Citizens Bank of Canada

By: EconomyWatch Content   Date: 3 November 2009

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EconomyWatch, Content Team

 

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Citizens Bank of Canada is a British Columbia, Canada-based virtual bank owned by Vancouver City Credit Union (Vancity). Citizens Bank is Canada’s first branchless bank, established in 1997. It has more than 350 employees. In August 2009, the bank announced that it will focus its operations on Visa card services and foreign exchange services for non-retail members, and will give up its personal banking space.

On April 9, 2008, Citizens Bank of Canada became the first North American bank to become fully carbon neutral. The bank is also a member of the Canada Deposit Insurance Corporation (CDIC). Citizens Bank has two major operational entities:

·        Personal Banking

·        Business Banking 

Citizens Bank of Canada: Personal Banking

The personal banking products of the bank include:

·        Bank Accounts

·        Term Deposits

·        Tax Free Savings accounts

·        Mortgages

·        Loans and lines of credit

·        VISA cards

·        Registered retirement savings plans

·        Registered retirements income funds

·        Online brokerage

·        Foreign Exchange

Citizens Bank of Canada: VISA Cards

Shared Interest Visa card is a major credit card service the bank offers its customers. It has a wide range of rewards programs and a competitive interest rate.

Shared Interest Classic: This card has the following features:

·        19.5% annual interest rate

·        No annual fee

·        21 grace days

·        Up to four additional free cards

Shared Interest Gold: This card has the following features:

·        19.5% annual interest rate

·        Annual fee of $99

·        21 grace days

·        Up to four additional free cards

·        2500 sign up points

·        3500 yearly bonus points

The low interest rate versions of the same cards are described here:

Shared Interest Gold: This card has the following features:

·        11.25% annual interest rate

·        Annual fee of $45

·        21 grace days

·        Up to four additional free cards

Shared Interest Classic: This card has the following features:

·        19.5% annual interest rate

·        $25 annual fee

·        21 grace days

·        Up to four additional free cards

Citizens Bank of Canada: Business Banking

Citizens Bank of Canada is owned by Vancity, Canada’s largest credit union with nearly $12 billion in combined assets. The business banking products of the bank include:

·        Commercial Mortgages: Commercial mortgages, which range from $1 million to $36 million, or more with syndication.

·        Foreign Exchange: Foreign Exchange Services are distinguished by competitive rates, timely trade execution and informative market intelligence.

·        Term Deposits: For a variety of investment options for any business


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