Question 1

What is FirstOntario Credit Union?

Accepted Answer

FirstOntario Credit Union is a member-owned cooperative financial institution and one of Canada's largest credit unions. With approximately $7 billion in assets under management, FirstOntario serves over 133,000 members across Ontario. The credit union is the fifth-largest in Ontario, offering a full suite of banking products including chequing and savings accounts, mortgages, loans, investments, insurance, and business services.

As a cooperative, FirstOntario operates on a member-ownership model where members are also shareholders with voting rights and the ability to run for the Board of Directors.

Question 2

When was FirstOntario Credit Union founded?

Accepted Answer

FirstOntario Credit Union was founded in 1939 as Stelco Employees Credit Union, created by a group of employees at Stelco (Steel Company of Canada) in Hamilton, Ontario. The credit union began with just $54 in savings and $50 in loans, exclusively serving Stelco employees as a closed-bond credit union.

In 1945, another automotive workers' credit union called Family Savings & Credit Union was established. These organizations evolved over decades through mergers and name changes. In 1999, Stelco Employees Credit Union (by then called Avestel Credit Union) merged with Family Savings, and in 2000, the combined entity adopted the name FirstOntario Credit Union to reflect a more inclusive, community-focused approach.

FirstOntario has continued to grow through strategic mergers, including Prime Financial, Canal City Savings and Credit Union, Rochdale Credit Union, Creative Arts Savings & Credit Union, Heritage Savings & Credit Union, and most recently, Momentum Credit Union in October 2024.

Question 3

Where is FirstOntario Credit Union headquartered?

Accepted Answer

FirstOntario Credit Union is headquartered in Stoney Creek, Ontario, at 970 S Service Road, Suite 301. The credit union maintains strong roots in Hamilton, where it was originally founded.

Question 4

Where does FirstOntario Credit Union operate?

Accepted Answer

FirstOntario operates throughout southern Ontario, serving 15 different communities across several key regions:
• Hamilton and the Golden Horseshoe
• Niagara Region (including St. Catharines, Niagara Falls, and other communities)
• Halton Region (including Oakville and Burlington)
• Southwestern Ontario (including Brantford, Woodstock, Haldimand/Norfolk, Oxford, and extending to Chatham-Kent)

The credit union operates 29 branch locations across these regions, complemented by Personal Assisted Teller (PAT) services. Members also have access to over 3,700 surcharge-free ATMs through THE EXCHANGE Network® across Canada, plus access to 40,000 ATMs in the United States through the Allpoint network.

Question 5

What services does FirstOntario Credit Union offer?

Accepted Answer

FirstOntario offers comprehensive banking and financial services for both personal and business members:

Personal Banking: Chequing and savings accounts, U.S. dollar accounts, high-interest savings, term deposits and GICs, Visa credit cards, personal loans, lines of credit, and mortgages.

Business Banking: Business chequing and savings accounts, commercial loans, business credit cards, merchant services, and business lines of credit.

Wealth Management: Investment advice, retirement planning, registered accounts (RRSPs, TFSAs, RESPs), mutual funds, and estate planning services.

Insurance Services: Home insurance, auto insurance, creditor insurance, and insurance referral assistance.

Digital Banking: Award-winning online banking platform, mobile banking app, Interac e-Transfer services (with competitive daily and monthly limits), digital account opening, automated bill payments, and comprehensive digital financial management tools.

Additional Services: Safety deposit boxes, legal and identity theft assistance through the Benefits Bundle, and access to financial literacy programs.

Question 6

What makes FirstOntario Credit Union unique?

Accepted Answer

Digital Innovation Leadership: FirstOntario has distinguished itself through significant investment in digital banking technology. The credit union uses Temenos core banking and digital banking platforms, enabling advanced, cloud-native banking services. In December 2024, FirstOntario selected Temenos Digital to further enhance its online and mobile experience, positioning itself for consumer-driven banking and delivering a comprehensive 360-degree view of member relationships.

Saven Financial: FirstOntario launched Saven Financial in January 2021, a digital-only division offering high-interest savings accounts and GICs with competitive rates, unlimited free Interac e-Transfers, and no monthly account fees. Saven can onboard new members in as little as five minutes with fully automated digital journeys, representing a new model for digital-first banking in Canada.

Community Impact: FirstOntario reinvests profits directly into the communities it serves through competitive rates, sponsorships, and charitable programs. The credit union runs an award-winning student nutrition program and supports causes including youth health and wellness, fighting hunger, and housing and homelessness. Members have a voice in selecting which community causes receive support.

Venue Partnerships: FirstOntario has high-profile partnerships with local sports organizations, including naming rights for FirstOntario Place venues and partnerships with the Hamilton Tiger-Cats and Brantford Bulldogs, demonstrating deep community engagement.

Unionized Workforce: Unlike most financial institutions, FirstOntario has approximately 200 unionized employees (out of over 500 total staff), with two Unifor Local 199 members serving as directors on the Board—a rarity in the Canadian financial sector.

Question 7

What type of financial institution is FirstOntario Credit Union?

Accepted Answer

FirstOntario Credit Union is a credit union, which in Canada is a member-owned cooperative financial institution. Credit unions differ from traditional banks in that members are also owners with voting rights and democratic control.

As a full-service credit union, FirstOntario provides retail banking services to individuals and families while also offering commercial banking services to businesses. The cooperative structure means that profits are returned to members through competitive rates, dividend payments, and community investments rather than being distributed to external shareholders.

FirstOntario operates under provincial credit union regulations in Ontario and is regulated by the Financial Services Regulatory Authority of Ontario (FSRA). Member deposits are insured by the Deposit Insurance Corporation of Ontario (DICO).

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