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Citizens Bank is closing
October 21, 2009
10:29 am
Prag
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Fiona said:

:cry:Very sad about Citizens Bank closing.


It's very rare for a corporation to garner the kind of sadness that Citizens Bank's personal banking closure has gotten. Yes, aside from the mere inconvenience, it really is too bad that they are shutting down. I was just talking to one of their customer service people today and when they asked for my (very short) account number they said, "That's it?! You're one of our first members!" It's always been great dealing with them as they actually come across as human and their employees always sounded happy instead of like robots wearing headsets.

I wish I could feel the same sentiments about other banks I've dealt with and will deal with, but I doubt it will happen. I'm actually very anti-corporation since I believe the singlehanded goal of a corporation making monetary profit is not usually congruent with bettering the human species. The profit-seeking motive often grows to excess and the pressure to profit often involves treading on human rights, with very little (percentage-wise) of that profit funneled back to bettering society and moving humanity forward. Citizens Bank managed to be a corporation that balanced profit with other motives that are more relevant to the advancement of society than having a single goal of concentrating money in the hands of few.

Frankly I'm surprised somebody didn't just buy them out and work to get more market share while keeping the brand, site, and ethical initiatives. It would have been a great investment for another online bank, but perhaps the recession is partly why a deal like that wasn't made.

I always found since the 1990s that there wasn't enough public advertising for Citizens Bank around. If that's all that would have stopped this, it's really too bad.

October 22, 2009
8:19 am
mike
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Prag said:

Frankly I'm surprised somebody didn't just buy them out and work to get more market share while keeping the brand, site, and ethical initiatives. It would have been a great investment for another online bank...


I think you hit the nail on the head without realising it Prag.

No other bank wanted to touch Citizens Bank because business and bank ethics are not profitable as we have witnessed for the past 12 months (and longer)

Mike

Have a great day

January 10, 2010
12:15 am
HSBC Victim/Survivor
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I read some comments by people considering HSBC as an alternative - RUN RUN RUN AS FAR AS YOU CAN FROM HSBC! They have done everything possible to display their incompetence, while hugely aggravating me. 1. Lost account opening application form (twice). 2. failed to change my address when I moved (despite me informing them in writing THREE times). 3. did not process my credit card application and failed to inform me as to why or why not. 4. ATM card stopped working one day (before I was leaving the country on an extended trip the next day) because they had failed to change my address and sent a new card (without my asking for a new card) to my old address, and inactivated my existing card. 5. took 2 weeks (!!!) to return my numerous phone calls to them to resolve this ATM card issue when I was told they'd call within 24 hours. I have some bottles of champagne waiting to be uncorked the day they go bust!!! STAY AWAY. AWFUL AWFUL AWFUL bank!!!!!

January 13, 2010
12:57 am
kilarney
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at 2 percent for a savings account why not ALLY??? I have had no problems since recently opening an account?

January 30, 2010
11:06 pm
edg
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I would really like to keep my Citizens account as a Vancity account but I need a BC address to do that, anyone willing to let me use their address, I'd be so grateful.

Thank you very much.

Ed

February 23, 2010
7:46 am
ET
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I was also disappointed that Citizen's Bank closed. I transferred all my funds to Vancity. I am still in the process of figuring out the specifics of my accounts, as I have moved and got married.

February 24, 2010
12:20 am
guest
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I was also very disappointed and looked for an ethical bank for a long time.

I transfered my savings including a Tax Free Savings Account to Outlook Financial http://www.outlookfinancial.com

From Outlook's website: "Outlook is a division of Assiniboine Credit Union, one of the most respected financial co-operatives in Canada. Located in Winnipeg, Manitoba, Assiniboine's commitment to doing business in a way that is financially sound and socially, environmentally and ethically responsible has been recognized locally, nationally, and internationally." You can read much more about their ethical policies and practices on Assiniboine's website http://www.assiniboine.mb.ca
Outlook is in Manitoba but you can live anywhere.

Outlook is an online bank and they have some of the highest rates in Canada, but they don't have a chequing account. Although, with the High Interest Savings Account you do get a few free cheques & an ATM card so you have easy access to your funds if needed, but there is a $1 fee for each transaction except the first one per month which is free.

For now I am using VISA cheques since they are free and I only use about 6 cheques at year. They are charged interest from day 1 just like a cash advance. If you use Visa cheques just make sure to pay off the cheques plus all charges that are posted before the cheque (since payments are applied to the oldest posted transactions first) on the day the cheque is posted to avoid fees. I am considering opening a Presidents Choice chequing account since their are no monthly fees.

I moved my USD Account to ING Direct.

Duca Financial and Achieva Financial were others I considered.

February 25, 2010
3:31 am
Doug
British Columbia, Canada
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If you live in B.C., you could hold a VanCity chequing account with $1000 in it and continue to have an unlimited, surcharge-fee chequing account and never pay a monthly fee. You could also have a Coast Capital Savings chequing account with no monthly fee and just pay for your chequebook orders.

Other options include:
* ICICI Bank (monthly fee waived with $500 minimum balance)
* Canadian Direct Financial (so many free debit transactions for every $1000 of minimum balance)
* HSBC Bank Canada's Advance Savings account (only able to be opened online through Personal Internet Banking once you've opened a High Rate Savings account; no cheques permitted though)
* Scotiabank, BMO Bank of Montreal and CIBC all have great accounts where the monthly fee is waived for as little as $1000 of minimum monthly balance and they have large branch networks

Hope that helps,
Doug

P.S. What route are you taking, Peter? You live in B.C., right, so you could theoretically open a VanCity account. 🙂

November 7, 2022
5:13 pm
hwyc
GTA
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... Search for Vancity led me to this archived forum, might as well leave a mark.

Vancity Community Investment Bank (VCIB) was founded in 2017, when Vancouver City Savings Credit Union (Vancity) relaunched its national subsidiary, Citizens Bank of Canada, as Canada’s first Schedule 1 community investment bank.

Then VCIB acquired CoPower in 2019

November 7, 2022
5:42 pm
Doug
British Columbia, Canada
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hwyc said
... Search for Vancity led me to this archived forum, might as well leave a mark.

Vancity Community Investment Bank (VCIB) was founded in 2017, when Vancouver City Savings Credit Union (Vancity) relaunched its national subsidiary, Citizens Bank of Canada, as Canada’s first Schedule 1 community investment bank.

Then VCIB acquired CoPower in 2019  

They subsequently wound down and wound up the CoPower business. They've also recently exited the prepaid credit card business, so their sole business line is in business lending and banking.

Their former CEO, Jay-Ann Gilfoy, is now the CEO of Motus Bank.

Cheers,
Doug

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