Credit Union Planning To Compete Against Major Banks

The credit union based in the city of Ontario, Median has made an announcement that they plan to have a national bank launch, in order to heighten the competition and challenge the other five banks nationwide. The CEO of the credit union, Bill Mauri said that he has no doubt in launching the Meridian Bank, which resulted from the research made by the credit union, it showed that “there is a clear desire in the marketplace for an innovative digital bank that offers a true full-service alternative to the big banks.”

There will be virtual assistance and services offered online by the Meridian to people living outside Ontario starting from 2018, the Meridian Credit Union will also be owned by their very own members. They are going against their five-year plan, which does not include any strategy of opening other branches, they, however, believe that by opening branches in major strategic places, it will help the union greatly.

When the credit union had their mortgage product launched at just 1.49 per cent rate back in April 2015, they were the talk of the town after hitting the headlines. What does the future hold for them this time around?