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Why I won't use Bridgewater Bank
October 16, 2022
12:50 pm
Doug
British Columbia, Canada
Member
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Forum Posts: 3934
Member Since:
December 12, 2009
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I cannot, under any current circumstances, support this bank or its products and services, chiefly for the following reasons. Aside from generally uncompetitive deposit rates, there is no online banking system. That's a hard red line for me.

Aside from those things, the chief reason(s) I cannot support this bank is the general attitude of contempt they show their direct banking customers or their indirect member owners (they are a wholly-owned, indirect subsidiary of the Alberta Motor Association). When I asked to see Bridgewater Bank's and the AMA's annual audited financial statements, I was told the latter was not available and the former was only available to AMA members and, to make matters worse, to AMA members who visit their head office in Calgary, during business hours, under careful eye of a senior AMA corporate employee! In general, they seem to act like, and seem to think they are, a state-owned enterprise, when they are not. 🙁

Green Shield Canada has a similar attitude, but at least they've provided their annual financial statements in prior years but just discontinued the practice.

If they really wanted to be good corporate citizens for mutual owned companies, they'd look to provincial credit unions, to the Pacific Blue Cross, or to Wawanesa Mutual Insurance Company, all of whom publicly released their audited financial statements on their websites.

Cheers,
Doug

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