One Vancouver-based credit union is hoping to capitalize on customer frustration that has become evident through social media regarding higher fees from Canada’s big banks.
Coast Capital Savings Credit Union is offering a $100 “freedom-fee” to new members who move from one of Canada’s “big five” banks to the credit union by opening a chequing or savings account. This offer is available until May 15, 2015 though the credit union notes that other terms and conditions apply.
“We are a small financial institution in comparison to Canada’s national banks and we have been able to keep our fees low, while eliminating others,” says Don Coulter, president and CEO at Coast Capital. “If we can do it, why can’t Canada’s big banks?”
Coulter also claims that members save more than $30 million in annual banking fees through their affiliation with Coast Capital.