Credit unions investing in their members can use the aid of cash counters
Credits unions and caisses populaires pride themselves on the differences that exist between them and traditional banks. According to the Canadian Credit Union Association, there are many key aspects that separate the two, but one of the most important facets is the recirculation of money that credit unions facilitate – member deposits turning into loans that come back as more deposits. A cash counter can help credit unions manage these incoming currency transfers efficiently.
The CCUA recently conducted a study titled "2017 Credit Union Community & Economic Report" that highlighted statistics about Canada's credit unions and some of their major functions within their communities.
The report was issued as way to celebrate International Credit Union Day on Oct. 19, a day intended to recognize the history, achievements and impacts of these institutions that has been held annually since 1948, according to the World Council of Credit Unions.
Cash counters can aid credit unions as a fundamental tool to process cash recirculation
According to the report, there are more than 275 different credit unions and caisses populaires spread across 1,800 individual branches in Canada. These locations serve 5.2 million citizens
The report highlighted ways that credit unions have invested capital into their members and citizens of the community, or ways credit unions have saved Canadians money.
Last year, credit unions provided a total of almost $60 million to members through donations, sponsorship, financial services and scholarships. Members also saved $14 million in ATM fees by using 4,100 fee-less ATMs.
"Credit unions don't make decisions in the interests of faraway shareholders; they strive to make them in the best interest of the customers right in front of them," said Martha Durdin, president and CEO of Canadian Credit Union Association, in a CCUA statement. "This is a driver of the credit union model; it keeps the industry focused; and we've found that sharing our owners' perspectives on what success looks like is beneficial to individuals and communities alike."
The money that members deposit generates the capital needed for the credit union to issue loans to small and medium-sized businesses and members of the community. These loans serve the community by potentially creating jobs and giving businesses the opportunities to expand their infrastructure, thus creating profits that get circulated back to them via more deposits.
The report stated that on a dollar-for-dollar basis, credit unions create twice as many jobs as traditional banks.
Credit unions that invest in the community and have the accumulated wealth returned to them can benefit from the use of cash counter to aid in processing the currency.