FAQ

Why join boomerang CREDIT UNION & how does your money comes back to you?

Because banking with boomernag CREDIT UNION is smart banking.

If your banking situation doesn’t seem right, maybe you’re bank isn’t working for you. It’s been proven time and time again that you work for banks, but that credit unions work for you. How you ask? Well, as a customer of a bank, the bank shares its profits with its stockholders, but as a member of boomerang CREDIT UNION, you are a part owner and your finances are part of a valuable cycle. The more you bank with us, the greater your returns…

1.    You deposit money at boomerang CREDIT UNION.

2.    You pay interest on your loans.

3.    boomerang CREDIT UNION earns profits, and

4.    boomerang CREDIT UNION uses its profits to lower interest rates and/or pay back dividends to YOU.

boomerang CREDIT UNION, where your money comes back to you

Why are we better than a bank?

There are many differences between banks and credit unions. But the most important is that credit unions are democratically run by the people they serve – their members. Credit unions’ primary commitment is to serve their members’ financial needs, whereas banks and trust companies exist to earn dividends for shareholders. At boomerang CREDIT UNION, we share our profits with the people that do the business with us – people just like you!

Who can join?

Today any resident of Ontario can join our credit union. Initially we started out as a credit union for the civic employees of London, Ontario, and with time we have evolved to also include employees of London Hydro, London Police, London Firefighters, Thames Valley District School Board, Labatt, GM Diesel, EMD, Health Unit, Western Fair and CCAC. In 2010, our bond was expanded to include other members of the community, just like you! In fact, over 1.6 million Ontarians currently rely on credit unions for fulfilling their savings and loan needs.

Why our loans are better!

Credit Union loans rates are among the most competitive rates around. In addition to great interest rates, we offer payroll deductions, patronage refunds of loan interest paid, and flexible terms

What are some credit union innovations?

Over the years, credit unions have taken the lead in developing and introducing financial service products. For instance, we were the first financial institutions to offer: