Media Centre

What's new in 2020? Expand/Collapse

Nov- 20 - USD Money Orders
This is to advise that after November 27, 2020 USD money orders are no longer available as an in-branch service. After November 27, 2020 members can request USD money orders which will be delivered to their home address. For more information, please contact us.

Sep- 15 - Annual Report 2019
To view the Annual Report of Eagle River Credit Union please click here.
Note: This report includes the notes to financial statements

Aug- 24 - Member Satisfaction Survey
We want to learn how we can serve you and our community better.
Click here
 to share your feedback and enter to win $250 for you + $250 for charity. All are welcome to participatein the survey.

Aug- 13 - 
Enter to Win $1,000!
 Making sure your contact information is up to date is important for many reasons. If we ever need to get in touch with you, having a phone number or email address on file will be the quickest way to do it. Update your information here before September 17th and be automatically entered into the draw. For detailed contest rules, please click here

June-19 #Loyal2Local Challenge
Click here
 for the press release.

Apr- 22 Government of Canada Cheques security features
Click here for detailed security features of Government of Canada Cheques.

Apr- 15 Account number for Direct Deposits
The information required for Direct Deposits and Pre-authorized payments is the individual account number. You may have a savings account and a chequing account and you will need to specify which account you wish to use. Therefore when entering your bank account number be sure to specify the proper two digits representing the account number. For example: 12345 -11-6. For further details click here.

Mar - 18 Prime Lending Rate 
Following Bank of Canada’s announcement, our prime lending rate has decreased 50 basis points to 2.95% effective March 18, 2020. Learn more

Mar - 09 Prime Lending Rate

Following Bank of Canada’s announcement, our prime lending rate has decreased 50 basis points to 3.45% effective March 9, 2020. Learn more

Mar - 06 Collabria credit card travel insurance
Collabria credit card travel insurance provider (Desjardins Financial Security Life Assurance Company – DFS) has provided general guidelines to support questions and concerns from cardholders, relating to the current Coronavirus (COVID-19) outbreak and eligible cardholder's  travel insurance program coverage. Learn more 

Feb - 03 Intercepted e-Transfers
Please be advised that a recent spike was seen in "Intercepted e-Transfers". To know what are Intercepted e-Transfers, please Learn more.

Jan - 27  Operating Hours for In-Branch Services (Effective February 3, 2020)
Click here for our revised hours for in-branch services.

Jan - 06 Unexpected Debit Card Declines at certain merchants
Please be advised of a recently identified interoperability issue when using newly issued cards. The issue is related to Acquirers, as the declines are occurring at specific merchants repeatedly (i.e. Costco gas, No Frills, Loblaws, Real CDN Superstore, some ESSO gas stations, etc.). Interac is aware and actively working with these Merchant Acquirers to resolve the issue.

We appreciate your patience and apologize for any inconvenience this may cause.

Year - 2019 Expand/Collapse

Dec-23 Warm Coats for Kids
Warm Coats for Kids Program provides 250 new winter coats to children in the region. Click here for press release.

Dec-18 Season's Greetings
Click here for the Holiday Hours.

Dec-12 Dividends and Patronage
Eagle River Credit Union is pleased to announce that for the 35th Consecutive Year we have paid dividends and patronage.  This credit was automatically deposited in your Credit Union chequing or savings account on December 11, 2019.

Dec-04 Nominations for Eagle River Credit Union Board of Directors
Click here for more information

Nov- 15 Member Announcement - Global Payment Card Points
Click here for details

Oct- 09 International Credit Union Day
International Credit Union Day - October 17, 2019
Click here for Press Release.

July-18 CEO Retirement
Click here for the CEO Retirement Announcement.

May-03 AGM-2018
Click here for the press release for AGM 2018 and New Board of Directors.
Click here for 2018 Annual Report.

Apr-29 Rebuilding credit after bankruptcy
We’re pleased to share that Sandra Pye, Manager of Credit and Collections here at Eagle River Credit Union, was featured in an article through Atlantic Credit Unions’ website, Honest Money. 

Sandra shares her expertise on rebuilding credit after bankruptcy.  To read the full story, click here.

Apr-24 Scam Alert
A phishing scam is targeting NL cell phone numbers. People will receive a text from an unknown number (709) area code and provides a link to collect the funds. When you click on it, it appears to be the money transfer and as soon as you enter your banking details, scammers would get access to your account.

If you get a text from a number you don't recognize, don't click on it. If you suspect there is anything suspicious at all, please delete it.

Year - 2018 Expand/Collapse

Eagle River Credit Union recognizes November 11-17, 2018 as Fraud Awareness Week. 

To review a fraud awareness tip sheet, please click here.

Nov 01- Financial Literacy Month 

November is Financial Literacy Month.  Eagle River Credit Union is one of 30 credit unions participating in the Each One, Teach One program in the Atlantic Canada since its introduction in 2016.  We are proud to partner in this Financial Literacy Month initiative which will see Each One, Teach One workshops offered in communities across the region throughout the month of November.

For more information on our Each One, Teach One program, please visit our page here.

Oct 31- Salvation Army Truck or Treat event 

Members of our Labrador Savings Branch will be celebrating and participating in the Salvation Army Truck or Treat event on October 31, 2018.  Be sure to stop by and say hi and enjoy a treat.

For more details on the event, click here.

Oct 29- Prime Rate Increase 

Following Bank of Canada’s announcement, our prime lending rate has increased 25 basis points to 3.95% effective 29th October 2018.

We are here to help you understand the impact of this rate increase, so we encourage you to visit in branch or contact us by filling out this form.

Sep 13 - Cooperative Social Responsibility Program – GROW 

Eagle River Credit Union is now accepting applications for funding for the 2019 calendar year through our Cooperative Social Responsibility Program – GROW.

Please click here for the press release to find out more details.

June 22 - Don't be a victim of CRA Scam. 

Don't be a victim of CRA scam. CRA won't ask your personal information via email or by phone. If you receive any call asking for your personal information please don't respond as it is probably a scam. Always check with CRA using their toll free number mentioned on their website or by my CRA account.

June 08 - Lost Wallets Experiment 

 Atlantic credit unions won the Fearless Client Award at the ICE Awards for our Lost Wallets experiment!  The Fearless Client Award recognizes brands that take risks, trust their core values and who aren’t afraid to stand out.  This experiment is an excellent example of ways that credit unions are fearlessly living our CSP values of honest, fairness and trust everyday.

June 06 - Tim Horton's Camp Day 

 Staff from our Humber Valley and Deer Lake Corporate Office, volunteered an hour of their day at their local Tim Horton’s Camp Day.  On this day 100% of coffee sales go towards sending kids to camp.

May 08 -Lock’N’Block® has been awarded ACT Canada’s People’s Choice Innovation Award! 

We’re excited to share that Everlink’s Lock’N’Block® has been awarded ACT Canada’s People’s Choice Innovation Award! 

Read Everlink’s press release regarding the award: Everlink Press Release

April 12- Jersey Day for Humboldt 

On April 12, 2018, staff at Eagle River Credit Union took part in Jersey Day for Humboldt, as a show of support and solidarity for those affected by this accident.  We extend our deepest sympathies to the Humboldt Broncos community.

2017-AGM- March 27 

Click here for the press release for AGM 2017 and New Board of Directors.

Click here for AGM-2017 electronic report.

E-Transfer Update- March 19 

We are pleased to announce that we have made an enhancement to our existing Interac e-Transfer messaging, which allows the e-Transfer sender or recipient name to display in the Account Activity page on our online banking screens.

Fraud Awareness- March 01 

March is Fraud Awareness Month in Canada that aims to educate amd inform consumers and communities on how to recognize, report and stop fraud. Please visit the link to an article focused on how to protect yourself.

Mobile app Upgrade- February 14 

V13 of our mobile ap was launched. This version includes a number of new updates relating to Apple specific products. Click the link to view a video that highlights all the latest updates. 

Prime Rate Change- January 22 

Following Bank of Canada’s announcement, our Prime Lending rate has increased 25 basis points to 3.45% effective 22 Jan 2018. We are here to help you understand the impact of this rate increase, so we encourage you to contact any one of our financial advisors with your questions.

Year - 2017 Expand/Collapse

Skip-A-Payment - Nov 20

Apply online to Skip-A-Payment. For details click here
*Limited time offer

International Credit Union Day- Oct 19

International Credit Union Day Open House Events.
International Credit Union Day - October 19, 2017. Press Release

Service Charges Update- Sep 15

This is to advise that updates to our service charges and fees will be in effect from 15th October 2017. Please click here for detailed listing. If you have any question on how 
this will impact you please 
contact us.

Prime Lending Rate Update- Sep 11

Following Bank of Canada’s announcement, our Prime Lending rate has increased 25 basis points to 3.20% effective 11 September 2017. We are here to help you understand the impact of this rate increase, so we encourage you to contact any one of our financial advisors with your questions.

Small Business MDi - June 28

Year - 2016 Expand/Collapse

International Credit Union Week

Oct-20th  Eagle River Credit Union celebrated International Credit Union Day on 20th November. 

Our New website- A fresh Look

Aug-26 -Welcome to our new website, we are excited with our new look. Check it out and we would love to hear your comments. > Feedback

Fort McMurray wildfires

June-13  Many thanks to our generous members across the Atlantic provinces who generously donated over $100,000.00 for residents of Fort McMurray affected by the wildfires.

Staff Professional Conference- Updated Timings

Employees of Eagle River Credit Union will be participating in an All Staff Professional Development Conference on September 16th, 2016. Please click your branch for the updated timings.

Buyers protection

For Buyers protection and extended warranty details click here

Stop Violence

Eagle River Credit Union supported Stop the Violence Day by wearing red throughout the branches.

New Home Financing Options

Eagle River Credit Union introduces new Home Financing Options including 


  • Cash Back Mortgage
  • Price Match Mortgage
  • Home Bundle
For details please  contact us

Special Personal Loan Rate 3.95%* Limited Time

Get a jump start on things you want with a special personal loan rate of 3.95%.

• For details please contact the branch. 


Congratulations to all Graduates

Eagle River Credit Union congratulates all the graduates of 2016. Click here

Member Survey 2016

Tell us how we are doing between May 24th and June 27th by participating an online Member Satisfaction Survey for a chance to win an iPad mini.

How to access the Survey on 24th May 2016?

• Go to

• Click the Member Survey Portal.

• The window will open with the Survey.

MemberDirect(R) Advisory Countdown to Upgrade to V11 for iOS

MemberDirect(R) Advisory Countdown to Upgrade to V11 for iOS

All credit unions have now upgraded to Version 11 (V11) of the mobile banking app. Our System Partner will be completing the upgrade process and implementing a 15-day countdown for iOS (iPhone App). The countdown will apply to all credit union members who currently use the mobile banking iOS app.

What is the 15-day countdown?

The 15-day countdown provides users currently on platforms such as V7, V7.5, and V10 of the mobile banking app, a 15-day window to upgrade to V11. After 15 days, members will no longer be able to log in and will be prompted to upgrade to V11 to access their device.

What is the impact to the Member?

Users on previous versions of the mobile banking app will receive notification to upgrade to V11 at the time of login. After 15 days, if the user has not upgraded, the user will not be able to log in.

Depending on the device and user settings:

 Users can automatically upgrade to V11 if their device settings are set to automatically install updates.

 iOS users can upgrade through the App Store app. Members can either search for their mobile banking app or view pending updates and select their mobile banking app to upgrade.

 Users who do not update the app can continue to perform their daily banking through online banking, mobile web and text banking.

Important Dates:

June 1, 2016 - The 15-day countdown will commence.

June 16, 2016- Users still on older versions of the mobile banking app will no longer be able to login

Interac® Online — Coming Soon!!!

Have you ever wanted to pay for an online purchase using your credit union account rather than using a credit card? Now you can with Interac® Online. At home, or on the go, with Interac® Online, gone are the days of sharing your credit card information with retailers when shopping online. This new payment method gives you the option to pay for online purchases directly from your credit union account. It’s the newest online payment method, and it’s fast, convenient, and secure.

How Interac® Online works

• Select Interac® Online at the online checkout. You will be directed to the secure Interac® gateway page.

• Select which province your credit union resides, and then select Eagle River Credit Union. You will be directed to your secure personal online banking login page.

• Log in to your Eagle River Credit Union account.

• Select the account you wish to use and confirm the transaction.

• Once confirmed, you are logged out of your Eagle River Credit Union account and are redirected back to the retailer’s confirmation page. Benefit of using Interac® Online

• It’s secure. No personal banking information is shared with the retailer or other third parties. The payment is completed through your secure banking session.

• It’s convenient. There are no extra accounts to set up or passwords to remember.

• It’s fast. The transaction takes place in just a few clicks using available funds in your credit union account.

Frequently asked questions

What is Interac® Online?

It’s a service that allows you to pay for online purchases from your Eagle River Credit Union account. You can even pay your taxes with it.

Are there any fees to use it?

The cost will be $1 per transaction. 

How do I use it?

When making a purchase online, the online checkout shows various options for payment. If Interac® Online is available it will be shown as a payment option. When you select Interac® Online, you will be directed to the Interac® Gateway page where you will select your “Eagle River Credit Union” from the financial institution options. (Tip: this is the same process as accepting an e-transfer). After selecting your credit union, you will be directed to your online banking page to sign in. Once you’ve logged in, you may choose the account from which you wish to make the payment.

Who accepts Interac® Online?

Any participating online retail merchant. The Canada Revenue Agency (CRA) also accepts payments for taxes via Interac® Online. As well, some educational institutions accept Interac® Online for tuition payments. For a list of participating online merchants, click

Is my account debited immediately?   

Yes, Interac® Online is just like using your debit card at the store; your account is debited as soon as the purchase is made.

Can my payment be stopped?

No, the payment cannot be stopped. If you find you have made a payment in error you will need to contact the online merchant and ask for a refund.

Can I make payments in any currency?

Payments can only be made in Canadian dollars. Is there a payment limit? The payment limit on your account applies. Most accounts allow a maximum $1,000 per transaction and a maximum of $2,500 in transactions per day.

How do I know whether my payment was completed successfully?

You will receive a confirmation screen when the payment is authorized. You will also see your transaction confirmed when you return to the online retailer’s website.

31st Annual General Meeting

22nd April 2016- For the report, click here

Announcing Patronage Rebates!

11th April 2016- Announcing Patronage Rebates! It's PAYBACK Time!!

For the 32nd year since our inception, Eagle River Credit Union is pleased to announce the payment of Patronage Rebates and Dividends to members for the 2015 fiscal year. The payment of Patronage Rebates and Dividends is a form of profit-sharing unique to co-operatives like credit unions. When Eagle River Credit Union has a profitable year, a percentage of the profits is returned to our members. The more business you do with the credit union, the more you see returned.

For the 2015 fiscal year, Patronage Rebates and Dividends were calculated as follows:

 20% on Equity Shares  1% on Non-Equity Shares  3% bonus on deposit interest

 3% rebate on loan and mortgage interest

This week our branches are hosting a celebration! Drop by to visit our staff as we celebrate one exceptional benefit of our membership profit-sharing! It's never been a better time to be a member of a credit union. CONGRATULATIONS!!

Special Limited Time Rate Offer

1st February 2016 - Special Limited-Time Rate Offer*

For a limited time, members may qualify for a special investment loan rate to assist with maximizing RRSP and TFSA contributions.

Borrow to invest in your RRSP or TFSA with a Take Ten Loan (where you can take up to ten years to repay the loan) You could qualify for our special 3.5% loan rate! Some conditions apply.

Contact your branch for details!

*Certain Conditions Apply.

Money Match Contest Limited Time!

3rd January 2016- Money Match Contest - LIMITED TIME!!

From now to February 29th, make your annual investment at Eagle River Credit Union and you could have your investment matched by us! By simply making your appointment to come in and talk with us about your annual contribution to your investments, your name is entered in a draw to have your contribution matched.

Odds of winning depend on the number of participants.

Click here for contest details.

 *Certain conditions apply.

New Service Charges Coming January 2nd, 2016

1st December 2015-  Effective 2 January, 2016, Eagle River Credit Union will be updating some of its overthe-counter service charges.

Please click here to view a complete list of the changes.

If you have any questions on how this will affect you, please contact your branch or call our toll-free line at 1-877-377-3728. 

Year - 2014 Expand/Collapse

Small Business Week - October 20, 2014

October 19th-25th has been declared Small Business Week.  Eagle River Credit Union is pleased to  take this opportunity to recognize the small and medium-sized businesses of Western Newfoundland, the Northern Peninsula and Labrador for their contribution to our communities. 

Small businesses are the heartbeat of our economy.  They not only provide the products and services we require and enjoy, but they also provide employment for the residents, allowing people to live and work in the communities they love.

It is with the utmost of respect that we take this opportunity to congratulate business owners on their efforts and successes.  We appreciate how much work goes into running a business every day, and THANK YOU for your great work!

Happy Small Business Week!!

International Credit Union Day® - October 16, 2014

International Credit Union (ICU) Day® has been celebrated on the third Thursday of October since 1948. The day is recognized to reflect upon the credit union movement's history and to promote its achievements. It is a day to honor those who have dedicated their lives to the movement, recognize the hard work of those working in the credit union industry and show members our appreciation.

This year's ICU Day will take place on Oct. 16, 2014. Its theme, "Local Service. Global Good.," emphasizes credit unions' positive impact in their communities and around the world.

"ICU Day was established to acknowledge credit unions' strong base in their communities, both local and global," said Brian Branch, World Council president and CEO. "This year's theme champions the credit union model by shining light on the industry's support of charity causes at the local, national and international levels."
The ultimate goal is to raise awareness about the great work that credit unions are doing around the world and give members the opportunity to get more involved. Credit unions and associations throughout the world celebrate the day with open houses, contests, picnics and parades.


International Credit Union Day: A Brief History

Credit Unions: A History of Community Ownership and Support

This is the story of an idea. A simple idea: that people could pool their money and make loans to each other.
It's the credit union idea, and it evolved from the cooperative activities of early 19th century Europe. The first of these cooperatives was an 1844 marketing cooperative organized by a group of workers in Rochdale, England. That same year in Germany, Victor Aime Huber began developing and publicizing some of the early European cooperative theories. The idea of credit societies was a part of this effort.

Credit Societies: The Birth of Credit Unions

Moved by the crop failure and famine that had devastated Germany in 1846–1847, Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen created the first true credit unions in the mid-19th century. After organizing a cooperatively owned mill and bakery, Schulze-Delitzsch founded the first "people's bank" in 1852 to provide credit to entrepreneurs in the city. Raiffeisen had established a credit society in Flammersfeld, Germany in 1849 that depended on the charity of wealthy men for its support. He remained committed to that concept until 1864, when he organized a new credit union for farmers along the principles of cooperative interdependence, a community-first mentality and a volunteer management structure that are still fundamental today.
The credit societies in Germany, and similar institutions founded by Luigi Luzzatti in Italy, were the forerunners of the large cooperative "banks" which abound in Europe today.

The Idea Goes West

Over the years, credit unions spread to communities around the world. In the early 1900s Alphonse and Dorimene Desjardins started a credit union (caisse populaire) in Lévis, Quebec. Shortly thereafter, Alphonse, along with Americans Edward A. Filene and Roy F. Bergengren, helped establish credit unions in the United States.

The First Credit Union Day

As time passed, a desire emerged to establish an annual occasion to acknowledge both the credit unions' important role in creating opportunity for their members and communities and the achievements of pioneers who laid the foundation for ongoing credit union success.

On January 17, 1927, the Credit Union League of Massachusetts celebrated the first official holiday for credit union members and workers. They selected January 17 because it was the birthday of America's "Apostle of Thrift," Benjamin Franklin (1706–1790), who early credit union founders believed symbolized "the life and teaching embodied in the spirit and purpose of credit unions."

Ironically, rapid growth within the North American credit union movement meant that people were either too busy to celebrate or too new to the movement to recognize the significance of the celebration. After a brief trial period, Credit Union Day quietly disappeared.

A Second Chance

In 1948, the U.S. Credit Union National Association (CUNA) decided to initiate a new national Credit Union Day celebration. CUNA and CUNA Mutual Insurance Society set aside the third Thursday of October as the national day of observance. By then, many more of America's credit union leaders believed there was a need for an occasion that would bring people together to reflect upon credit union history and achievements and to promote the credit union idea across the country.
Credit unions, state credit union leagues in the United States and many of the informal credit union chapters in each state were encouraged to celebrate the new holiday in some way. It was to be a time for raising funds for movement causes and to pay homage to the men and women who had dedicated their lives to credit union development.

Sending a Message Around the World

During the 1950s, CUNA's World Extension Department provided technical assistance and philosophical guidance for credit union development worldwide. So many countries had established credit union movements by 1964 that CUNA formally expanded its mission and launched CUNA International.

New movements joined the credit union family each year, and an increasing number of people were interested in celebrating their uniqueness and unity with a special holiday that could be enjoyed by everyone—regardless of religion, political beliefs, cultural differences or language. Many credit unions and leagues began to distribute publications, banners, slogans and kits, and Credit Union Day became an international celebration.

By 1971, substantial worldwide credit union progress led to the creation of World Council of Credit Unions to assist others in establishing and maintaining viable credit union movements in countries across the globe. In Canada, Australia, Latin America, the Caribbean, Africa, Asia, New Zealand, Great Britain and the South Pacific, national and regional credit union federations and confederations were established to support and endorse credit union development. World Council created the first International Credit Union Day materials more than 30 years ago, and they continue to provide ICU Day resources to credit unions and associations throughout the world today.

Where and How We Celebrate Today

Members around the world celebrate this special day in a number of ways. Some sponsor open houses, picnics, fairs, festivals and parades; others hold athletic competitions and essay or art contests for young members. Public gatherings with visiting dignitaries have effectively attracted media attention and public involvement, as have educational and public service events.

As your credit union joins in this unique and exciting celebration, remember that you are joined by nearly 208 million members in 103 countries who also recognize and celebrate the credit union difference!

The Co-operative Movement - A Rich History

October 8, 2014

Probably most CU employees, from tellers to CEOs, do not give too much thought to the history of CUs. Daily chores override thinking about  the rich history of the movement. Some don’t even call it a movement, but an industry. Nor do they think about how CUs make a difference in the lives of some 208,000,000 members of 57,000 CUs in 103 countries.
CUs have developed in different parts of the world with two patterns. Originally, one or two people had a vision on how financial lives could be better for the poor. As the movement developed, one country’s CU leaders would help another's. Now organizations such as the Canadian Development Foundation, ILCU Foundation and WOCCU, oversee development projects.

Ninomiya Sontoku Kinjirō (Sept. 4, 1787–Nov. 17, 1856)

Probably the name Ninomiya Sontoku Kinjirō, doesn’t mean a great deal to most westerners, although in Japan statues of him (photo) are located throughout Japan. Many schools are named for him.
Who was he?
The future philosopher, moralist and economist was born into a peasant family.
Orphaned at 14, he went to live with and work for his uncle, but studied whenever he could. He grabbed a chance to take over some abandoned land and made it pay, no easy task in a financially-poor area.
He became involved in local politics and used his position to revive the local economy, mainly through agricultural development.
Because of his success, he was given the responsibly of running Odawara Domain then Sagami Province. Faced with a famine he forced the public granaries be opened to feed the people.
He combined the local religions with practicalities. Agriculture was, according to him, one the greatest form of humanity, because it used natural resources. He emphasized the importance of communal interests by saving surpluses for fallow times.
He developed the concept of compound interest when he started his own financial institutions called gojoukou (五常講 ごじょうこう). These were set up much like CUs with interest-free loans available to members for a limited time. Defaults were shared by all members.
His ideas have been handed down through other Japanese writers. Some of his words make as much sense today as they did then.
• He who thinks long-term prospers
• He who thinks short-term becomes poor
• The long-term thinker plants saplings for 100 years hence
• He sows in spring and harvests the fruits in autumn
• Thinking the autumn harvests too distant from spring he does not plant
• Fixated on today’s profit, he looks only to reap without sowing. Thus great poverty befalls him

Hermann Schulze-Delitzsch (8 Aug. 1808-29 Apr. 1883)

Hermann Schulze-Delitzsch was the driving force behind the co-op and CU movements in Germany during the 1850s and 1860s.
He was born in Saxony and studied law at Leipzig and Halle Universities.

After a career in the Berlin Court of Justice in 1848 he entered parliament as a left-centre member. When looking into the problems of labourers and artisans, he learned how co-operation helped small business people even the playing field against the bigger organizations.
After he withdrew from parliament, he began to develop co-ops. He founded the first Vorschussvereine (peoples' banks) in 1850.
By 1859 there were 200+ banks and he oversaw the central organization of these banks.
They operated much like modern CUs, giving loans, taking in savings and having member participation on boards.
Rejoining parliament, he pushed through legislation that helped co-ops not just survive but to flourish.
When he died, there were 3,500 co-op banking branches.
Photos: German stamps commemorating Schulze's 200th birthday and his 150th.
Friedrich Wilhelm Raiffeisen (30 Mar. 1818–11 Mar. 1888)

Almost simultaneous to Schulze-Delitzsch, Friedrich Wilhelm Raiffeisen (photo) was setting up CUs in rural areas. His approach was very similar to Schulze-Delitzsch's but was closer to the micro-finance concept of today. His members were poorer than those of Schulze-Delitzsch's. For small farmers regular loan repayments were difficult and leeway was needed for seasonal fluctuations. Board members were volunteers and staff was small, sometimes only one person.
Rather than work closely the two leaders often were in conflict, but their disagreement did not slow the development of CUs. Some two million Germans were CU members by 1913.
The Raiffeisen Banks were founded in 1927 based on Raiffeisen’s theories. Today they have an income of €1.2 (CA$1.68).

Luigi Luzzatti (11 Mar. 1841–29 Mar. 1927)

Luigi Luzzatti (photo) was the 31st Italian Prime Minister 1910-1911. He is better remembered as the founder of the Italian CU movement.
After graduating from the University of Padua, his outspokenness on the political economy forced him to move to avoid the local police. He later became a professor at the Milan Technical Institute and then in 1867 a professor of constitutional law at the University of Rome.
His political career had its ups and downs and it was said his banknote clearing policies contributed to the 1893 bank crisis.
His social measures included a workman’s compensation scheme and the creation of old/age pensions.
In 1907 he presided over the Co-operative Congress held in Cremora.
As a follower of Hermann Schulze-Delitzsch, he helped found the country’s first CU, The People’s Bank of Milan. The bank now has € 54.05 (CA$76) billion in assets and 8,600 employees.
Leone Wollemborg (4 Mar. 4, 1859-19 Aug. 1932)

If Luzzati was the Schulze-Delitzsch of Italy than Leone Wollemborg (photo)was its Raiffeisen.

He, too, was from Padua and graduated from the University of Padua where he studied the work of Raiffeissen. Taking 30 farm workers/small land owners he began Loreggia, a co-op bank in 1883.
Its goal applied what today would be called micro-finance: low interest rate loans to small landowners and tenant farmers to help them help themselves out of poverty.
Rural Cooperation, a monthly magazine, was started under his direction in 1885 and continued through 1904.

A friendly society movement, defined as people who join together for a common financial or social purpose, began in England about 1762.
The Friendly Societies Act 1819 allowed the self-help movement to use deposits for loans for mutual benefit of the working classes.
The British CU movement as such had a bumpy start since 1872 when the Co-operative Wholesale Society in England began taking deposits and giving loans.
The Credit Unions Act 1979 was passed to regulate UK CUs. CUs were required to have a common bond. Growth was slowed because the number of members and the amount that each person could deposit and borrow were extremely limited.
Today there are about 390 CUs in England, Wales, Scotland and Northern Ireland.
CUs still are seen as poor people’s banks. However, the current Archbishop of Canterbury Justin Welby, in an attempt to combat the high interest rates of payday lenders, is supporting CU development throughout England, Scotland and Wales. Banks are helping CU development as well and local government are supporting their development.

Gabriel-Alphonse Desjardins (5 Nov. 1854-31 Oct. 1920)

Gabriel-Alphonse Desjardins was born in Lévis, QC. His early career was journalist. He published Débats de la législature du Québec (1879-1890). After he was the French-language parliamentary stenographer at the House of Commons (1892-1917).
Much like the current Archbishop of Canterbury today, he worried about high loan rates charged by moneylenders (a problem that seems to have existed throughout history) triggered when he heard of a local who had been told to pay $5,000 in interest on a $150 loan. Drawing extensively on European precedents, Desjardins developed a distinctive parish-based model for Quebec. After much research into co-op banks in other countries, he and his wife, Dorimène Roy Desjardins, co-founded the Caisse d’épargne Desjardins in Lévis that grew into today’s Desjardins Group.
He was unsuccessful in getting a nationwide law to support the CU framework, but he continued to personally form caisse populaires (CP). His total was 146 CPs during his lifetime.
Photo: Dejardins and his wife, Dorimène Roy, who helped him in his work with CUs.
The early CU movement owes much to the Canadian movement and Desjardins who visited the French-speaking immigrant population in Manchester NH.
St. Mary's Bank grew out of the original CU. As the first in the US, it was started at St Marie’s Church by Monsignor Pierre Hevey in Nov. 1908. Joseph Boivin was the first manager and his home on Notre Dame Avenue has become the American Credit Union Museum, (photo) free to the public.
Perhaps the CU movement would have stopped there had it not been for Pierre Jay, (4 May 1870–24 Nov. 1949) who became the first chairman of the Federal Reserve of New York, and Edward Filene, (3 Sept. 1860-26 Sept. 1937) owner of Filene’s Department Store. Filene (photo) pushed the Massachusetts Legislator to enact laws to support CU development. Filene had already been considered progressive, if not dangerous, with his policies of paid vacations for his employees.
He was helped by Roy Bergengren, (14 June 1879-11 Nov. 1955) a commissioner of finance in the city of Lynn MA. He, in turn, helped Nova Scotia draft a CU law for English-speaking CUs.
In the US most CUs have an employer-based common bond giving members an additional emotional and financial tie.
The Credit Union National Extension Bureau became the Credit Union National Association, when state leagues met in Colorado in 1934 during the depression.
The founding of CUs was not just done by men. Louise McCarren Herring (20 Sept. 1909-2 Nov. 1987), joined the movement early on and helped form 500 CUs. She is known as the “Mother of Credit Unions” for her work.
A woman and Dublin teacher from Ballydesmond, Nora Herlihy was one of the driving forces behind the Irish CU movement, along with Sean Forde and Séamus P. MacEoin. John Hume, later to win the Nobel Peace Prize, was an early participant. He claims his work with the Irish CU movement gave him the skills to negotiate on a national level.
The Irish League of Credit Unions (ILCU) was founded in 1960.
Ireland has one of the largest CU member to populations ratios in the world.
The movement has been through some trying times. After the development of a movement-wide computer system failed and the CUs were hard hit, the Celtic Tiger was slaughtered by the world’s financial crisis. A competing organization, the Credit Union Development Association was founded in 2003 in response to the feeling that CUs were not responsive to changing market conditions. Its members have a combined asset base of over €1.5 (CA$2.1) billion.
ILCU represents 498 CUs.
Legislation continues to evolve to solve the movement’s current problems. It is expected that there will be many mergers of smaller CUs over the next few years.
Photo: The three founders of the Irish CU movement in a painting.
Prior to WWII many eastern European countries had CU-type organizations. Those that survived the war were disbanded when the USSR took over.
Poland was one of the first to reestablish a movement.
Grzegorz Bierecki was sent to the US to look for alternatives by then Polish President Lech Walesa.

Almost by accident, Bierecki stumbled across a CU. He took the concept back, and went to work with the support of Walesa.

Poland now has 55 CUs with 2.6 million members. Bierecki is Chair - National Association of Cooperative Savings and Credit Unions (NACSCU) and of WOCCU.

He was the mover behind WOCCU’s WYCUP program, which encourages younger CU employees around the world to not only stay in the movement but to be involved on an international level.
Other former eastern block countries are in various stages of development.
Photo: Without Grzegorz Bierecki the Polish CU movement would not have been formed.
The Credit co-op concept has existed in Australia since 1905, but it wasn’t until 1923 when the first State Co-operative Act in Australia was passed in the North South West. It was amended in 1941 with the Small Loans Acts.
CUs were not allowed to be formed during WWII, but the ban was lifted in 1944.
The first CU was opened in Sydney under the direction of Kevin Yates (1911-1987). (Photo to the right). He had seen the success of CUs when he served in the 186 Squadron Royal Australian Airforce in Nova Scotia. Twenty-two people agreed with him and they launched the Universal Credit Union Co-operative in Sydney.
Other CUs followed. Most were either parish or community based.
Australian CUs’ main competition is four big banks. The movement leaders have banded together all mutual-type financial institutions under one umbrella organization, the Customer Owned Banking Association and represents:
• 79 CUs
• 6 building societies
• 10 mutual banks
It also represents 13 friendly societies though the Friendly Societies of Australia and a number of affiliate members.
Australia also has the Australasian Mutuals Institute (AM Institute) which maintains training for CU management.

Father Marion Ganey

A US-born Jesuit priest, Father Marion Ganey (photo), was responsible for planting CU seeds in the Southern Pacific region beginning in Fiji.

He believed that poor people were able to handle their own financial affairs. He was also able to work around the crushing local customs of lending, kerekere, of the iTaukeis.
Working with Tom Mitchell, a Catholic layman of Hamilton and Father H. Boyd of Matata, the three men established two sister parish CUs in Jan. 1954. In July 1954 Father Ganey oversaw the Credit Union Ordinance. This later became the Fiji Credit Union Act that became the model for other CU movements in Tonga and Samoa.
He also:
• Organised insurance underwriting for the Pacific CU through CUNA Mutual Life Insurance
• Developed the Bergengren Credit Union Training Centre in 1964
• Contributed to the formation of the South Pacific Association of Credit Union Leagues
Fiji, at its height, had a total of 39 CUs with some 8,600 members. Now there are 27 CUs with 4,800 members. Fiji has a population of about 840,000 people.

Photo: Father Ganey’s grave is honoured annually on the date of his death. He was buried locally at his request where he was made an honorary Komave villager He was made an honorary Komave villager and a member of the Waqanitabua clan (mataqali).
Father Marion Ganey was invited to lead a seminar in New Zealand on CUs which in turn influenced Colin Smith, who organised the New Zealand Credit Union League. This became the New Zealand Association of Credit Unions (NZACU) in 1989. Trevor Barber was the League’s first President and Colin Smith (photo) the first secretary.
In 1964 the League had nine member CUs. Colin Smith held the position of Managing Director until his death in 1986. He travelled around New Zealand, promoting parish and industrial-employee CUs. He also travelled overseas in order to learn more about CUs working with CUNA International which became WOCCU.
NZACU represents 93% of the CUs and mutual building society sector in New Zealand worth over $1.4 billion in assets.
Today New Zealand has 19 CUs created from the merger of over 100 smaller CUs, with a current membership of about a half million.
CUs in Africa are called SACCOs. Twenty-four countries are in various stages of development. The Canadian Development Foundation has been an active participant in training and development.
Seventeen Latin American countries are growing their CUs. WOCCU has run many development projects.
Sixteen countries have some three million members.

In all countries CUs are democratic institutions with the concept of "People Helping People." Over the centuries they have helped lift millions out of poverty, but have also helped those more fortunate to better handle their financial lives. 

Source:  CU Newswire  6 October 2014 Vol 7   Issue 40

National Denim Day - May 13th

May 31, 2014

On Tuesday, May 13th, Eagle River Credit Union wore their denim in support of Breast Cancer Awareness and Research.  May 13th was National Denim Day.  For the seventh year in a row, Eagle River Credit Union has participated in fundraising for this great cause.  This year, staff were pleased to have raised $188.80

Staff of Corporate Office and L'Anse au Loup Branch wearing their jeans in support of National Denim Day 2014

A thank you is extended to all members who came out to support staff during this fundraising effort!

ERCU Thinks Pink

May 5, 2014

On Tuesday, May 13th, Eagle River Credit Union Staff will be wearing their jeans and PINK ribbons in support of Breast Cancer Awareness and Research.  May 13th has been marked National Denim Day by the CURE Foundation.  Eagle River Credit Union staff believe this to be a great cause and, for the seventh year in a row, will make a donation to wear their jeans at work on Tuesday, May 13th.

Drop by any Eagle River Credit Union branch location to show your support and make a pledge.  Tax receipts are available for contributions of $20 or more.

Quick Facts Expand/Collapse

Firsts and Quick Facts


What many now take for granted, credit unions invented!  We are the innovators in Canadian financial services.  And if you look closely, most of our "firsts" are focused on making financial services better, more convenient, and more flexible for our members.

  • First loans based on borrower character
  • First payroll deduction service for deposits and loan payments
  • First open mortgages
  • First financial institution to lend to women in their own names (in the 1960s - if you can believe that)
  • First to offer daily interest savings
  • First full-service ATM network
  • First home equity lines of credit
  • First debit card service
  • First registered education plans
  • First fully functional internet banking
  • First cheque imaging service

Quick Facts

Now that you know how often credit unions put our members' needs first, learn a little more about the credit unions that put all Canadians first.

There are 233 credit unions in Canada affiliated with Canadian Central. 
As per third quarter of 2020, we have:

  • 1,721 locations
  • More than 5.9 million members
  • $264,986 million in assets
  • Together, we are the second largest lender to small busineses in Canada

Congratulations on being a part of the Credit Union Difference!