What Is a Caisse Populaire?
A caisse populaire is a financial co-operative that offers many of the same services as a traditional bank.
Unlike banks that operate on a for-profit basis, caisses populaires are not-for-profit co-operatives that are owned by their members, who hold accounts and financial products with the institution. Members are eligible to receive a share of any profits realized by their caisse populaire and to vote in its annual general meeting.
Caisses populaires, which are similar in structure to credit unions, operate primarily in francophone provinces of Canada. They include the Access Credit Union in Manitoba and the Northern Credit Union in Ontario, among others, and those in Quebec and New Brunswick.
Well-known caisses populaires in Canada
Desjardins (Groupe Desjardins) — Largest caisse populaire in Canada
Founded: 1900.
Members/clients: 7.8 million.
Network: 199 caisses, 579 service points, 1,303 ATMs.
Regions: Largest presence in Quebec; growing in Ontario.
Services: Personal and business banking, mortgages, insurance, investments, institutional asset management, wealth management.
Notable: 55,000+ employees; named one of Canada’s Best Employers (banking/financial services) in 2024.
UNI (Caisse populaire acadienne ltée) — Largest Acadian francophone financial institution
Members: 178,000 (primarily in New Brunswick).
Services: Savings accounts, RRSPs, RESPs, everyday banking, mortgages, loans, business savings and payroll solutions.
Caisse Alterna (Alterna Savings and Credit Union Ltd.)
Members: 217,000.
Regions: Branches across Ontario.
Services: Everyday and business banking, insurance, mortgages, wealth management.
Notable: Operates Alterna Bank, a digital-only wholly owned subsidiary.
Caisse Alliance
Members: 50,000+.
Region: Northern Ontario.
Services: Savings and investment products, credit cards, lines of credit, loans, mortgages.
Caisse Financial Group (Manitoba)
Members: 35,000.
Region: Manitoba.
Services: Personal banking, business loans and accounts.
How a caisse populaire works is different from a traditional bank
On the surface, a caisse populaire offers similar services to a traditional bricks-and-mortar or online-only bank.
Offerings include chequing and savings accounts, tax-free savings accounts, credit cards, mortgages, insurance and business banking services.
But the key difference is that people who choose to access their financial services via a caisse are considered members, rather than just customers or shareholders. And with that classification, comes certain privileges.
A caisse member can be elected as an officer, administrator or youth advisory board member.
Caisses populaires follow a “one member, one vote” system, as opposed to publicly listed financial institutions, for example, in which you’d have to be a shareholder to have a say.
Caisse members may receive dividend payments if and when the caisse turns a profit. Caisses populaires follow a “one member, one vote” system, as opposed to publicly listed financial institutions, for example, in which you’d have to be a shareholder to have a say.
Caisse membership may yield better rates on certain products, discounts on management fees or no annual fee for additional credit cards. Through the Desjardins network, most members of regional caisses populaires in Ontario and New Brunswick, as well as Quebec, can access surcharge-free ATMs, for example.
Are caisses populaires regulated?
Caisses populaires and credit unions are usually regulated under provincial legislation. This is different from banks and other financial institutions that are regulated by the Office of the Superintendent of Financial Institutions under the Bank Act.
In Ontario, for example, caisse populaires are governed by the Financial Services Regulatory Authority under the Credit Unions and Caisses Populaires Act while in Quebec they're under the Loi sur les caisses d’épargne et de credit (the Savings and Credit Unions Act.)
Once you become a member of a caisse populaire in Ontario, for example, your insurable deposits are protected through the FSRA’s Deposit Insurance Reserve Fund up to a maximum of $250,000 for nonregistered insurable deposits, like chequing or savings accounts, and unlimited coverage for deposits held in registered accounts.
In 2012, the federal government also established rules that licensed some provincial caisses populaires to operate as federal credit unions, allowing them to conduct business and grow across Canada. These institutions are members of the Canada Deposit Insurance Corporation, so deposits held in these caisses populaires are eligible for CDIC protection.
Is a caisse populaire right for me?
To join a caisse populaire, you need to meet some similar criteria as required for an account with a bank. Typically, you need to:
Be the age of majority in your province.
Reside in a province served by that particular caisse populaire.
Have a Social Insurance Number.
Pay a one-time membership fee.
If you’re under the age of majority, you may be able to open an account with a signature from a parent or guardian.
How to join a caisse populaire
Becoming a member of a caisse populaire is as simple as opening an account and making a deposit, although you do have to choose a local branch.
At Desjardins, for example, you can either open an account in person with an advisor or online by providing your SIN, allowing identity verification via the credit bureau and selecting your local caisse populaire location.
The next step to move from applicant to caisse member is to buy a qualifying share. To do this, the caisse makes a withdrawal from your first deposit to purchase a qualifying share that allows you to become a member. The amount required varies; for example, it’s $5 at Desjardins and $10 at Caisse Alliance.
Once you’ve signed up with a caisse populaire and bought your qualifying share, you’re considered a member and are eligible to vote at the annual general meeting. You’re eligible to receive dividends if your caisse populaire has surplus earnings in any fiscal year.
To find a caisse populaire outside of Quebec, visit the Canadian Credit Union Association’s website. For a list of Desjardins caisse locations in Quebec and Ontario, visit the website and filter by region.
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Siddhi Bagwe
Siddhi Bagwe
