On the surface, banking with a credit union may seem a lot like a traditional bank.

But it’s not.

Credit unions are similar to commercial banks in that they offer chequing and savings accounts, mortgages, business loans, online banking and registered savings plans – all for lower or no fees than traditional lenders. But credit unions are co-operatives and therefore tend to be much smaller than the major banks.

Customers have to buy a one-time membership share to get started, said Wendy Brookhouse, certified financial planner and CEO of Black Star Wealth.

"Walk in, say: 'I'd like to become a member and pay for your membership share,'" she said. "You're now banking there."

As not-for-profits, credit unions are usually community-oriented, Brookhouse said. That makes them a good fit for s

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