Welcome to GFCU Savings!

We are pleased to share that GFCU Savings members have voted YES to merging with Gulf & Fraser. We officially became part of the Gulf & Fraser family on January 1st, 2023.

    Please stay tuned and watch this space for updates on the merger.

                                  *Gulf & Fraser and GFCU Savings is the operating trade name of Gulf and Fraser Fishermen’s Credit Union.

Our Shared Vision for the Future

Grand Forks Credit Union Logo

Imagine a future in which we thrive financially and personally.  

Members are empowered through financial education, trusted advice, and the right banking tools — each one of our members has the potential to reach their financial goals.  Every member can expect a personalized banking experience, whether they choose to bank from the comfort of their own home, or from one of our many locations that would span from downtown Vancouver, through the Fraser Valley, and into the Boundary Region of Southern British Columbia. 

Imagine employees feel a healthy balance of being fulfilled and challenged by their role because they believe in and live by our shared cooperative values. Employees are empowered to grow their career through education, training, and opportunity, are committed to delivering on our promise to provide personalized service, professional financial advice, and an exceptional experience to our growing members.

Imagine how communities can thrive through our active involvement and investment in people and programs that are meaningful, including local and meaningful events and activities unique to our diverse communities.  Our people-helping-people philosophy ensures our members’ deposits are invested locally to help build stronger, more caring, and resilient communities that we can all enjoy for generations to come.

“We’ve been looking for the right partner for a number of years now. Scale matched with a credit union that truly understands the importance of community was key in selecting Gulf & Fraser. The Board of gfcu is confident that with this merger, our members, employees and our community will gain a credit union with strong future potential”.

Michael Strukoff

gfcu Board Chair

“We’re honoured to have been selected by gfcu Board and management as their preferred merger partner. By leveraging our collective strengths, we look forward to providing greater opportunities for our combined employees, members and communities”.

Floyd Yamamoto

Gulf & Fraser President and Board Chair

What to expect now that we merged?

Our goal is that your banking experience will only get better over time. Once we complete the work to integrate our banking systems mid-year, you will have access to the same products and services that Gulf & Fraser members enjoy. To learn more about rates and products that will become available to you in 2023, check out this website. 



Since there’s a lot of work to do in bringing our two credit unions together, we appreciate your patience and understanding as we continue our journey towards becoming better together – ensuring our credit union is here for our communities for generations to come.


Your experience is our top priority. We will make sure to let you know of any upcoming changes or upgrades before they happen. Stay tuned for updates on gfcu.com

Please share  your feedback and opinion using our GFCU Savings survey!

Our Credit Unions Combined



As at June 2022

Assets under Administration

5.4 Billion



420 + employees


28 (plus two Gulf & Fraser branches recently announced)

What this means to our Members, Employees and Communities

  • A combined membership of over 70,000 may give depositors greater investment options and borrowers access to more lending products and larger amounts.
  • A credit union with more capacity to invest in its people’s future
  • A larger pool of assets may allow for greater and faster expansion of services to the membership
  • A stronger base of expanded services to attract new members
  • Anticipated ability for greater investment in areas such as digital and community
  • More talented people to work with and specialized positions
  • More career opportunities and training for employees within a larger organization

Frequently Asked Questions

General FAQs

Our official merger date was January 1, 2023. On this date we assumed the name of GFCU Savings, an operating trade name of Gulf and Fraser Fishermen’s Credit Union. 

At this time, we ask that you continue to come to the GFCU Savings branch or contact us at 250-442-5511. 

Since there’s a lot of work to do in bringing our two credit unions together, we ask for your patience and understanding as we work towards becoming better together — ensuring our credit union is here for our communities for generations to come. 

Please, make sure that you let us know if there are any changes to your address, email or phone numbers. These are our main lines of communication regarding updates and changes, and we want to ensure that you are receiving the information you need. Send your updates by email to info@gfcu.com, or call us at 250-442-5511. 

The Board and Management of both credit unions recognize the heritage and value in both organizations.

Therefore, Grand Forks Credit Union brand will continue to exist, with the merged credit union operating the former branch of Grand Forks Credit Union as “GFCU Savings”.

The legal name of the merged credit union will be “Gulf and Fraser Fishermen’s Credit Union”. Gulf & Fraser primarily operates under the trade name “Gulf & Fraser” and will continue to do so.

The Board of Directors of the merged credit union will initially consist of thirteen members made up of the current Gulf & Fraser Directors and one former Director from Grand Forks Credit Union.


The Director from Grand Forks Credit Union will be appointed for a term expiring at the close of the second Annual General Meeting following the completion of the proposed merger. The incoming Director from Grand Forks Credit Union will be Daniel Drexler.

My Account

At this time, we cannot confirm if new account numbers will need to be assigned as part of the banking system integration. 

If the account number you have now is already in use at Gulf & Fraser, a new account number would be necessary—we are analyzing that now. If new account numbers are required to be assigned, communication will be sent to you regarding this change, along with your newly assigned account number. We do not anticipate this affecting many members. 

No. Our banking system integration is expected in Spring 2023. When this happens the current GFCU Savings accounts at that time will be transitioned to Gulf & Fraser accounts. We are aiming to make the transition as seamless as possible for all members. We will be updating you regularly as we get closer to the banking system integration. If you’d like to see what the new simplified lineup of accounts looks like, see the Gulf & Fraser website.  

No, at this time there are no changes to your existing or new pre-authorized debits or credits. At this time, these will function the same as they did prior to January 1, 2023. In the very unlikely case there are any changes, these will be communicated to you well in advance. 

At this time, the monthly service charge package you have with GFCU Savings will remain the same.  

If anything is to change, we will provide appropriate notice and work with you to ensure you receive a service charge package that best suits your individual needs.

No, the information in your Will for Grand Forks Credit Union does not now become void. As these accounts still exist the information in your Will is still valid. With the transitions of the accounts to the Gulf & Fraser banking system, we will still be able to identify your accounts and Registered Plans and their original account numbers. 

As of January 1, 2023, gfcu Savings has adopted the GIC/ Term rates offered by Gulf & Fraser. 

Our terms and conditions for GICs are the same. See this page on the Gulf & Fraser website for current rates. 

Yes, all current and previously issued cheques are still valid. As there has not yet been a change to the accounts or banking system, new cheques are not required at this time. 

This is something we are still determining. If new cheques are required, you will be notified, and the first set of new cheques will be complimentary to all members. 

Yes, you will continue to sign into your online banking through gfcu.com as the banking systems have not yet been integrated. Following integration in Spring 2023, we will let you know well in advance of that date you will start using the Gulf & Fraser website for online banking 

No, there are no changes to bill payments at this time. The biller information used to process bill    payments is the same as Gulf & Fraser so a bill that you can pay today using your gfcu Savings Online banking, will also be available through Gulf & Fraser as long as that biller is still active. 

At this time, we do not know if you will need to re-enter your billing information, this is an item that we are still determining. We are aiming to make the transition as seamless as possible and will give you advance notice of any changes to bill payment information. 

It will be business as usual for gfcu MoneyWorks. If anything is to change, we will provide appropriate notice. 

No. But in early January, we extended our hours to serve you through our Member Hub, where experienced advisors can assist you with your banking. Early risers can call us starting at 7am. For those who prefer to do their banking on the weekend, call us on Saturdays from 8am to 4pm. You can still reach the branch at 250-442-5511 

Yes, at this time, there have been no changes to our email contacts. Emailing info@gfcu.com will still put you in touch with our staff. 

Our Grand Forks contact information is not changing at this time. Staff members with direct lines will still have the same direct lines that you have come accustomed to using.  

There is nothing you need to do with your Safe Deposit Box. You can come into the Grand Forks branch and access as you always have. 

Employee Impact and Benefits

The Boards and Management of both credit unions are committed to the fair treatment of all employees. Our proposed merger is about creating more opportunities for employees and our members, by having the opportunity to leverage the talent and strength from both organizations. Investing in employees is important. We want to retain talent, and there will be opportunities in Grand Forks and the Lower Mainland.

The Boards and Management of both credit unions are committed to supporting all our employees through any upcoming changes. Our proposed merger is about creating more opportunities for our members and employees, by having the opportunity to leverage the talent and strength of both organizations. Investing in employees is important. We want to retain our talented employees, and there will be continuing and potentially new employment opportunities in both Grand Forks and the Lower Mainland.

Members continue to share a sentiment that our employees are the heartbeat of the credit union. Through the proposed merger, the credit union will continue to need talented and caring employees to deliver personalized advice and service to our members.

Employees will have the opportunity to:

– Explore new career paths;

– Gain training to build their skillsets;

– Obtain cross-training in other positions; and

– Explore the potential for new working locations.

There are several steps along the way to a successful merger starting with regulatory consent, your input, your feedback, and finally your vote.


If two-thirds of the voting members vote in favour of the merger, the two credit unions would officially merge on Jan. 1, 2023 (anticipated date, subject to change).

One of the merged credit union goals is to build strong and more resilient communities through increased funding and stronger relationships. The ability to support the collective communities will see a boost due to the collective financial strength of the merged credit union.


Gulf & Fraser intends to support and honour the intentions for which the Grand Forks Credit Union endowment with the Phoenix Foundation of the Boundary Communities was originally established. This is in addition to the community investment, bursaries and scholarship commitments that the Grand Forks community can expect to continue to receive from the merged credit union.


To deliver on this commitment, right from the start, and for a period of at least three years, Gulf & Fraser will commit to an annual $50,000 contribution to the established Grand Forks Credit Union Community Investment plan.

Member Impact and Benefits

We anticipate positive benefits for all members. Both credit unions believe this new partnership can better serve our collective membership, our employees, and our local communities. Under the GFCU Savings banner, members will keep everything they love about their credit union and also gain access to all of the additional resources offered by Gulf & Fraser. A merger with Gulf & Fraser will also bring members: – Access to a network of 27 credit union branches, with two more on the way! – Additional financial products for personal and business – Enhanced access to secure and safe digital banking services – Extended hours of operation for member support – Competitive rates and fees – Access to a robust Member Rewards Program to help you achieve your financial goals

At the time of the initial merger, members should notice little change to their branch and how they bank.

A merger presents an excellent opportunity to review the different accounts offered by each credit union and determine best options so, there will likely be changes to some accounts, and there could be some additions to our product line. Our teams will undertake careful analysis and may seek input from our Member Experience employees to better understand the experience and feedback from members.

We will provide adequate notice and communication to our members of any changes.

At the time of the initial merger, it will be business as usual for gfcu MoneyWorks. We will provide adequate notice and communication to our members if anything changes.

Both credit unions have a shared history of supporting our communities – this commitment is embedded in our credit union roots. This commitment will continue. With pooled resources, our credit union will have an opportunity to make a greater impact in our communities. The community grant foundation in Grand Forks will continue as will the G&F Financial Group Foundation.

The goal of the merged credit union is to offer the same, or complementary, products and services that members currently enjoy at their respective credit unions. By joining together, the merged credit union will also have the opportunity to offer more to members with enhanced products and services.

All deposits will continue to be insured by the Credit Union Deposit Insurance Corporation.

Background FAQs

Gulf & Fraser was founded in 1940 and is made up of a number of credit unions who form the rich history of the credit union. They have branches throughout the Lower Mainland and Fraser Valley in BC, with members spanning across the province. The name Gulf & Fraser speaks to the water connecting the communities. “Gulf” refers to the Gulf of Georgia on the west coast. The “Fraser” is the Fraser River that flows from the Rocky Mountains down through the Fraser Valley and into the Strait of Georgia. Gulf & Fraser was formerly referred to as G&F Financial Group. Their legal name is Gulf and Fraser Fishermen’s Credit Union.
Grand Forks Credit Union chose Gulf & Fraser for their progressive style, their commitment to a strong BC credit union system, their emphasis on employee satisfaction and the advanced tools and technology held by Gulf & Fraser. Moreover, our board believes that Gulf & Fraser embodies the same credit union and cooperative spirit that gfcu has and is committed to keeping intact gfcu’s unique business model and diverse needs.

The two credit unions were founded to provide essential banking services to people in the local business, farming and fishing communities who had previously struggled to receive the services they needed from banks. Since then, Grand Forks Credit Union and Gulf & Fraser have continued to serve as trusted financial resources for individuals like you, families, and local businesses within their respective and growing market areas. 


Grand Forks Credit Union has also worked and collaborated with Gulf & Fraser in the past, building a trusted relationship between the two credit unions. Working alongside each other has demonstrated to Grand Forks Credit Union and Gulf & Fraser how much they share similar cooperative values and synergies.


Today, both the credit unions are thriving cooperatives because of the trusted relationships they have built by always placing their members’ needs first, and their deep commitment to building strong and healthy communities.

On the contrary, both gfcu and Gulf & Fraser are fiscally strong and financially healthy credit unions. Grand Forks Credit Union is a reliable and trusted financial partner for our members and communities because of the strong relationships we’ve built over the years.

However, as the financial services industry continues to evolve, the cost of delivering competitive products and services, the investment required in the evolving digital environment, the competition for talent, increasing competition from fintechs (i.e. PayPal, Mogo) and the increasing regulatory expectations, credit unions are finding themselves faced with increasing challenges and opportunities.

As a result, the Board of Directors see this proposed merger as bringing the best value to our members, employees, and communities.

We want to make sure you have all the information you need to make an informed decision on your vote.

We will be hosting an in-person town hall this fall: This will be a great opportunity to voice your opinions and share your concerns. For details on the upcoming town hall, click here.

If you have any further questions, concerns, or feedback, we encourage you to share with us through the feedback section within this website or connect with us over the phone: 250-442-5511 or via email: ceo@gfcu.com.