Question 1

What is 1st Choice Savings and Credit Union?

Accepted Answer

1st Choice Savings and Credit Union is a full-service financial cooperative based in Southern Alberta, Canada. As a member-owned credit union, it serves approximately 17,000 members across the region, focusing on community, agricultural operations, families, and small businesses.

With approximately $830 million in assets under administration, 1st Choice Savings operates as a financially strong institution committed to enriching the financial well-being of its members. The credit union operates on cooperative principles, meaning members are also owners who share in the organization's profits and have a democratic say in its operations.

Question 2

When was 1st Choice Savings and Credit Union founded?

Accepted Answer

1st Choice Savings and Credit Union was officially formed on January 11, 2001, through the merger of Southland Credit Union and St. Patrick's Savings and Credit Union. However, its roots trace back much further into Alberta's financial history.

The journey began in 1938 when St. Patrick's Credit Union opened its doors in Lethbridge, one of the "baby banks" that emerged after Alberta approved the Credit Union Act in the late 1930s. In 1941, Lethbridge Central Savings & Credit Union was also formed. By 1981, many local credit unions had amalgamated with Lethbridge Central to become Southland Credit Union.

Twenty years later, in 2001, Southland Credit Union and St. Patrick's Savings and Credit Union merged to create the 1st Choice Savings and Credit Union that exists today. This represents nearly 80 years of combined history serving Southern Albertans.

Question 3

Where is 1st Choice Savings and Credit Union headquartered?

Accepted Answer

1st Choice Savings and Credit Union is headquartered at 45 Fairmont Blvd S, Lethbridge, Alberta, T1K 1T1, Canada. The head office in Lethbridge serves as the central hub for the credit union's operations throughout Southern Alberta.

Question 4

Where does 1st Choice Savings and Credit Union operate?

Accepted Answer

1st Choice Savings and Credit Union operates exclusively in Southern Alberta through six branches located in three communities. The credit union maintains three branches in Lethbridge (3rd Ave Branch, Fairmont Branch, and Westgate Branch), along with branches in Taber and Cardston.

While physical branches are concentrated in Southern Alberta, the credit union's digital banking services are available province-wide across Alberta, allowing members to access their accounts and conduct banking transactions from anywhere in the province.

Question 5

What services does 1st Choice Savings and Credit Union offer?

Accepted Answer

1st Choice Savings and Credit Union provides comprehensive financial services for personal, agricultural, and business banking needs:

Personal Banking: Digital chequing accounts, low-fee chequing, high-interest savings accounts, youth accounts, student accounts, and senior accounts. Members enjoy unlimited Interac e-Transfer services and access to over 1,800 no-fee ATMs across Canada through the Ding Free network.

Lending Services: Mortgages, personal loans, and agricultural loans tailored to the needs of Southern Alberta's farming community.

Business Banking: Commercial banking solutions designed for small businesses and agricultural operations in the region.

Wealth Management: Investment services through partnerships with Qtrade Direct Investing and Aviso Wealth, offering online brokerage services, mutual funds, and other securities.

Digital Banking: A comprehensive mobile app available on both iOS and Android platforms enables members to check account balances, pay bills, transfer funds, make loan payments, and deposit cheques remotely. Online banking platforms provide 24/7 access to accounts. The credit union also supports Apple Pay for contactless payments.

Question 6

What makes 1st Choice Savings and Credit Union unique?

Accepted Answer

1st Choice Savings and Credit Union distinguishes itself through its cooperative ownership structure and deep community roots. Unlike traditional banks that distribute profits to shareholders, 1st Choice Savings returns profits directly to its member-owners through annual dividends. Since opening in 2001, the credit union has distributed over $4.2 million in dividends to members.

As a member, you become an owner by purchasing one common share for $1.00, which entitles you to profit sharing and voting rights in how the credit union operates. The Board of Directors is democratically elected by members, giving each member a voice in the institution's direction.

The credit union's commitment to community involvement sets it apart, with portions of profits reinvested into Southern Alberta communities through sponsorships of local businesses, charities, organizations, and events. All deposits are 100% guaranteed by the Credit Union Deposit Guarantee Corporation, providing unlimited coverage for member deposits.

With a focus on personalized service and local knowledge, 1st Choice Savings maintains a member-first philosophy, prioritizing people over profits and offering fair treatment, exceptional customer service, and financial tools designed specifically for Southern Albertans.

Question 7

What type of financial institution is 1st Choice Savings and Credit Union?

Accepted Answer

1st Choice Savings and Credit Union is a credit union, which is a member-owned financial cooperative. In Canada, credit unions are provincially regulated financial institutions that operate under cooperative principles, distinct from federally chartered banks.

As a credit union registered to operate in Alberta, 1st Choice Savings functions as a full-service financial institution offering the same core products as traditional banks—including mortgages, loans, bank accounts, credit cards, and wealth management—but operates under a fundamentally different ownership structure. Members are simultaneously customers and owners, with democratic control over the organization through elected board representation.

Credit unions in Alberta are regulated by provincial legislation and insured by the Credit Union Deposit Guarantee Corporation rather than the Canada Deposit Insurance Corporation (CDIC) that covers banks. This cooperative model allows 1st Choice Savings to offer lower fees, competitive rates, and personalized service while reinvesting profits back into the membership and local communities rather than distributing them to external shareholders.

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