Access Credit Union is joining other credit unions fighting for right to use the word "banking".

After 25 years federal bank regulators are choosing to enforce the Bank Act, regulation that outlines only federal banks can use the terms: bank, banker and banking.

Using the terms could incur criminal charges.

"People have always thought of doing financial transaction as 'banking', so now we're stuck in a bit of a quandary," Access Credit Union CEO Larry Davey says. "It's very strange."

Changing signage and marketing would cost millions of dollars to credit unions across the country.

He explains enforcing the regulation puts credit unions on unequal footing.

"While we pride ourselves as a credit union system in being a competitive advantage or alternative choice for the consumer, and the banks are certainly a lot bigger than we are, but at the same time it does seem strange they need this extra advantage."

Credit unions in Canada were given notice of a possible change last year, but many thought it would never happen.

The Office of the Superintendent of Financial Institutions (OSFI) announced the decision June 30th by the federal bank regulator to ban credit unions from using the term "banking" to describe the services they offer Canadians.

Both Rosenort Credit Union and Access Credit Union are represented at the federal level by the Canadian Credit Union Association (CCUA). CCUA is actively working with the Minister of Finance on regulatory and legislative changes that can better meet the needs of credit unions and their members across Canada.