Frequently Asked Questions
Everything you need to know about credit unions, OECU membership, deposit insurance, and the benefits of banking with your own member-owned financial institution.
Credit unions have been serving Canadians since 1900
Credit unions began as an alternative to the commercially centralized banking system. Today, each member has one vote and an equal voice. Unlike banks that answer to shareholders, credit unions answer to their member-owners — and that makes all the difference.
Deposit Insurance — FSRA
Your deposits at OECU are protected by the Financial Services Regulatory Authority of Ontario (FSRA). Credit unions are among the soundest financial institutions in Canada.
Registered Accounts
Eligible deposits in RRSP, RRIF, TFSA, RESP, and RDSP accounts have unlimited deposit insurance coverage through FSRA.
Non-Registered Accounts
Eligible deposits not held in registered accounts are insured up to $250,000 through the Financial Services Regulatory Authority of Ontario.
For complete details on deposit insurance visit the FSRA website: fsrao.ca — Credit Union Deposit Insurance →
Your Questions Answered
Click any question to expand the answer. Can't find what you're looking for? Contact us directly →
Can anyone join a Credit Union? ▼
Yes — currently over 1.6 million Ontarians belong to a credit union or caisse populaire. Members are united by a common bond of association, such as where they live or work, their profession, or their background.
OECU is open to all active or retired educational employees and their families throughout Ontario. If you work in education — in any capacity — you're welcome here. Apply for membership →
What are the benefits of joining a Credit Union? ▼
At your credit union, you're not just a customer — you're a member-owner. Key benefits include:
- Friendly, responsive, and personalized service with no high-pressure sales
- A full suite of financial products and competitive rates
- Profits reinvested in the community — not paid to outside shareholders
- Service charges comparable to or lower than those at banks
- One member, one vote — a true democratic voice in how the credit union is run
- Deposit insurance protection through FSRA
- Educator-exclusive products unique to OECU
How do Credit Unions serve their communities? ▼
Credit unions contribute significantly to community economic development through sponsorship of local events, education programs, bursaries, and special projects. OECU proudly administers the OECU-Doug McKee Scholarship program, awarding over $215,500 since 2001 to support students in Ontario's educational community.
How safe are my deposits at a Credit Union? ▼
Credit unions are among the soundest financial institutions in Canada. Ontario credit unions are regulated under the Credit Unions and Caisses Populaires Act and supervised by the Financial Services Regulatory Authority of Ontario (FSRA).
Registered account deposits (RRSP, RRIF, TFSA, RESP, RDSP) have unlimited coverage. Non-registered eligible deposits are insured up to $250,000.
Who regulates Ontario credit unions? ▼
Ontario credit unions are regulated by the provincial government in accordance with the Credit Unions and Caisses Populaires Act, and supervised by the Financial Services Regulatory Authority of Ontario (FSRA). Credit unions in Canada also co-operate as part of a three-tier system — local, provincial, and national.
What does the Hands and Globe logo represent? ▼
The Hands and Globe has symbolic and historic significance. The cupped hands represent the financial security offered by the credit union network and the fact that the movement's success is in the hands of its members.
The globe symbolizes the worldwide scope of the movement. The Hands and Globe became the official World Council of Credit Unions trademark in 1966 and is today recognized in more than 70 countries.
When was the first Credit Union founded? ▼
Canada's first credit union — the Caisse Populaire — was founded in 1900 in Lévis, Québec by Alphonse Desjardins. The first deposit was a dime, and on opening day total deposits reached just $26.40. Today, credit unions serve millions of Canadians coast to coast.
What are some Credit Union innovations? ▼
Credit unions were first in Canada to introduce many services Canadians now take for granted:
What makes OECU different from other credit unions? ▼
OECU is dedicated exclusively to Ontario's educational community. We've developed products and services specifically for educators — including the Summer Free Loan, Teacher Funded Leave accounts, and special policies that support members during job actions or interruptions in income. Our Board of Directors and leadership are committed to exceptional service, not sales targets.
What happens if I lose my Membercard? ▼
If your Membercard is lost, stolen, or compromised, call immediately:
- Canada & US: 1-877-764-3693 — available 24/7
- International: 905-764-3693 — available 24/7
You can also find a no-fee ATM near you through The Exchange Network →
How do I access my account online? ▼
OECU members can bank online through NETBanking, available 24/7 from anywhere in Canada and the United States. Note that internet banking is restricted outside Canada and the US to protect against international cyber threats.
Ready to Become a Member?
Join Ontario's credit union for educators. Open to all educational employees — current or retired — and their families throughout Ontario.