Calgary Credit Unions to Collaborate

Calgary Credit Unions to Collaborate

Working together ‘just makes sense’

Two of Alberta’s largest credit unions are talking about collaborating to find opportunities to create efficiencies within their own organizations, with a goal of passing along the benefits of those efficiencies to members.

The CEOs of First Calgary Financial Credit Union and Chinook Credit Union, the province’s second- and third-largest credit unions, respectively, tell ACCA News that while no plans have been written in stone, discovering efficiencies in their systems is a top priority.  

Paul Kelly of First Calgary Financial and Tom Mossing of Chinook began talks in summer and both say they believe that working together “just makes sense,” given their common goals.

The first phase of their collaborative will be to establish a committee of directors from both credit unions to start talks about future possibilities.

The CEOs note that, as credit unions, their major competitors are Canada’s five major banks, which have many advantages over credit unions because of their size and scale.

However, given credit unions’ philosophies and eagerness to work for the greater good, there are advantages that stem from working together, the CEOs say.

Paul and Tom also note how collaboration amongst credit unions in Alberta and across Canada has been beneficial to members. In Alberta, there is CU Connect, a collaborative between provincial credit unions allowing members from any credit union to access another’s common services.

Nationally, there is Ding Free, which allows credit union members across Canada to use any credit union’s ATMs without a fee.

The fact that First Calgary Financial and Chinook are already familiar with one another — and have a 75-year history serving people in southern Alberta — also played a part in the two credit unions deciding to work together on future initiatives.

“The fact (is) that we are neighbours and we have worked together closely over a number of years,” Paul says.

Adds Tom: “We acknowledge the fact that most credit unions agree that going into the future the system has to be more efficient and we’re certainly looking for efficiency to be an end result.”

You can comment on this story below, or e-mail deron(at)axiomnews.ca.

A version of this article was originally written for the Alberta Community and Co-operative Association (ACCA) news service. This repost, for which we received permission, follows the style guidelines of the original post. To learn more about generative newsroom options for your organization or community, please contact peter(at)axiomnews.ca.

Writer Bio

Deron Hamel's picture
Deron Hamel

Deron joined Axiom News in March 2007, having previously worked as a news reporter for print, online and wire services. He serves as Axiom News’ long-term care pod lead, after several years of writing stories and editorials for our clients in that sector. An award-winning advocacy journalist, Deron has seen first-hand the strengths long-term care brings to the greater health-care sector and through his work he seeks to share successes and best practices.

Reprint This Story

Axiom News content is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Stories may be reprinted in their entirety with permission and when appropriately credited.

Please contact Axiom News at
1-800-294-0051 for more information.