About Us

About Us

Vision Statement

Your Member owned financial partner providing a safe, trusted and innovative environment offering financial security to current and future generations.

Mission Statement

To create a partnership between members and their credit union for mutual financial success.

Market Conduct Code

The Oshawa Community Credit Union is a financial cooperative that is governed and financed differently than banks. At credit unions, members are shareholders. Being a member means sharing in the Credit Union’s success.  As such, our primary motivation is providing quality products and services to our members.  We are committed to ensuring that our members are completely satisfied with the level of services they receive.

The Credit Union’s Market Conduct Code (MCC) recognizes the best practice principles we pledge to follow for soliciting, promoting, advertising, marketing, selling, or distributing our products and or services.  The Code demonstrates our commitment to the fair treatment of all members who use our services. We believe in fair sales practices, comprehensive access to banking services, transparency and openness, and a reasonable approach to settling complaints. Members are entitled to the best possible care of their financial interests. We respect all our provincial regulatory obligations, and continually practice absolute excellence in consumer protection. Our best practices can be summarized in five key principles:

Business Practices:
We are committed to providing fair treatment to all of our members using our products and services. It is a core component of our governance and corporate culture.

Fair Treatment and Fair Sales Practices:
Treating members fairly and demonstrating fair sales practices at all times are integral parts of our business practices.

Access to Banking Services:
We ensure that all Credit Union members are granted access to fundamental financial services.

Transparency and Disclosure:
The Credit Union uses plain language descriptions of products and services in its communications to ensure people make informed decisions.

Complaint Handling:
We examine complaints and work to settle them fairly, and we track complaints to help ensure our practices continue to improve.

The History of Oshawa Community Credit Union Limited (OCCU)

OCCU has been proudly serving its members since 1939, OCCU has been helping people living in Oshawa and the surrounding communities manage their finances, grow their savings and build their businesses.  OCCU offers a full range of financial services and investment products to anyone living in Ontario.

Since our inception, we have grown from a small Credit Union to having assets nearing $100 million. Our membership has grown as a result of mergers with local Credit Unions as well as servicing the employees at local hospitals, school boards, the Region of Durham and the City of Oshawa.

Credit Unions: How It All Began

Canadian Credit Unions have been rising in popularity since the turn of the 20th century when the first one opened in Levis, Quebec.  In 1901, journalist Alphonse Desjardins opened La Caisse Populaire de Lévis (The People’s Bank of Lévis) in hopes of providing an alternative to the private banks that were exploiting the common wage earner with high interest rates.  While covering a debate in the House of Commons regarding a bill to outlaw usury, Desjardins witnessed the testimony of a man who paid 1,200 percent interest on a small loan and thought, something must be done.  Having heard of the success of Credit Unions in Europe, Desjardins wondered whether this system could work in Canada.  Credit Unions started gaining momentum by providing competition for the banks compelling them to revise many of their oppressive practices like sky-high interest rates on loans and mortgages as well as excessive administrative fees.  Credit Unions also made improvements such as convenient hours that banks began to adopt.  Today, Canada has over 3,400 Credit Union branches where approximately one-third of the population does their day-to-day banking.

Credit Unions vs Banks: What's the Difference?

You may ask: What’s the official difference between banks and Credit Unions?  Well, there are a couple of things; while banks are regulated by the federal government, Credit Unions are governed provincially. However, the most significant difference is that Credit Unions are not publicly traded companies, meaning: no corporate shareholders.  While banks have a fiduciary responsibility to produce record profits, Credit Unions don’t operate under that same pressure.  Credit Unions will only recommend products and services that will genuinely benefit the member, not what will bring in the most money.  In fact, Canadian Credit Unions have beaten out the big banks thirteen years in a row winning the ipos Financial Service Excellence Award for “Overall Customer Service”.  This year, the annual program that recognizes Canadian financial institutions awarded Credit Unions with 9 awards in total including individual wins for “Branch Service Excellence”, “Values My Business” and “Online Banking Excellence”.  

Furthermore, Credit Unions don’t have customers, we have members; each member is required to hold a member share (amount varies by institution) which represents your little piece of the company and your right to vote and/or run for the Board of Directors.  When you have a say in who has a say, you’ll experience banking in a whole new way.

Going the Extra Mile

Similar to the notion that smaller class sizes provide students with a better education, Credit Unions are much the same.  Because Credit Unions have a smaller membership than the big banks, they are able to make decisions at the branch level that would otherwise be channelled through a head office. Furthermore, Credit Unions are better able to provide individualized service that the big banks simply don’t have the flexibility to provide due to their massive customer base.  Would your bank call to let you know that you are a little short on your rent payment and give you the opportunity to make a deposit?  No. Would your bank hold your pay cheque that you’ve been negotiating for years for 5 to 10 business days? It’s a possibility.  At Credit Unions, we really know our members and make decisions based on the relationship we’ve built over the years instead of referring to a “one size fits all” policy.

Why Bank at Oshawa Community Credit Union?

As an OCCU member, not only do you own a share in the Credit Union, you also share in the profits!  Every member’s $100 share earns dividends as OCCU generates profits.  Many of our long-time members have more than doubled their initial share investment.  Since 2007, OCCU has paid out over $3.9 million to our members because of our profit-sharing philosophy.  OCCU also reinvests its earnings back to our community by supporting local businesses and charities including those of our own members.  Long-time member Sharon Clark has been volunteering with the Durham Children’s Aid Society (DCAS) for fifty years.  At OCCU we sell her beautiful giftware and delicious preserves gifting 10% of all sales to her DCAS charity, “Sharon’s Kids”.  This wonderful charity raises money for children to go to summer camp as well as school bursaries.  During the holiday season, Sharon sets up shop in the branch selling cozy hats, gloves, scarves and capes to raise money to make merrier Christmases for underprivileged children.  Another long-time member, Clancey Lavender sells his incredible, home-made, maple syrup products in our branch and also donates 10% of sales to “Sharon’s Kids”.

Identifying first and foremost as a financial cooperative is what drives decision making at the governance (our board) and operational (our management team) levels with cooperative values further cascading to the frontline of member service. At OCCU, we strive to make a difference in the lives of the people in the community we live in.  Acting CEO, John Remillard words it best, “Our ultimate goal is to maximize shareholder wealth, which in this case, are our members.  The employees at Oshawa Community Credit Union do not have sales targets and do not receive comissions or bonuses.  Here we will give you the same advice we’d give to our family and friends.”  We will work hard to provide unparalleled customer service and offer great rates on loans, mortgages and investments.

Come in. Compare. Come out ahead.

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"I have been a member here for over 30 years. Personal Service is beyond compare. Tell me any other financial institution where you can walk or call in and they know your name. As a member you are not charged fees constantly like the banks. Finally as a member, the Credit Union has mortgage referral bonuses, patronage share rebates, and other programs that puts money back in your pocket simply for belonging. Members taking care of each other. It really makes a difference compared to the big bank mentality."

- Kim B.
"I highly reccomend banking with the Oshawa Community Credit Union. We have our mortgage through the credit union and our experience was smooth and painless. We were given honest and fair advice from a professional. Sharan (our mortgage specialist), treated our unique situation quickly and fairly. We were always given a personal experience; never treated like just another number. Become a part of the Oshawa Community Credit Union andyou won't regret it!"

- Shannon F.