Citizens Bank of Canada The Citizens Bank of Canada is a virtual bank based in British Columbia, Canada. The ownership of the bank is with the Vancouver City Credit Union (Vancity). From 1997 up to 2009, the bank offered personal and business financial services using the power of the Internet. The bank is also engaged in the operation of Visa card services as well as foreign exchange services offered to non-retail members. Change of Focus to Visa Card and Foreign Exchange Services To better serve the needs of its members, the bank shifted its focus from personal banking to Visa card services and foreign exchange services. In order to make the shift possible, Vancity entered into an agreement with the Toronto-Dominion Bank to sell its retail loans. The shift in focus will turn the bank into a non-deposit bank and instead, it will become a Visa services and foreign exchange online bank. Management Citizens Bank of Canada is under the leadership and supervision of its President and CEO, Cristobal Dobrzanski. He joined the bank recently, on January 1, 2010 after serving as a member of the Board of Directors for 8 years. He joined Vancity in 1984 and created a system that managed the risks of the organization's investments. Citizens Bank is owned by Vancity, which is the biggest Canadian credit union. Citizens Bank is a member of Canada Deposit Insurance Corporation. Products and Services The bank offers a wide variety of products and services. These products include VISA cards, foreign exchange, and commercial mortgages. VISA cards are offered to individual members of the bank. The bank also offers a rewards program through its Gold VISA Rewards Program card. For students, the bank offers the Student VISA card that allows them to establish credit and donate cash for philanthropic causes. Citizens Bank of Canada offers various personal banking products like bank accounts, term deposits, mortgages, loans and lines of credit, RRSP accounts, mutual funds and Visa credit cards. Citizens Bank of Canada also offers foreign exchange services to both individuals and businesses alike. Foreign exchange services offered by the company cover 35 different currencies. They come with a full range of payment and transfer options as well as trading strategies and a lot more. The foreign exchange is handled only by the Citizens Bank Foreign Exchange. It is the leading foreign exchange facility in Western Canada. Not long ago, this foreign exchange service was called Citizens Trust. Another service that the bank offers is commercial mortgages. The entity offers mortgages from $1M to $3M or higher. It also offers Term and Interim/Construction financing on different properties that include offices, multi-residential buildings, industrial and commercial buildings. Online Banking Citizens Bank of Canada provides its financial services online. Through online banking, customers are in charge of their money. Online banking offers convenience, flexibility and 24-hour access to one’s account on any computer with Internet access. Online banking allows users to view their accounts and cancel cheques whenever they see fit. It also allows for the easy payment of bills and purchases. In addition, online banking makes the transfer of funds between members a lot easier and more accessible. These and other convenient options are the strong points of Citizen Bank of Canada's online banking.