CORNWALL, Ontario – Last week saw the announcement from the Royal Bank of Canada (RBC) that they were closing their branch in the East End of Cornwall at the Eastcourt Mall. While this does mark the departure of the last bank in that area of town, there is still a financial institution serving the needs of residents and it is growing.
Your Credit Union, formerly Howard Smith Credit Union has been in the city for 65 years. In recent years, it has opened a branch on Glengarry Plaza, there is a branch on Second St. West and it has a kiosk in the Cornwall Community Hospital.
A credit union offers many of the same services as a bank, but with an important difference, all of its customers are also shareholders in the credit union. A one-time payment of $5 entitles customers to use the services at Your Credit Union and attend their Annual General Meeting.
Your Credit Union is the only financial institution in Cornwall East of Pitt St., and it has seven ATMs across the city, so their customers’ money is always accessible.
While banks like RBC are consolidating, Your Credit Union is growing. In addition to their newly opened branch in Glengarry Plaza, they have also added six full-time jobs.
Like a bank, a credit union is accountable to their shareholders, except in their case, their shareholders are all of their customers and members. Anyone can be a member at Your Credit Union as long as they have $5 and in exchange members have access to banking services right in their community.
