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Bank Updates

We are on a journey to create a national bank that is based on Meridian’s unique values and commitment to service. We want other Canadians to experience the same kind of relationship with their financial institution that you have as a Meridian Member and we determined that the clearest way to do this outside Ontario was to create a bank.



A MESSAGE FROM OUR CEO 


Bill Maurin shares an update on the progress we are making to launch a national bank.

Creating a bank is a way for us to expand nationally, taking the Meridian banking experience beyond Ontario’s borders.


WHAT'S HAPPENING WITH THE BANK


Soon all Canadians will be able to experience the Meridian difference. Click here to view our infographic

If you require an accessible screen reader version of this infographic, please contact us



  • Why did Meridian decide to launch a national bank?

    Meridian has become Ontario’s largest credit union by helping to grow your lives, businesses and communities, and exceeding your expectations as Members.

    We believe, and our research shows, that many other Canadians want the same kind of relationship with their financial institution that you have as a Meridian Member. They want to bank with a financial institution that has integrity, that cares, that treats them as individuals, and that is socially relevant.  In short, they want to bank with a partner that makes them feel good, valued, and secure.

    After an in-depth review, we have determined that the clearest way to bring the Meridian experience to Canadians outside Ontario is to create a bank. The bank will have the same mandate and will serve Canadians in other provinces.

    Research also suggests that more than 40 per cent of Ontarians are not likely to bank with a credit union, providing us with an opportunity for the bank to help us grow our market share.


  • How will the creation of a bank impact Meridian?

    A strong bank offer operating across the country will help to build a stronger Meridian for our Members. Creating a bank will bring more Canadians into the Meridian family and will generate new revenue, diversify sources of funding, and provide economies of scale.

    That in turn will allow us to continue to invest in the services and technology to serve you better and live up to our promise to grow your lives and businesses.


  • Will things change at Meridian?

    Nothing changes at Meridian Credit Union once the bank launches. Meridian will continue to operate as a credit union in Ontario, and it will continue to focus on exceeding your expectations in every way possible. 

    Meridian Members will continue to bank as they always do, either at Meridian branches, through our online banking platform, Contact Centre, ABMs or telephone banking.
     

  • How will the bank differ from Meridian?

    The bank will have a national focus, taking the Meridian experience beyond Ontario’s borders. The bank’s target market will also be different, focusing on the digitally savvy segment of the population.   

    The name of the bank, its logo and branding will also be different, and will be revealed closer to our launch date


  • Can I conduct my Meridian transactions at the bank?

    Because Meridian Credit Union and the bank will operate as separate entities, Members can only conduct transactions with their respective financial institution.

    Both the bank and Meridian will have their own unique banking platforms; this means that Members of the credit union and bank will have separate accounts, debit cards, logins, etc. For example, a Member of the bank cannot walk into a Meridian branch and withdraw money from their bank account.


  • How will deposit insurance work between Meridian and the bank?

    Members of the bank will receive deposit insurance coverage through the Canadian Deposit Insurance Corporation (CDIC). Members of Meridian receive deposit insurance coverage through the Deposit Insurance Corporation of Ontario (DICO). 

    If Meridian Members have large deposits that exceed DICO’s insurance coverage limits, they can bring part of that deposit to the bank, allowing them to stay within the Meridian family and have their deposits protected.


  • Will the bank have any branches?

    The bank will operate on an all-digital platform and will not have any physical branches for the foreseeable future. The Meridian experience will be replicated through our exceptional Contact Centre and our innovative digital platforms.


  • Will the bank operate in Ontario?

    The bank will operate across Canada, including in Ontario. For the province of Quebec, we will accept new Members for deposit products but will not offer loans or mortgages to Quebec residents.


  • What will we offer bank Members?

    Similar to Meridian , we will offer our Members competitive rates and products along with an intuitive and simple digital banking platform.
     
    We are also committed to engaging our Members with transparent, two-way dialogue and empowering them with relevant advice, content and services.