Frequently asked questions.

Sunshine Coast, Coast Capital and Prospera credit unions are purpose-driven and share the same values of helping people and communities thrive. We each have an 80-year legacy and proven track record of improving members’ financial well-being—and we aspire to do even more. Through this merger, we are excited to form a strong, national cooperative alternative to the big banks, offering Canadians greater choice in banking.

By coming together, we can:

• Strengthen our ability to support members’ financial well-being
• Unite our teams under shared cooperative values and a commitment to meaningful community impact
• Create a modern, innovative platform to reshape cooperative banking in Canada
• Stay local at heart while expanding access through a team of 2,500+ professionals and 70+ branches across BC

We’ll remain committed to the communities we serve today and to supporting members for generations to come.

No. How you bank remains the same.

• Your membership and account numbers remain the same
• Your existing products and services stay as they are
• Your local branch locations and hours remain unchanged
• You cannot yet use Coast Capital or Prospera branches or call centres if you’re a Sunshine Coast Financial member (and vice versa)
• You can continue to use any ATM displaying THE EXCHANGE® or ACCULINK® Network logos, free of charge
• You’ll continue to see the same friendly teams you know and trust
• Our ongoing commitments to local community support and investment remain in place

We’ll continue to operate with transparency and purpose, prioritizing the financial well-being and success of our members and communities. While how you bank remains the same for now, some of our processes, policies and administrative practices have been updated to meet federal requirements. In the future, when we integrate systems there will be additional changes. We’re committed to keeping you informed as this work progresses and any changes are introduced. In the meantime, if you would like to learn more about what is changing now, what’s planned, when future changes can be expected and what it means for you, read about our plans for bringing our operations together.

No, not yet. Until our systems are integrated, we’ll continue to operate separately, so you cannot do your banking at a Coast Capital or Prospera branch or call centre, if you’re a Sunshine Coast Financial member (and vice versa). However, you can use their ATMs free of charge as they are also part of THE EXCHANGE® or ACCULINK® Network. We are working hard to bring our organization together and we cannot wait for the day we will be able to welcome you into our more than 70 locations.

As a combined federal credit union, we expect we’ll be able to better support you by speeding up and advancing our investments in:

• More competitive products and better services
• Local, personalized advice and specialized expertise
• Improved member experience, including access to more branches
• Enhanced digital banking technology and innovation
• Community initiatives that create greater impact in your local community

Together, we are preserving and evolving the unique value of cooperative banking – people helping people, local perspective and community investment. 

We’re proud of our credit union roots, and our dedication to our local communities is unwavering. Over the past five years, Prospera, Coast Capital and Sunshine Coast have collectively provided more than $30 million to local communities.

Our community investments will continue and as a combined federal credit union, we’ll maintain and deepen our commitments to local community support and investment.

There will be no branch closures on the Sunshine Coast as a result of the merger, as the Sunshine Coast does not have any overlapping locations. Our same friendly Sunshine Coast employees will still be there to help our members in our branches and members can bank as they normally would.

With respect to our locations in the Lower Mainland, as we bring our operations together over time, we’ll gradually review consolidating our overlapping locations in the Lower Mainland and Okanagan. Any changes will be made with our members’ needs in mind and will be communicated well in advance.

Absolutely. You can continue to confidently rely on an exceptional banking experience with the same friendly people you know. Prospera, Sunshine Coast and Coast Capital are purpose-driven and we share the same values of helping people and communities thrive. We’re all proud of our strong cooperative credit union roots, and that will never change. We were built by members, for members, and we’ll always have your best interest at heart. 

We’re committed to honouring all existing lending agreements as a combined credit union and commercial businesses can expect no disruption to their banking. As we bring our operations together, we anticipate an increase in our lending capacity in the future due to the larger scale of the organization. 

As part of becoming one legal entity under the corporate (legal) name Coast Capital Savings Federal Credit Union, Sunshine Coast Credit Union and Prospera Credit Union have evolved their names to Sunshine Coast Financial and Prospera.
 
As a regulatory requirement, a federal credit union’s corporate (legal) name must clearly identify it as a federal credit union which ensures the public can immediately distinguish it from a bank or a provincially regulated credit union. Keeping “credit union” in our brand name could unintentionally give the impression that Sunshine Coast and Prospera are still provincially regulated and that the three current credit unions remain three separate legal entities when, in fact, we are one entity under the corporate name Coast Capital Savings Federal Credit Union. 

Credit unions have built their success on truly understanding and meeting the unique needs of their local communities. As we transition to a federal model, we won’t lose sight of this important differentiator and the very thing that defines us as a cooperative.

In addition to continuing to collect insights and feedback from members and branch leadership, we are introducing a local stewardship council with Sunshine Coast as our pilot. This council will be dedicated to channeling local information to the combined credit union’s board of directors and executive team. With timely two-way communication, we can expect locally- informed decision-making, more member-centric products and services, and the continued ability to meet the needs of members in communities both large and small.

This merger brings together Sunshine Coast and Prospera—two provincial credit unions—with Coast Capital, a federally regulated credit union, to create Canada’s largest national purpose-driven federal credit union. Before the merger Sunshine Coast and Prospera were regulated by provincial statutes in British Columbia (BC) and the BC Financial Services Authority (BCFSA), and could only conduct core business within BC .

Federal credit unions, like Coast Capital, are governed by federal legislation known as the Bank Act and applicable regulations and guidelines. This is the same federal legislation that governs banks in Canada. Federal credit unions are prudentially regulated by the Office of the Superintendent of Financial Institutions (OSFI). Compliance with federal consumer protection requirements is overseen by the Financial Consumer Agency of Canada (FCAC). In completing the merger with Coast Capital (which was already a federal credit union), Sunshine Coast and

Prospera each had to first continue federally for the sole purpose of completing the merger with Coast Capital, ultimately forming one combined federal credit union.