Citizens Bank of Canada
Based in British Columbia, Canada, this virtual bank values ethics the most. It incorporates its ethical policy into every aspect of banking. Like all giant banks that have an online franchise, it provides all personal banking services and products such as the Visa credit card line. It also offers the Amnesty International and the Oxfam Visa cards in Canada. Aside from these, it also offers a unique product, “Shared World” term deposits. Like all Canadian banks, the Citizens Bank is insured by Canada Deposit Insurance Corporation (CDIC).
Today, this Vancity-owned bank has more than 30,000 members spread throughout major cities of the country. The head office can be found in Vancouver and there are a couple of retail centers in Toronto and Calgary.
If you want to do business with the Citizens Bank, all you have to do is log into its online banking site using your account number, together with your Personal Access Code (PAC).
A subsidiary of Western Financial Group (WFG), Bank West is a new Internet bank that opened on January 30, 2003. WFG is the fourth biggest insurance and property broker in Canada with more than 65 branches across the western side of the country. Thus, Bank West’s main focus is financial and insurance services in towns and small cities in Western Canada. Bank West raises the deposits through a network of brokers that include affiliated financial services offices. Because it doesn’t have an expensive network system, it is able to offer one of the highest interest rates on deposit products in the country. Its services also focus on conventional and insured mortgages, farm real estate and commercial real estate that are lending in its markets. It also provides equipment financing and personal installment loans to farm and commercial customers. Bank West’s headquarters can be found in High River, Alberta but it operates as a bank throughout Canada.
Royal Bank of Canada
The Royal Bank of Canada is the country’s largest company with more than 1,400 branches throughout the country and more than 70,000 employees in 34 countries. It is also the biggest financial institution in the country in terms of assets and market capitalization. RBC offers a full range of financial products and services including RBC Dominion Securities, and investment brokerage firm; RBC Direct investing, an online investment site; and RBC Centura, a large retail banking firm in the United States. Many of its services can be availed off online through their website.
Although officially based in Place Ville Marie in Montreal, all the decisions are made at the Royal Bank Plaza in Toronto.