Citizens Bank of Canada
Citizens Bank of Canada: A Bank of the Future
The Citizens Bank of Canada
, established in 1997, is Canada's first ever-online bank, having no brick and mortar branches. It is owned by Vancity, one of the largest credit unions in the country that is known for its mission to behave ethically and responsibly in all its business practices. This same mission of corporate social responsibility extends to the everyday business operation of The Citizens Bank of Canada as well. It is the proud recipient of many awards for its ethical business practices and charitable donations.
The Citizens Bank of Canada is headquartered in Vancouver with two smaller, retail centers in Calgary and Toronto. It has 24-hour ATM machines throughout all of Canada, making banking easy and convenient for its members. It is an all-Canadian bank, not interested in a worldwide presence. All banking by its members is accomplished online, with 24-hour telephone service, or by using an ATM machine.
A Bank with no Customers: It has "Members"
True to its lineage of corporate responsibility and eco-style banking, the Bank of Canada prefers to coin its customers as members. A term that indicates its presence in the greater community at large stressing: "We are all in this together" philosophy. This bank with a heart approach certainly seems to be working. The Citizens Bank of Canada currently has 33,000 members and growing assets of $1.9 billion dollars.
Although the Citizens Bank of Canada is virtual, with no branches, it does sell financial services at its Vancouver service center and retail outlets in Calgary and Toronto. It sells all the standard personal and business related financial services with a charitable component, with its micro-credit lending deposits and monies from its Visa cards donated to Oxfam Canada and Amnesty International.
This virtual bank offers a vast array of personal banking services, including: standard bank and checking accounts, term deposits, the aforementioned Visa credit cards, mortgages, ethical mutual funds, loans and credit lines. It also offers business services such as, online brokerage accounts, registered retirement income funds, and foreign exchange services. True to its ecological commitment, Citizens bank also offers car loans with better rates for low emission vehicles.
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