Canadian Tire Bank
was established in 1922. At that time, two brothers, John W. and Alfred J. Billes, bought Hamilton Tire and Garage Ltd. They stocked a range of repair car parts for the two most popular car-makes of that time. After 1927, Canadian Tire was officially incorporated. Later in the 1960’s the financial services division was established.
The company has several divisions, and one is the financial services and the bank. Canadian Tire Financial Services
is actually the credit part of the company. It has operated as a bank under Canada’s Bank Act. That was established in 2003. Since it retained this designation, the company has opened up additional credit products and loan products as well. They opened Personal Loans
and Lines of Credit
. The basis of the financial services is to mainly take care in financing and managing the Options MasterCard, which has over 4 million card members.
They also operate a national emergency roadside service, which is called the Canadian Tire Auto Club, which also works with third-party clients. Between Options MasterCard, the Commercial MasterCard, the Insurance, lines of credit, and roadside assistance, they have ample services to offer both to the public and to businesses. Some of their top competitors are Wal-Mart Stores, Inc., Hudson's Bay Company, Sears Canada Inc. and Costco Wholesale Corporation.
While the entire company has over 50,000 employees, the bank portion has over 1,400 employees in the Niagara Region, and has operated in the area for over 47 years. They are committed into building lifetime customer relationships. They carry the slogan, “Customers For Life.”
The Canadian Tire Bank
is a part of the Canadian Franchisee Association. It is currently based out of Welland, Canon, Canada. They have offices in Welland, St. Catharine’s and Burlington, Ontario. They are able to provide customer service nation wide. In places like Ontario and Alberta, customers can go to the stores and open up a savings account, or obtain a mortgage directly from the Financial Services center. All of the deposit accounts are under the insurance of the Canadian Deposit Insurance Corporation.
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