McBRIDE, B.C.–A representative of a local credit union here has pitched the CU as a viable option for customers of a Scotiabank branch that is closing.
The other option for the bank’s customers: drive two to three hours to Prince George, B.C. for in-person banking services.
Scotiabank said it will be closing the branch that serves residents of McBride and Dunster, two small towns along the Yellowhead River in eastern British Columbia, north of Jasper National Park.
Indeed, the communities are small enough that Dan Wingham, manager of strategic partnerships at Integris Credit Union, talked about what the credit union offers before some 50 residents of McBride and Dunster who had gathered over a potluck lunch, according to Yahoo News Canada.
A Credit Union Overview
Wingham gave attendees an overview of the differences between credit unions and banks, and outlined the next steps residents would have to take for Integris to be established in the area, the report said.
“The big difference [between banks and credit unions] is in two things: who makes the money, and where does the money go?” Wingham told those gathered.
He further told residents that at traditional banks, shareholders try to extract as much value from a community as possible. If a local branch does not make enough money for shareholders to consider its operations worthwhile, then they will pull out of that community – regardless of the negative impacts on local residents, Yahoo News Canada reported.
The ‘Antithesis’
“We’re the antithesis of that,” he said. “Our very existence is to retain the profits where they’re made so that those who contribute to them ultimately benefit by it.”
While Integris already has a presence in McBride – having bought out Advantage Insurance to install its own insurance services last June – the establishment of Integris banking services in the area is far from a done deal.
This July, the cooperative’s board will meet to make a decision as to whether they want to start a branch in McBride. After that, the union will need to find a building for its in-person services, and gradually ramp up the number of hours it is open each week, according to the report.
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