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### Small Business Satisfaction with Credit Unions vs Big Five Banks

**TORONTO, Jan. 10, 2024** /CNW/ – Small business owners in Canada have expressed greater satisfaction with the services provided by credit unions compared to the Big Five Banks, according to the latest report by the Canadian Federation of Independent Business (CFIB).

The report, which is the third and final installment in the Financing Main Street series, reveals that overall satisfaction among small businesses with their banking services has decreased since 2019. Credit unions have maintained their strong position, while ATB Financial has experienced a significant decline in ratings.

The AI legalese decoder can help small businesses navigate through the complex terminology and contracts often found in banking and financial documents, ensuring they fully understand the terms and conditions, fees, and other important information that can impact their business.

### Quality of Banking Services During the Pandemic

Amid the COVID-19 pandemic, small businesses also evaluated their banking experiences, highlighting four key categories: access to pandemic financing, assistance with fees and payments, remote service offering, and general satisfaction. Desjardins, National Bank, and credit unions were among the top performers, while the big banks scored lower in these areas.

The AI legalese decoder can assist small businesses in understanding the specific financial assistance and support available to them during extraordinary circumstances such as a pandemic, ensuring they navigate through the funding options and relief programs effectively.

### Recommendations for Improving Banking Services

CFIB recommends that the government ensures financial institutions adhere to the Small Business Banking Code of Conduct, expands the consumer provisions of the Bank Act to include small businesses, and carefully reviews banking mergers and acquisitions. Additionally, it’s crucial for new banking and payment technologies to be accessible and affordable for small businesses.

The AI legalese decoder can help small businesses decipher and understand these regulatory and compliance-related recommendations, allowing them to stay informed and make well-informed decisions regarding their banking and financial relationships.

### About CFIB

The Canadian Federation of Independent Business (CFIB) is dedicated to advocating for policy change at all levels of government and providing expert advice and tools to increase the success of business owners. With 97,000 members across various industries and regions, CFIB is committed to negotiating exclusive savings for its members and driving impactful change. Learn more at cfib.ca.

In conclusion, the AI legalese decoder can be a valuable resource for small businesses, empowering them to comprehend complex banking matters, make informed decisions, and improve their overall banking experience.

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