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Routing Number: 082821302
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Pace Savings & Credit Union Phone Number: 905 738 8900
PACE Credit Union can trace its roots back to the Farmunited Credit Union which began in 1940. PACE began as a credit union for employees of the Peel Region and the name PACE is an acronym for Peel Region and Co-op Employees. Over the years, PACE has grown through the amalgamation of a number of smaller credit unions, enabling more to be done for members as one large credit union.
At PACE we exist to meet the needs of our members, not to make profit from them. Credit unions or co-operative banks, offer an alternative to traditional banks. The largest point of difference is that co-operative banking exists to meet the needs of their members, not to make a profit from them. Traditional banks exist to make profit for their shareholders. Their success is measured by the amount of profit they can generate from their customers. A co-operative bank is owned by its members and has no mandate to make profit. In fact, any profit that is realized is shared equally among the member/owners of the co-operative bank.
Co-operative banks also differ from traditional banks in that they do not assess a member’s creditworthiness solely on the basis of formulas that establish a credit score. Co-operative banks have the flexibility and the motivation to look at the member’s complete personal and financial circumstances when deciding whether to provide a loan or other funding. In effect, co-operative banks can lend on the basis of the character of the member and may incur a higher level of risk if they feel the member is worthy of that risk. Because co-operative banks exist to serve their members needs they are motivated to do whatever they can to assist a member.
8111 Jane Street, Unit 1