Citizens Bank of Canada
|Headquarters||Vancouver, British Columbia|
|Key people||Chris Dobrzanski - President & CEO |
- Several banks are commonly known as Citizens Bank.
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 will focus its operations on Visa card services, and foreign exchange services for non-retail members, and will leave the personal banking marketplace. Citizens Bank will become a non-deposit-taking bank. Citizens Bank has 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 will be transferred to Vancity in B.C., or to another financial institution of their choice. Customers outside of B.C. will have to transfer their accounts to other financial institutions.
- Commercial mortgages
- Foreign currency exchange
- Term deposits
As a chartered financial institution, deposit accounts are insured by Canada Deposit Insurance Corporation (CDIC).
Public Social responsibility Stance
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. They also administer hockeystars.com, an online community site for players, coaches and supporters of amateur hockey.