Newfoundland Credit Union (NCU) is the largest credit union in the province of Newfoundland and Labrador, Canada. Unlike the major national banks, NCU is a member-owned financial cooperative, meaning its primary mandate is not to maximize profits for shareholders but to provide financial services and improve the financial well-being of its members and the communities it serves. With deep roots dating back to the 1930s, NCU has grown into a modern, full-service financial institution while steadfastly maintaining its community-focused ethos.
Mission, Vision, and Values
Mission: To improve the financial well-being of our members and their communities.
Vision: To be the primary financial institution for Newfoundlanders and Labradorians, known for exceptional member service, community commitment, and financial strength.
Integrity: Conducting business with honesty and fairness.
Service: Putting members first in every decision.
Community: Actively investing in and supporting the social and economic development of Newfoundland and Labrador.
Cooperation: Working together for the mutual benefit of all members.
History and Evolution
NCU's story is intertwined with the social and economic history of the province:
Origins (1930s-1950s): The credit union movement in Newfoundland began in the 1930s, providing a much-needed alternative for workers and families who had limited access to banking services. The first credit unions were small, parish or workplace-based organizations.
Growth and Amalgamation (1960s-1990s): Over the decades, through a series of strategic amalgamations, smaller credit unions merged to form larger, more resilient entities. This consolidation created what is now known as Newfoundland Credit Union, allowing for a wider range of services and greater financial stability.
Modernization (2000s-Present): NCU has heavily invested in technology, offering online banking, a mobile app, and modern payment systems to compete with larger banks. Despite this modernization, it has retained its distinct community identity.
Membership and Ownership Structure
The fundamental principle that sets NCU apart is its structure:
Member-Owned: When you open an account at NCU, you are not a customer; you are a member and part-owner. Each member has a single vote in the election of the Board of Directors, regardless of how much money they have deposited.
Democratic Control: Members exercise control through an annually elected volunteer Board of Directors, who are also members of the credit union.
Profit Sharing: Surplus revenue (profit) is reinvested back into the credit union to improve services, strengthen reserves, and is returned to members in the form of patronage allocations (a share of the profits) and competitive rates on savings and loans.
Products and Services
NCU offers a comprehensive suite of financial products comparable to any major bank:
Daily Banking: Chequing and savings accounts, debit cards, online and mobile banking, and ATM access (often through THE EXCHANGE® Network).
Newfoundland Credit Union stands as a testament to the power of cooperative principles. It successfully blends the convenience and technology of a modern financial institution with the personal service, community commitment, and member-focused values of a local organization. For residents of Newfoundland and Labrador, NCU offers a compelling alternative to the big banks—one where your money is reinvested back into the local economy and where you have a genuine voice in the institution that holds your finances.
With Newfoundland Credit Union, you can keep your life and money moving while maintaining all the services that you’ve come to rely on – from savings, fixed deposits, credit and debit cards, consumer & land loans and mortgages. Our well rounded and experienced team will continue to deliver the best financial products to suit your needs while implementing strategies and failsafe measures to ensure quality and relevant business value/return for you.