About Vancity Credit Union

This article provides an overview of the Vancity Savings Credit Union and the services that Vancity offers.

An Introduction to the Vancity Savings Credit Union

Vancity Credit Union is a major financial institution serving over 350,000 members. It is Canada’s largest credit union with 57 branches operating throughout Greater Vancouver, the Fraser Valley and Victoria. The Vancity mission consists of a commitment to provide quality service while contributing to the social, economic and environmental greater good of the community. Vancity offers financial services such as banking, borrowing, investment, and insurance.

The Beginnings of the Vancity Credit Union

Vancity Credit Union was established in 1946. The company began with $22 in assets and made a total profit of $0.83 in its first year. Over the years, it has witnessed exponential growth. In 1975, Vancity became the largest credit union in Canada with $5 million in assets. Vancity continued their success throughout the 80s and 90s by offering new and innovative technology and financial services to members. Today, it has $12.3 billion in assets and continues to broaden its business.

Vancity Credit Union and Community

In addition to being the top financial service provider in Canada, Vancity has a history of helping the growth of social and economic developments of its members and the surrounding community. Throughout the years, Vancity Credit Union has distributed millions of dollars through membership dividends and community grants. The company was named the Best Place in Canada to Work in 2004. In 2006 they gave away a record breaking $17.4 million and were named one of Canada’s top 100 employers in 2007.

Vancity Credit Union Services

Vancity offers many services to its members. Banking options range from checking accounts to savings accounts and various VISA card choices. Members can borrow money through mortgages, personal loans, lines of credit and environmental and home renovation options that help to save money. Vancity Credit Union gives members the opportunity to speak with investment experts and offers mutual funds, term deposits, and RRSPs as well as education savings funds. Insurance options are available in the forms of home, condo, and tenet insurance, personal auto insurance and ICBC Autoplan, and travel insurance.

Vancity is the first financial institute in Canada to provide loans to women that do not require a male co-signer, include the gay and lesbian community in their advertisements and have daily interest savings accounts and open mortgages. Vancity Credit Union was also the first in Canada to offer interactive home banking, wireless terminals, international ATMs, banking by phone, socially responsible mutual funds, and the first to open a 24/7 branchless bank.

Over 60 years, Vancity Credit Union has concentrated on filling members’ needs by giving financial support to those who have been ignored by other financial institutes. The credit union continues expanding its investment, insurance, information technology, and financial services to offer members more convenience and more options to suit every financial need.

The Environment and the Vancity Credit Union Banking Policy

Vancity Credit Union prides itself on being environmentally friendly, providing members with many green options. They offer an EnviroFund VISA and low-interest loans on all hybrid vehicles. Vancity has committed to reduce vehicle trips by sponsoring a Student U-Pass program allowing students to utilize SkyTrain and SeaBus for school travel. Recognized for their achievements in energy efficiency by BC Hydro’s Power Smart Program, Vancity has set a goal of going carbon neutral by 2010. They offer clean air loans and financing for energy-efficient home renovations for members. Five years in a row, Vancity Credit Union has had the highest employee participation rate in the Commuter Challenge, an event which raises awareness about lowering car emissions. Vancity Credit Union has a focus on building “extreme green” branches to maximize energy efficiency for a healthier community and environment.

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