Serving the unique needs of the educational community

About OECU

Ontario Educational Credit Union is open to all active or retired educational employees and their families throughout Ontario.

History

In 1962 a group of teachers in the Toronto Township School Board formed a Credit Union for teachers in that jurisdiction. At about the same time teachers in the Central Peel Secondary School formed their own Credit Union. In 1970 these two credit unions merged to become the Peel Board of Education Credit Union.

Over the next few years the Credit Union grew as rapidly as the municipalities served by the school districts. It expanded to include employees of Sheridan College, the Dufferin Peel Roman Catholic School Board and the Peel District School Board. To reflect the expanding bond of its membership the Credit Union changed its name to the Peel Sheridan Dufferin Educational Credit Union.

In 1992 we were instrumental in organizing the teacher federations of Peel in constructing the Educators’ Centre that would be home to the Credit Union and the federations. The Peel Educators’ Centre opened in the fall of 1993 and we remain the major partner of the joint venture founded to hold and manage the center.

In 1997, as a result of our efforts to protect the deposits of the members of the OPSTF Credit Union, our bond was expanded to include all educational employees in Ontario not currently served by a closed bond educational credit union. On December 14,1998 our name was changed to the Ontario Educational Credit Union Limited to reflect this expanded bond.

Throughout our existence we have worked, solely, for our membership and closely with their federations/unions. We have and continue to develop products and services to benefit the uniqueness of our membership. We have established policies that support our member/owners should they unfortunately become involved in a job action that results in an interruption of income. We positively supported our members in 1979, 1981, 1997 and 1998 when they realized an interruption in their income. We will be there in the future should the unfortunate need arise again.

Year 2000 marked significant growth for us. Simcoe County Educational Credit Union located in Barrie voted to join Ontario Educational. The merger was completed in May of 2000 improving the services offered to members throughout Simcoe Muskoka.

Board of Directors

Ontario Educational Credit Union requests that members participate in determining the direction of the organization through its annual meeting and the election of directors. At that meeting 1/3 of the Board of Directors is elected by the membership each year. All members over 18 are eligible to run for the Board.

Guiding Principles

1. Fulfilling the need within the Ontario educational community for a strong full service closed bond credit union to serve the financial needs of all educational employees and their families.
2. The service offered by the Ontario Educational Credit Union must be personal and professional and of financial benefit to the membership.
3. Service must be available to the membership on a personal and electronic basis.
4. The success of the Credit Union will be measured in terms of how well we meet the needs of the membership we serve.
5. The Credit Union must remain knowledgeable of and proactive to the events within the financial community and the educational community.

Membership

Ontario Educational Credit Union invites all educational employees (current or retired) and their families throughout Ontario to become a member of our full service financial institution. We are the financial institution dedicated to and specializing in serving the unique needs of the educational community.

Ontario Educational supports the success of other closed bond educational credit unions. We will not compete or solicit for membership at those boards that have an established closed bond credit union serving the local needs of the educational community.