ALBERT BAY, B.C. – A first-of-its-kind agreement here will bring full-service banking to Cormorant Island.
The 'Namgis First Nation, the Village of Alert Bay, and Vancity credit union have signed a memorandum of understanding in order to bring local banking services to the remote market, where residents have been travelling by ferry to access face-to-face banking services.
“Lack of local banking services has many implications for remote and underserved communities, including the inability to exchange cash, cash checks or access loans,” said Vancity in a statement. “When individuals travel elsewhere to do their banking, local businesses suffer as consumer and business spending concentrates in larger centres.”
Vancity said it commissioned a Mustel phone survey of people living in British Columbia who have to drive an hour or more to access banking services and found:
- 47% said they are dissatisfied with the access they have to banking services.
- 76% said it is important to at times have face-to-face discussions with their banking service provider.
- 49% said they believe having a financial institution in their community would help their community grow.
Under the new initiative, Vancity will offer residents of Cormorant Island an array of banking services including in-person basic banking services, cash handling for business operations and onsite support for more complex transactions such as investments, mortgages, loans and account signatories. The specifics of the service model, including location and hours of operation, are yet to be determined and will be based on member and community needs.
Vancity said its values-based business model is grounded in the local economy and committed to creating new and sustainable solutions for economic development in remote and underserved communities. Working with the 'Namgis First Nation and the Village of Alert Bay will allow Vancity to develop its strategy to support underserved populations including people living in other remote communities in B.C., the credit union said.