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Vancity

{{Short description|Canadian credit union}}

{{Use mdy dates|date=November 2022}}

{{Infobox company

| name = Vancouver City Savings Credit Union

| logo = Logo-vancity.svg

| type = Credit union

| foundation = {{Start date and age|1946}}

| trade_name = Vancity

| location = Vancouver, British Columbia

| key_people = Wellington Holbrook

| industry = {{plainlist|

}}

| revenue = {{CAD|529.6{{nbsp}}million|link=yes}}

| revenue_year = 2019

| net_income = {{CAD|60.9{{nbsp}}million}}

| net_income_year = 2019

| assets = {{CAD|35.5{{nbsp}}billion}}{{Cite web |date=2024 |title=Vancity 2023 Annual Report |url=https://www.vancity.com/SharedContent/documents/AnnualReportArchives/2023-annual-report.pdf |access-date=2024-12-08}}

| assets_year = 2023

| num_employees = 2,675

| num_employees_year = 2019

| subsid = Vancity Community Investment Bank

| homepage = {{official URL}}

}}

Vancouver City Savings Credit Union, commonly referred to as Vancity, is a member-owned financial co-operative headquartered in Vancouver, British Columbia, Canada. By asset size, Vancity is the largest community credit union in Canada {{as of|2019|lc=y}}, with {{CAD|28.2{{nbsp}}billion|link=yes}} in assets plus assets under administration, 60 branches and more than 543,000 members.{{cite web |url=https://www.vancity.com/AboutVancity/News/MediaReleases/IncomeExpectations_Mar07_2019/ |title=Vancity beats 2018 income expectations |date=March 7, 2019 |publisher=Vancity.com |access-date=February 28, 2018}}

History

Vancity began operations in 1946 as an open-bond credit union in Vancouver, British Columbia, Canada. Initially a financial co-operative consisting of 14 Vancouver residents, Vancity has grown to serve British Columbia's Lower Mainland and the Victoria region of Vancouver Island.

On September 28, 1946, 14 Vancouver residents signed a charter to establish an open-bond credit union that would be open to any resident of the city, regardless of social affiliation.Hardin, Hershel (1996). Working Dollars, p. 18. Douglas & MacIntyre, Vancouver. {{ISBN|1550544322}}{{Cite web|url=https://www.vancity.com/AboutVancity/VisionAndValues/Glance/Founding/|title=Founding – Vancity|website=www.vancity.com|access-date=May 28, 2019}} On October 11, 1946, Vancouver City Savings Credit Union opened to the public. By the end of 1946, total assets were $2,966.

Vancity first operated out of a former machine shop on the corner of Broadway and Quebec streets in Vancouver. By the end of 1951, membership had reached 2,000. Assets grew rapidly after the introduction of personal chequing accounts in the same year, reaching $5{{nbsp}}million in 1962, $10{{nbsp}}million in 1965, $100{{nbsp}}million in 1973, and $1{{nbsp}}billion by 1980. {{As of|2018|}}, current assets are $22.9{{nbsp}}billion.

In 2009, Vancity attempted to force 18,000 of its members to sign documents that would have allowed the credit union to unilaterally increase interest rate on lines of credit where a loan agreement had already been signed, to "keep access to your lines of credit and avoid any disruptions", threatening that it may have had to "take further action" on their accounts should they not have complied.{{cite web |title=B.C. credit union urges customers to pay more |date=August 5, 2009 |website=CBC News |archive-url=https://web.archive.org/web/20230408061038/https://www.cbc.ca/news/canada/british-columbia/b-c-credit-union-urges-customers-to-pay-more-1.785842 |archive-date=April 8, 2023 |url-status=live |url=https://www.cbc.ca/news/canada/british-columbia/b-c-credit-union-urges-customers-to-pay-more-1.785842}} Vancity abandoned this course of action later that year in response to adverse publicity and backlash from members.{{cite web |title=Vancity drops plan to hike line of credit rates |date=August 11, 2009 |website=CBC News |archive-url=https://web.archive.org/web/20230406212456/https://www.cbc.ca/news/canada/british-columbia/vancity-drops-plan-to-hike-line-of-credit-rates-1.785840 |archive-date=April 6, 2023 |url-status=live |url=https://www.cbc.ca/news/canada/british-columbia/vancity-drops-plan-to-hike-line-of-credit-rates-1.785840}}

=Milestones=

Vancity has a history of innovation in the North American financial services market:

  • 1946: the first financial institution to provide mortgages for properties in Vancouver's working class east end.Hardin, Hershel (1996). Working Dollars. Douglas & MacIntyre, Vancouver. {{ISBN|1550544322}}
  • 1959: the first financial institution in Canada to offer open mortgages.Hardin, Hershel (1996). Working Dollars. Douglas & MacIntyre, Vancouver. {{ISBN|1550544322}}
  • 1961: the first financial institution in British Columbia to provide mortgages to women without a male co-signer.
  • 1967: the first financial institution in Canada to offer a daily interest savings account, calculating interest earnings on a daily basis.Hardin, Hershel (1996). Working Dollars, p. 128. Douglas & MacIntyre, Vancouver. {{ISBN|1550544322}}
  • 1980: the first financial institution in Canada to offer an all-in-one banking statement.Hardin, Hershel (1996). Working Dollars, p. 280. Douglas & MacIntyre, Vancouver. {{ISBN|1550544322}}
  • 1986: offers Canada's first socially responsible mutual fund, the Ethical Growth Fund.Hardin, Hershel (1996). Working Dollars, p. 411. Douglas & MacIntyre, Vancouver. {{ISBN|1550544322}}
  • 1988: the first financial institution in Canada to offer a Registered Education Savings Plan.{{cite web|url=http://www.herschelhardin.ca/books/working.htm|title=Working Dollars: The Vancity Story|last=Hardin|first=Herschel|date=1996|website=Herschelhardin.ca|publisher=Douglas & McIntyre}}
  • 1991: the first credit union in Canada to acquire a trust company, Citizens Trust Company.Hardin, Hershel (1996). Working Dollars, p. 465. Douglas & MacIntyre, Vancouver. {{ISBN|1550544322}}
  • 1997: the first financial institution in Canada to establish a branchless bank, Citizens Bank of Canada.
  • 2002: the first financial institution in Canada to market to the gay and lesbian community through mainstream advertising.
  • 2008: the first financial institution in North America to become carbon neutral.{{Cite web|url=https://www.vancity.com/AboutVancity/News/MediaReleases/Archives/MediaReleases2008/December10/|title = December 10 2008 Media Release – Vancity}}
  • 2010: the first financial institution in Canada to join the Global Alliance for Banking on Values.{{Cite web|url=https://www.triodos.com/press-releases/2010/good-news-bank-story|title=Good News Bank Story?|website=www.triodos.com|date=December 17, 2010 |language=en|access-date=May 14, 2019}}
  • 2011: the largest organization in Canada (at the time) to adopt a Living Wage policy.{{Cite web|url=https://firstcallbc.org/news/vancity-becomes-the-largest-organization-in-canada-to-adopt-living-wage-policy/|title=Vancity Becomes the Largest Organization in Canada to Adopt Living Wage Policy – First Call|website=firstcallbc.org|access-date=May 14, 2019}}
  • 2014: one of the first mainstream financial institutions to launch an alternative to payday loans for its members, the Vancity Fair & Fast Loan™.{{Cite web|url=http://www.vancouversun.com/business/Vancity+offers+alternative+payday+loans/9970010/story.html|title=Vancity offers alternative to payday loans|last=Griffin|first=Kevin|website=www.vancouversun.com|language=en-ca|access-date=May 14, 2019}}
  • 2017: Citizens Bank of Canada renamed Vancity Community Investment Bank (VCIB).
  • 2019: VCIB acquired CoPower, a sustainable investment platform that issues green bonds and funds loans for clean energy and energy efficiency projects.{{Cite web|url=https://copower.me/en/company/|title=CoPower Story|website=copower.me|access-date=June 19, 2020}}
  • 2022: Vancity becomes the first Canadian financial institution to set real estate emissions reduction targets.{{Cite web |title=Vancity announces 2025 financed emissions reduction targets |url=https://financialpost.com/globe-newswire/vancity-announces-2025-financed-emissions-reduction-targets |website=Financial Post}}

= List of directors =

Services

Vancity's primary lines of business include retail and business banking (deposit-taking and lending) and mortgage lending. Through wholly owned subsidiaries, Vancity also operates foreign exchange, life insurance, Visa credit cards, real estate development, and investment advisor services.

Through its subsidiaries Citizens Bank and Vancity Community Investment Bank, Vancity was formerly a major issuer of prepaid reloadable Visa and non-reloadable cards which were branded for various resellers, including Arctic Co-Op{{cite web| url=https://arctic-coop.com/wp-content/uploads/2021/05/Spirit-Card-VanCity-Annoucement-May-10-2021_updated-May-20th.pdf | title=IMPORTANT UPDATE ABOUT YOUR VISA* RELOADABLE PREPAID CARD | access-date=2024-01-13}} and Canada Post.{{Cite web|url=http://www.canadaprepaidcard.ca/en/terms-and-conditions/terms-and-conditions.html|title=Terms and Conditions | Prepaid Reloadable Visa* Card|website=canadaprepaidcard.ca|access-date=March 21, 2025|archive-date=December 6, 2021|archive-url=https://web.archive.org/web/20211206203918/http://www.canadaprepaidcard.ca/en/terms-and-conditions/terms-and-conditions.html|url-status=bot: unknown}} The high fees and expiry dates associated with the cards were the subject of a class action suit which named Peoples Trust Company, Peoples Card Services Limited Partnership, Peoples Card Services Ltd., Vancouver City Savings Credit Union, Citizens Bank of Canada, Amex Bank of Canada and All Trans Financial Services Credit Union Limited among its defendants.{{Cite web|url=https://www.vancouverisawesome.com/local-news/pre-paid-credit-cards-class-action-suit-bc-canada-1943502|title=Pre-paid credit card class action suit approved by B.C.'s top court|website=Vancouver Is Awesome|date=May 2, 2019 }}

Vancity responded by withdrawing the cards from the market in 2021.{{Cite web|url=https://vancitycommunityinvestmentbank.ca/visa-prepaid-card/|title=Visa Prepaid Cards – VCIB}} The Canada Post / Zenwallet prepaid Visa did return to the market in October 2022, but with Peoples Trust as the issuing institution.

Membership

Vancity is a member of Central 1 Credit Union and is registered with the Credit Union Deposit Insurance Corporation of British Columbia. In December 2010, Vancity joined the Global Alliance for Banking on Values (GABV).{{cite web |url=http://www.gabv.org/our-banks/vancity |title=Global Alliance – For Banking on Values ~ Vancity (Canada) |publisher=Gabv.org |date=June 20, 2014 |access-date=December 27, 2015}}

References

{{Reflist}}

External links

  • {{Official website}}

{{Canadian banks|credit unions|state=expanded}}

{{Vancouver Corporations}}

{{Portal bar|Banks}}

{{Authority control}}

Category:Financial services companies established in 1946

Category:1946 establishments in British Columbia

Category:Credit unions of British Columbia

Category:Ethical banking

Category:Companies based in Vancouver