Citizens Bank (Company Overview) - Canadian Mortgage Lenders
Citizens Bank was established by Vancouver City Savings Credit Union (which is more commonly known as Vancity) in 1997 to expand its services outside of British Columbia. It is Canada’s first branchless bank, and in 2008 became the first North American bank to be carbon neutral, and focuses on having a straightforward set of ethical values regarding social and environmental issues. With a head office in Vancouver, and regional offices in Toronto and Calgary, and access to Vancity’s network of more than 40 branches, Citizens Bank strives to serve all of Canada, and is CDIC insured.
Citizens Bank shut down its retail and business banking operations to focus on offering competitive Visa card and commercial foreign exchange services. On April 22, 2010, Citizens Bank officially closed all mortgage accounts, offering customers the option of transferring their accounts to Vancity or another financial institution of their choice. At the beginning of 2011, Citizens Bank sold all remaining retail accounts to Vancity, and on January 31, 2011, Citizens Bank officially decommissioned all bank accounts, ATM, and debit cards.
Though Citizens Bank no longer offers personal banking services, it does offer a wide array of Visa cards. Each card comes with the unique opportunity to help the community. It is because a donation of $0.10 is made each time the card is used. Other benefits of each card are: online bank statements and Visa cardholder insurance.
Foreign Exchange Services
Citizens Bank specializes in foreign exchange solutions as well as other offers:
• A complete service plan
• Currency trading services
• Set rate for currency trades
• Global payment services
• A variety of settlement payment options
• Term deposits
Citizens Bank monitors trades 24 hours a day to ensure that the rate that has been set is reached. No bank account is needed to exchange with Citizens Bank, and it can settle most deals electronically.
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