(October 3 – 17:30 ET) – Credential Group, together with credit unions across Canada, is launching an online brokerage designed to meet the specific needs of credit union members.
Starting today members of three credit unions can begin buying and selling securities online, using a new service called Credential Direct. The launch marks the beginning of a phased rollout that will see 15 credit unions nationally offering online trading services by the end of the year, with more to follow in 2001.
The service gives members direct access to self-managed investing services via the Internet, or by speaking with a qualified Investment Representative. Commissions for cash, margin, and registered accounts start as low as $29 a trade. Members access the services through their own credit union’s Internet portal.
North Shore Credit Union and Vancouver City Savings Credit Union in British Columbia, along with Assiniboine Credit Union in Manitoba are the first to take advantage of the new service.
“We’re using leading-edge technology to help our partner credit unions adapt to the changing needs of their members,” said Credential Group president and CEO Laurie Yaworski. “Like many Canadians, credit union members are embracing the convenience of online services and investing in individual securities. Credential Direct will serve those members who want to make their own investment decisions, but value the high quality service offered by their credit union.”
Credential Direct will offer a full range of powerful trading tools, including quotes on stocks, mutual funds, options and market indices, as well as portfolio trackers and research information to help members make informed decisions. A valuable feature of the system allows members to transfer funds electronically between their Credential Direct account and any financial institution in Canada.
-IE Staff