Question 1

What is Meridian Credit Union?

Accepted Answer

Meridian Credit Union is Ontario's largest credit union and the second largest in Canada, serving more than 360,000 members across the province. As a member-owned financial cooperative, Meridian provides a full range of banking, wealth management, and commercial services through 87 branches and 15 business banking centers.

With over $26.8 billion in on-balance sheet assets and $4.9 billion in wealth assets under management (as of September 2024), Meridian operates as a substantial financial institution committed to helping members achieve their financial goals while investing in communities across Ontario.

Question 2

When was Meridian Credit Union founded?

Accepted Answer

Meridian Credit Union was formed on April 1, 2005, through the merger of Niagara Credit Union and HEPCOE (Hydro Electric Power Commission of Ontario Employees) Credit Union. This merger brought together institutions with over 75 years of combined banking history.

The credit union continued to grow through strategic mergers. On June 1, 2011, Desjardins Credit Union (the Ontario affiliate of the Desjardins Group, formerly Province of Ontario Savings Office) merged with Meridian, significantly expanding its membership base and branch network. By 2012, most former Desjardins branches in Ontario had been renamed to Meridian branches.

In April 2016, Meridian acquired Roynat Lease Finance from Scotiabank, which now operates as Meridian OneCap Credit Corp., a wholly owned subsidiary specializing in commercial equipment financing.

Question 3

Where is Meridian Credit Union headquartered?

Accepted Answer

Meridian Credit Union maintains corporate offices in St. Catharines and Toronto, Ontario. This dual-headquarters approach allows the credit union to maintain strong connections to both its Niagara Region roots and the Greater Toronto Area's financial center.

Question 4

Where does Meridian Credit Union operate?

Accepted Answer

Meridian Credit Union operates exclusively in Ontario, Canada, with 87 branches and 15 business banking centers distributed across the province. The institution serves communities throughout Ontario, from major urban centers to smaller regional communities.

Through its digital subsidiary motusbank (launched April 2, 2019), Meridian extends its services nationally across Canada, offering online banking services to customers throughout the country. However, note that motusbank began winding down operations in 2025 with accounts transitioning to Meridian Credit Union and Coast Capital Savings Federal Credit Union.

Question 5

What services does Meridian Credit Union offer?

Accepted Answer

Meridian offers a comprehensive suite of financial services, including:

Personal Banking:
• Savings and chequing accounts
• Personal loans and lines of credit
• Mortgages and home equity products
• Credit cards (Visa products introduced in February 2017)

Wealth Management:
• Investment products and services
• Professional financial advice
• Access to diverse investment solutions
• $4.9 billion in wealth assets under management

Business Banking:
• Commercial financing and lines of credit
• Cash management services
• Business accounts and services
• Equipment financing through Meridian OneCap

Digital Services:
• Online banking platform
• Mobile banking app
• Telephone banking
• Contact center open seven days a week
• Access to thousands of surcharge-free ATMs through THE EXCHANGE Network and Allpoint Network

Question 6

What makes Meridian Credit Union unique?

Accepted Answer

Meridian stands out as a 100% member-owned financial cooperative with no public shareholders. This means all profits are reinvested into improving products, services, and community programs rather than distributed to external shareholders.

Deposit Insurance Excellence: Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority of Ontario (FSRA), and non-registered deposits are insured up to $250,000 through FSRA - coverage not available through traditional banks.

Community Commitment: In 2023, Meridian invested $4.5 million in community programs, supported 324 organizations, and contributed $1.85 million in community partnerships. Employees logged 4,322 volunteer hours, demonstrating the institution's deep community engagement.

Meridian owns naming rights to prominent facilities including Meridian Hall (Toronto), Meridian Place (Barrie), and Meridian Centre (St. Catharines).

Question 7

What type of financial institution is Meridian Credit Union?

Accepted Answer

Meridian Credit Union is a Credit Union, which in Canada represents a member-owned financial cooperative. Credit unions operate under provincial regulation in Canada, with Meridian regulated by the Financial Services Regulatory Authority of Ontario (FSRA).

As a credit union, Meridian differs from traditional banks in its ownership structure - members are both customers and owners, with voting rights in the organization's governance. This cooperative structure aligns with Meridian's mission of prioritizing member needs and community investment over shareholder returns.

The institution holds the status of Ontario's largest credit union with more than 360,000 members and employs over 2,100 staff across its operations.

Question 8

What subsidiaries does Meridian Credit Union operate?

Accepted Answer

Meridian OneCap Credit Corp. is one of Canada's leading providers of commercial equipment financing for manufacturers, equipment dealers, and end users. Originally acquired as Roynat Lease Finance from Scotiabank in April 2016, Meridian OneCap operates nationally with regional offices and employees across Canada.

motusbank was launched on April 2, 2019, as Canada's newest digital bank, offering no-fee savings and chequing accounts, loans and lines of credit, investments, mortgages, and more. The digital bank was a federally chartered online banking subsidiary serving customers across Canada. However, motusbank began winding down operations in 2025, with a final shutdown date of November 1, 2025, and accounts transferred to Meridian Credit Union and Coast Capital Savings Federal Credit Union.

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