Vancity Community Investment Bank

Vancity Community Investment Bank (VCIB), formerly known as Citizens Bank of Canada, is a Toronto-based chartered bank and subsidiary of Vancity credit union.

History

From 1997 until 2009, the Bank offered personal and business banking services over the internet.

On August 5, 2009, the Bank announced that it was leaving the personal banking marketplace. The Bank became a non-deposit-taking bank and sold some of its assets to the Toronto-Dominion Bank.[1] Savings and chequing accounts of B.C. customers were transferred to Vancity or to any other financial institution. Customers outside of B.C. had to transfer their accounts to other financial institutions.

In April 2017, Citizens Bank of Canada changed its name to Vancity Community Investment Bank.[2]

Products offered

As a chartered financial institution, deposit accounts are insured by Canada Deposit Insurance Corporation (CDIC).

Personal

  • Visa cards, including the Amnesty International Visa (also carried by Desjardins)

Business

The businesses VCIB lends to and invests in include:

  • Private businesses
  • Not-for-profits
  • Social enterprises
  • First Nations governments

Products offered include:

  • Commercial mortgages
  • Foreign currency exchange
  • Term deposits

Public social responsibility stance

In 2014, Vancity was on Maclean’s list of 50 Most Socially Responsible Corporations in Canada.[3] Since December 31, 2007, Vancity and its subsidiaries has been carbon-neutral.[4]

References

  1. ^“Vancity shifts Citizens Bank focus to Visa card services and foreign exchange” (Press release). VanCity. August 5, 2009.
  2. ^“Vancity Community Investment Bank announces Jay-Ann Gilfoy as new CEO”. GlobeNewswire News Room. 5 February 2018. Retrieved 13 February 2019.
  3. ^“Vancity earns spot on latest corporate social responsibility list by Maclean’s” (Press release). VanCity. June 9, 2014.
  4. ^“Vancity is carbon neutral”. VanCity.

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