Our Story

The Energy Credit Union Limited hereinafter referred to as "The Energy Credit Union" or "TECU".

Welcome to an exclusive financial institution that has been meeting our member’s financial needs from start to finish for over seven decades. We believe that our members deserve an opportunity to achieve well being and help our community prosper as a whole. You will see that we offer everything you may find at a major financial institution, but with unique benefits that ownership brings.

The Energy Credit Union serves active and retired employees of Toronto Hydro Corporation, Signals, Electrical, Communications (SEC) of the Toronto Transit Commission, Southlake Regional Health Centre, Gerdau, as well as individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons or affiliated entities of the aforementioned.

Each member must hold twenty shares of $5.00 for a total of $100.00. This entitles each member to one vote at membership meetings held at least annually, and a vote in the selection of the Board of Directors.  Any member of the Credit Union may also hold, additional membership Shares, provided that the total number of membership Shares does not exceed two hundred and five (220) such shares for an additional share total of $1,000.00.

By unanimous membership approval, members at The Energy Credit Union`s recent Annual General Meeting (AGM) held on Friday, April 4th 2014 approved a special resolution passing an amendment to section 2.03 of By-Law No. 1 of The Energy Credit Union Limited. Previously, the Board of Directors determined that it is desirable in the interests of the Credit Union to raise additional capital by increasing the minimum required shareholding. This was approved and will be done in two steps. Effective April 4, 2015, no person shall become a member of the Credit Union until that person has fully paid for a total of at least ten (10) five-dollar ($5) Capital Shares, and effective April 4, 2016, no person shall become a member of the Credit Union until that person has fully paid for a total of at twenty (20) five-dollar ($5) Capital Shares.

Basically what this means to you as a member is that the Credit Union’s Capital Shares have increased. Members will have two deadlines to keep in mind. By April 4, 2015 current members will need to increase their Capital Shares to a total of $50, and by April 4, 2016 current members will need to increase their Capital Shares to a total of  $100. All new members who join our credit union after April 4, 2014 will be required to have a total of twenty (20) five-dollar ($5) Capital Shares totaling $100.

Each year the profits we make are either put towards additional free products or services, into the Credit Union’s financial reserve to increase our financial stability or given back to the member in the form of loan interest rebates and bonus interest.  See what our members say about us!

At TECU loyalty is rewarded. The more you use the services of our credit union, the more you will receive. Our membership packages give our members the flexibility to avoid service charges and fees that are usually the norm at most large financial institutions.

If you have questions about our products or services please call us at 416-238-5606 or drop in any of our branch locations.

If you have more questions about what a Credit Union is, read our Questions about Credit Unions section.

The Credit Union Corporate Purpose
Mission Statement

To enable growth, wellness and financial prosperity for our community through the values of
Trust, Loyalty, Compassion and Integrity above all else


We are committed to ensuring our members receive personalized service and exceptional value

Vision Statement

To be there when you need us

Our History


In 1939, a group from Toronto Hydro determined that the dignity of the worker was undermined by the banks, which at that time would not lend money to a worker without a letter of recommendation from the employer.  As such The Toronto Electrical Utilities Credit Union Limited was formed and became incorporated on March 18, 1941.  On December 3rd, 2010 the Credit Union received official news that its application for a new corporate name change to The Energy Credit Union Limited was approved.

The Credit Union was founded on democratic principles, to provide savings and loan facilities for the members and their immediate families, and includes employees from all areas of our bond, management as well as union as well as the loyal members who retain their connection in retirement.



The Credit Union continues to prosper and grow, and now boasts a membership of over 4500 with assets in excess of $65 million.

Questions about Credit Unions

What is a credit union?
A Credit Union is a financial co-operative, which is owned and democratically controlled by its members, the shareholders. As a public corporation, a credit union is required by law to hold an Annual Meeting to report to the shareholders and to elect a Board of Directors and an Audit Committee. The Board of Directors sets policies, which determine the operation of the Credit Union and oversees its results. Provincial governments regulate Credit Unions. In Ontario, the Deposit Insurance Corporation of Ontario protects members' deposits.

What are capital shares?
Capital Shares represent the members' required investment, per by-laws, for membership and remain in the account for the duration of the membership. Each member who has reached age 16 and has the required Capital Share investment on deposit is entitled to vote at membership meetings. These funds must remain in your account until your account is closed at which time the funds can be withdrawn.

Are my deposits at the credit union insured?
Credit Union deposits are insured by the Deposit insurance Corporation of Ontario (DICO). The Canadian Deposit Insurance Corporation (CDIC) insures banks. The coverage is very similar with the exception of Registered deposits with which DICO can provide greater coverage. DICO insures all deposits in Canadian currency, payable in Canada. This comprises savings, term deposits and guaranteed investment certificates, as well as investments made under Registered Retirement Savings Plans (RRSP) and Registered Retirement Income Funds (RRIF), Tax Free Savings Accounts (TFSA) and Registered Retirement Education Funds (RESP)

What does the Board of Directors do?
Find out more about the Board of Directors.

Who can become a member of TECU credit union?

We serve both active and retired employees of Toronto Hydro Corporation, Toronto Transit Commission Signals, Electrical, Communications (SEC), Gerdau and Southlake Regional Health Centre. Also included are individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons, and any persons employed in the transportation sector or affiliated entities.

What are member's responsibilities, if any?
With membership comes responsibilities. Members are expected to deal with the credit union, use our services and purchase the products offered.

Members have the responsibility to advise the credit union directly, or through their elected representatives, of the products and services they wish the credit union to provide. They have the responsibility to participate in the annual meeting and exercise their democratic rights in determining the future success of the credit union. Members have the responsibility to promote the activities of the credit union in a positive manner and if conflicts or disagreements arise to advise the credit union of their position and to seek acceptable resolution or explanation.

The advantage of belonging to a credit union is based in the members' responsibilities. The rewards of belonging are based on the members use of the credit union for their financial products and service needs.

If your questions have still not been answered, please call us, drop into one of our branches or send us an email at [email protected]