Why Canadians Are Switching from Banks to Credit Unions

If you've ever thought about leaving your bank but talked yourself out of it because it seemed too complicated, this episode is for you. Lisa Colangelo started as a teller at Canada Trust, worked her way up to executive level inside the banking system, and then walked away from all of it to lead a credit union. She knows exactly how banks work and she chose something different.Lisa is the CEO of YNCU, Your Neighbourhood Credit Union, one of Ontario's fastest growing credit unions, and in this conversation she makes the case that credit unions offer everything a bank does and then some. Including something most Canadians do not know: in Ontario, your deposits are protected up to $250,000 through a provincial credit union, compared to $100,000 through the federal CDIC protection that covers the big banks.We talk about what it actually means to be member-owned versus shareholder-driven, why switching is easier than you think, what the big banks are not telling you, and what Lisa tells her closest friends when they ask whether they should make the move.We also talk about money and women, including the trillion dollar wealth transfer that is already underway and why Lisa thinks women need to be in the room for every financial conversation that affects them.This one is worth your time and probably worth a call to your bank afterwards. Learn more about your ad choices. Visit megaphone.fm/adchoices