Citizens Bank of Canada (French: Banque Citizens du Canada) is a British Columbia, Canada-based virtual bank owned by Vancouver City Savings Credit Union (Vancity). From 1997 until 2009, Citizens Bank offered personal and business banking services over the internet. On August 5, 2009, Citizens Bank announced that it would focus its operations on Visa card services and foreign exchange services for non-retail members, and was leaving the personal banking marketplace. Citizens Bank became a non-deposit-taking bank. Citizens Bank entered into an agreement to sell its residential mortgages, personal loans and real estate secured lines of credit to the Toronto-Dominion Bank. Savings and chequing accounts of B.C. customers were transferred to Vancity in B.C., or to another financial institution of their choice. Customers outside of B.C. had to transfer their accounts to other financial institutions.
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Boutiques
Citizens Bank operated three boutiques, one each in Calgary, Vancouver and Toronto, where members and the public could find out more information about and apply for the bank's products.
Citizens Bank Line Of Credit Video
Products offered
Personal
- Visa cards, including the Amnesty International Visa (also carried by Desjardins)
Business
- Commercial mortgages
- Foreign currency exchange
- Term deposits
As a chartered financial institution, deposit accounts are insured by Canada Deposit Insurance Corporation (CDIC).
Citizens Bank purports to incorporate its ethical policy into doing business, so as to ensure they do business in a socially responsible manner.
On April 9, 2008, Citizens Bank of Canada became the first North American bank to claim to be fully carbon neutral, as announced publicly by David Suzuki.
Source of the article : Wikipedia
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