing ongoing access to financing up to an approved amount with flexible repayment terms and competitive rates
Authorized Overdraft (AOD) account allowing you to avoid non-sufficient funds charges or overdraft penalties
Home equity lines of credit allowing you to borrow money against the equity in your home
Personal loans providing financing for various borrowing needs at competitive rates
RRSP loans providing financing for optimizing your RRSP contributions
Student lines of credit allowing you to borrow up to $10,000 per year and make interest-only payments during your studies and six months after your graduation
Credit cards with a range of benefits to choose from — zero annual fees, low rates, cash back, rewards, and zero foreign currency transaction fees
A reloadable Aura™ Loyalty Card involving no interest charges and providing cash-back earning opportunities
Mutual funds providing access to professionally managed portfolios of diverse investments
Term deposits or GICs providing the security of your principal investment and a competitive return at rates ranging from 3.35% to 6.25%
Registered plans like TFSAs, RRSPs, RRIFs, RESPs, and RDSPs enabling you to store cash deposits and investment products and grow your money tax-free
Insurance products including mortgage, loan, line of credit, credit card balance protection, and travel insurance coverages
Business banking products are:
Business accounts for everyday banking with different transaction volumes included
Agri-business accounts: Basic Account, Ag Plan, and Ag Plan 2 with different monthly fees and numbers of transaction included
Commercial mortgages providing financing for real estate projects of your business, with up to 15-year amortization terms and competitive fixed or floating rates
Operating and term loans for different borrowing needs of your business available at fixed rates
Operating and business equipment lines of credit providing revolving access to financing with competitive rates and flexible repayment terms
Authorized Overdraft (AOD) account allowing you to make deposits into it and use the available credit whenever you have a negative balance with your business account
Business credit cards with benefits like zero annual fees, low interest rates, cash back, and reward-earning opportunities
Payment protection insurance options providing coverage of your mortgage, loan, line of credit, and credit card payments in case of unexpected life situations
Services
Individuals can reach out to Vision Credit Union to get access to the Qtrade Direct Investing™ platform. Designed for self-directed investing, this platform enables you to trade investment securities with low fees.
Services for businesses include:
POS terminals enabling you to accept credit and debit card payments from your customers
Night depository services offered at most branches allowing you to deposit funds day or night
