Vancity Community Investment Bank Review

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Vancity Community Investment Bank is one of Canada’s federally regulated financial institutions focused on providing community-driven opportunities. The bank claims to be Canada’s first value-oriented bank and the only Canadian bank with a particular focus on partnerships with organizations that drive social, economic, and environmental change.

Vancity Community Investment Bank (VCIB) is an offshoot of a Credit Union, known for providing affordable and sustainable financing opportunities. VCIB also offers several banking products that help businesses and organizations achieve their goals and growth.

As a part of the Investment Banking industry, Vancity Community Investment Bank uses its decades of banking experience to support enterprises.

About Vancity Community Investment Bank

Vancity Community Investment Bank (VCIB) is a federally regulated Schedule 1 bank established under the Canadian Bank Act. VCIB is regulated by the Office of the Superintendent of Financial Institutions (OSFI) and licensed to provide commercial banking products and services.

As a community-oriented chartered bank, Vancity Community Investment Bank helps organizations, enterprises, and investors to support the community and environment where they live and work.

The bank ensures a positive impact on the community by offering financing and advice to partner businesses and organizations, including project portfolio and business lending, investment banking, impact banking products, debt financing, advisory services, etc.

Vancity Community Investment Bank (VCIB) is a wholly-owned subsidiary of Vancouver City Savings Credit Union (Vancity Credit Union), a member-owned financial cooperative in Vancouver, BC. 

Vancity Credit union is Canada’s biggest credit union by assets, established in 1946 and serving more than half a million members across Canada through its network of branches in British Columbia and other Canadian provinces.

The bank is famous for its innovations in the Canadian financial service industry, such as being the first financial institution to offer a Daily interest savings account, a Registered Education Savings Plan (RESP), open mortgages, branchless bank (Citizens Bank of Canada). As a result of the opening of the branchless bank, the Citizens Bank of Canada was renamed in 19997 to become Vancity Community Investment Bank.

Vancity Community Investment Bank Products and Services

As a bank with a strong passion for community members, Vancity Community Investment Bank (VCIB) acquired CoPower, a sustainable investment company, in 2019 to issue green bonds and funds loans for clean energy and energy efficiency projects.

In addition to its clean energy financing, the bank provides funding, investing, and a full suite of banking products and services to assist businesses and organizations.

VCIB Commercial Banking

Vancity Community Investment Bank provides commercial banking products and services that put its customer’s value at the core of its financial solutions.

1. VCIB Real Estate Financing

Vancity Community Investment Bank helps its customers to finance and build more affordable and sustainable communities through the Social Purpose Real Estate Financing Solutions.

As Canada’s first value-driven bank, Vancity Community Investment Bank helps Canada’s commercial real estate industry by providing construction, term, and acquisition financing for the social, economic, and environmental benefits of Canadian communities.

Commercial Real Estate investors can take advantage of VCIB Green Commercial Mortgage to finance their small or large projects.

VCIB Real Estate Financing Options

  • Construction financing
  • Term financing
  • Bridge financing
  • CMHC insured financing
  • Acquisition financing

VCIB Real Estate Supported Projects

  • Affordable housing
  • Non-profit properties
  • Heritage buildings
  • Green buildings
  • Cooperative housing
  • Arts, culture, and community spaces
  • Owner-occupied real estate
  • Investor-owned real estate

2. VCIB Clean Energy Financing

Vancity Community Investment Bank offers a range of fast, flexible, and structured financing products for clean energy and energy efficiency projects.

Through its subsidiary, CoPower, VCIB connects clean energy developers, installers, and building owners to provide innovative solutions and clean energy financing services.

The bank’s claim of over 1,650 distributed clean energy or energy efficiency project execution across Canada is evident in its financing solutions.

Clean Energy Loan offers

  • Construction financing
  • Long term financing or refinancing
  • Short term and bridge financing
  • On-Bill financing or pace structures

Supported Projects

  • Renewable energy and energy storage projects
  • Geoexchange heating and cooling systems
  • Energy Efficiency Retrofits and Green Buildings
  • Electric vehicle infrastructure
  • Microgrids and transmission, and distribution upgrades
  • Energy recovery (waste to energy/Bio-energy)

3. VCIB Impact Investing

The Impact Investing GIC products help investors be financially and socially conscious and create an opportunity for organizations to support community transformation works.

Vancity Community Investment Bank’s Impact guaranteed investment certificates (GICs) come with 100% guaranteed returns and are available for organizations at competitive interest rates. All VCIB deposits and Impact GICs are eligible for deposit insurance by the Canada deposit insurance corporation (CDIC).

Note: Rates are subject to change at the discretion of the issuer. Check for the current rates before making any financial commitment.

4. VCIB Business Lending

Vancity Community Investment Bank offers flexible financing solutions at competitive rates to organizations to support their growth and mission.

The VCIB business lending products are term loans and lines of credit to help in fast-tracking the development of non-profit, social enterprises, and purposeful businesses.

Term Loans$250,000.00 – $20 Million
Operating Line of Credit$250,000.00 – $10 Million

5. VCIB Impact Banking

You can get support for your organization’s daily banking needs through the VCIB impact banking products and services. These include:

  • Transaction Account – A basic deposit accounts for online transactions only, with no cheque, no ATM or in-branch services.
  • Online Banking – Suitable for automated funds transfer and bill payments.
  • High-Interest Savings Account (HISA) – Short-term savings account for earning competitive tiered interests.

VCIB Foreign Exchange

As an organization or business, Vancity Community Investment Bank provides an enabling environment to help your business transactions with your foreign partners.

With the VCIB FX package, you can transfer funds to your clients or suppliers anywhere in the world, send money overseas, or buy real estate in foreign countries.

Interestingly, you can use the VCIB FX solution for personal or business-related transactions. The bank enables you to send money to friends, family, suppliers, associates, or clients.

For instance, if you have a business operating in Canada, you can open a Foreign Exchange account at Vancity Community Investment Bank to effortlessly send or receive foreign currency payments.

Vancity Foreign Exchange solutions include:

1. Vancity Community Investment Bank Foreign Exchange Business Solutions

  • Send and receive payments to or from over 200 countries and territories.
  • Foreign exchange risk management strategies.
  • Settlement options including electronic settlement at other financial institutions, same-day trade, and same-day cheque exchange settlement.
  • Market monitoring and overnight orders.
  • Multicurrency bank drafts
  • Foreign cheque clearing and collections

2. Vancity Community Investment Bank Foreign Exchange Personal Solutions

  • Conduct foreign currency real estate payments
  • Manage regular payments in foreign currencies to other countries
  • Payment of overseas tuition fees
  • Payment for goods and services purchased outside Canada
  • Transfer of money to friends or family anywhere across the world
  • Send monetary gifts, donations, or contractual payments to other countries.

VCIB Visa Prepaid Cards

Vancity Community Investment Bank offers and issued Visa reloadable prepaid cards to eligible applicants. The Visa prepaid cards come in different denominations and can be reloaded when the value on the card is exhausted.

Although the card comes with an expiry date, just as the traditional credit cards, however, the monetary value on the Visa prepaid card does not expire.

The Visa prepaid card can be used anywhere Visa cards are electronically accepted at retail stores or online merchants. Also, you can use the VCIB Visa reloadable prepaid card for cash withdrawal at any Automated Teller Machine (ATM) in Canada or around the world.

VCIB Shared Interest Visa Business Card

The Shared Interest Visa Business Card from Vancity Community Investment Bank offers exclusive features and rewards which help organizations achieve their goals and helping communities.

Every time you use your Visa Business Card, Vancity Community Investment Bank donates 10 cents ($0.10) to the Shared Interest Fund to support community social and environmental impacts.

Features

  • Annual fee: $59
  • 24 hours card services and visa fraud monitoring
  • Earn 1 point for every $1.50 spent on eligible purchases.
  • Earn 2 points on office supplies, public transit, and more.
  • Redeem points for charity donations, cashback, and gift cards.
  • There’s an annual interest rate of 19.5% on the card

Regulations and Membership

Vancity Community Investment Bank is a federally regulated Schedule 1 chartered bank operating under the supervision and guidelines of the Office of the Superintendent of Financial Institutions (OSFI).

Besides, the bank is a member of the Canada Deposit Insurance Corporation (CDIC), ensuring that customer’s deposits and investments are protected up to $100,000 per account.

Vancity Community Investment Bank is a certified B-Corporation member. The bank also belongs to the Global Alliance for Banking on Values, an international network of banking lenders involved in social and environmental change.

VCIB Contact

For feedback, questions, and account opening enquiries, you can reach the customer service of Vancity Community Investment Bank via the following channels:

Phone: 1-888-708-7800

Email[email protected]

On-screen feedback form

Mail

Vancity Community Investment Bank

662, King Street West, Suite 301

Toronto, ON M5V 1M7

Editor’s Review

Vancity Community Investment Bank is an ideal schedule 1 chartered Canadian bank for businesses, organizations, and investors involved in real estate, clean energy, and community projects. The bank also offers foreign exchange, credit card, and loan services to businesses and individuals at competitive interest rates. 

However, Vancity Community Investment Bank might be unsuitable for individuals looking for traditional banking services. As a commercial bank, the bank’s primary services are centred on organizations and enterprises, with a special interest in businesses that positively impact communities.

FAQs

Is Vancity a bank or credit union?

Vancity, the parent company of Vancity Community Investment Bank, is one of the top-rated Credit Unions in Canada. Vancity is a member of the Central 1 credit union and registered with the Credit Union Deposit Insurance Corporation of British Columbia.

Can I invest in VCIB GIC as an individual?

No. VCIB GICs are not available to individual customers. The bank serves organizations and businesses.

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Kareena Maya

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.