88 replies to this topic

[rjag]

No love for Van City. As a supplier of services to the Teachers Credit Union as well as Greater Victoria Savings for more than 20+ years when they were bought over, Van City cancelled local contracts and gave them to their Vancouver suppliers without even the opportunity of a local company bidding.

[VicHockeyFan]

No love for Van City. As a supplier of services to the Teachers Credit Union as well as Greater Victoria Savings for more than 20+ years when they were bought over, Van City cancelled local contracts and gave them to their Vancouver suppliers without even the opportunity of a local company bidding.

Well, wouldn't they want all their important stuff stored at the same place? Maybe destruction could have stayed local.

[G-Man]

People use Toronto Dominion and Bank of Montreal. At least Vancity is from BC.

[VicHockeyFan]

People use Toronto Dominion and Bank of Montreal. At least Vancity is from BC.

I don't think the perception is the same.

TD and BOM are in every part of the country (except Quebec?). I think that many Victorians would think that it would be as strange for them to use VanCity as it would be for them to use an Alberta bank.

Three or four years ago, VanCity only had 5,500 customers here, not sure how much they have grown that.

Island Savings has 50k+ customers (Island-wide).

[AllseeingEye]

VanCity's "play" here has nothing to do with Island Savings but rather is aimed squarely at Coast Capital Savings - it is no coincidence this office is located directly across from the existing CCS Shelbourne branch. I worked for CCS for almost 5 years and although credit unions on the one hand work jointly to change current federal regs aimed at preventing them from expanding beyond provincial borders, there is nevertheless a natural competitiveness between the two largest Canadian credit unions i.e. VanCity and CCS. V-C is still slightly larger from a revenue standpoint however I believe CCS is now bigger from a membership standpoint. And I'm not convinced Victorians would really care one way or the other re: branding - VC, CCS...both are lower mainland-based (remember CCS is HQ'ed in Surrey). When I was at CCS we got huge leverage out of no fee checking accounts viz the established banks and other CU's; at the end of the day consumers will ultimately choose whichever institution provides them with the best value, real or perceived.

[VicHockeyFan]

V-C is still slightly larger from a revenue standpoint however I believe CCS is now bigger from a membership standpoint.

Correct.

And I'm not convinced Victorians would really care one way or the other re: branding - VC, CCS...both are lower mainland-based (remember CCS is HQ'ed in Surrey). When I was at CCS we got huge leverage out of no fee checking accounts viz the established banks and other CU's; at the end of the day consumers will ultimately choose whichever institution provides them with the best value, real or perceived.

I think you underestimate momentum. People around here still consider Thrifty Foods local, and they will for many, many, many years - even though they know they were bought out six years ago. Same happened with Payless Gas (bought by Shell).

I think Victorians still perceive CCS as the local good guys.

[Bingo]

VanCity is closing its branch on Scott Street near Hillside, and is moving to the new Cedar Hill X Road location.

[Bingo]

Opening May 28th.

[gkz]

Part of the top floor has finally been leased. The middle floor is still for lease.