Coast Capital Savings
Encyclopedia
Coast Capital Savings is a credit union
based in Surrey, British Columbia
, and is the third largest credit union in Canada
outside of Quebec
. As of 2010, the credit union had $12.3 billion in assets under administration and 454,000 members. Coast Capital Savings operates two subsidiaries, Coast Capital Insurance Services and Coast Capital Equipment Finance.
. Coast Capital Savings currently offers VISA credit cards
through Desjardins
, a credit union in Quebec
. Coast Capital also promotes volunteering with its staff.
's Innovations in Co-operative Governance Award.
In July 2009, an employee at Coast Capital Savings inadvertently emailed a list of the insurance claims of 464 clients to about 75 Metro Vancouver media outlets. The email attachment included names, postal codes and the amounts of property insurance claims, but no social insurance numbers, addresses or account numbers. The B.C. Office of the Information and Privacy Commissioner said it would look into the breach to see whether it warrants a full investigation. No investigation was necessary, as the Privacy Commissioned deemed that Coast Capital's responsible, immediate and responsive actions to rectify the matter on behalf of its members was well managed and executed.
and is registered with the Credit Union Deposit Insurance Corporation of BC.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
based in Surrey, British Columbia
Surrey, British Columbia
Surrey is a city in the province of British Columbia, Canada. It is a member municipality of Metro Vancouver, the governing body of the Greater Vancouver Regional District...
, and is the third largest credit union in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
outside of Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
. As of 2010, the credit union had $12.3 billion in assets under administration and 454,000 members. Coast Capital Savings operates two subsidiaries, Coast Capital Insurance Services and Coast Capital Equipment Finance.
History
Coast Capital Savings was created out of a merger on December 31, 2000 between Pacific Coast Savings Credit Union and Richmond Savings Credit Union. Pacific Coast Savings was founded in 1940 and came from an earlier merger of First Pacific Credit Union and West Coast Savings. Richmond Savings was formed seven years later in 1947. In June 2002, Coast Capital Savings acquired Surrey Metro Savings, a credit union formed in 1947.Services
In 2005, Coast Capital Savings launched its "Free Chequing, Free Debit and More" account, one of the first financial institutions in Canada to offer a free chequing account. Also in 2005, Coast Capital Savings launched a new design for its branches, called "Aperio", a more open, less formal banking experience centred on retail banking services. In 2007, Coast Capital Savings launched its "One Small Fee, the Rest is Free" Business Account, the first retail financial institution in Canada to offer unlimited business banking for one set fee with no transaction fees (fees for deposits and withdrawals). In 2008, Coast Capital changed its "Coast Maximum" Savings Account to the "High-Interest, No-Fee" Savings Account. This savings account is Canada's second high-interest savings account with no fees and unlimited access (ING Direct Canada was the first to offer such an account) but Coast Capital Savings offers a lower rate than competitors such as ING Direct or ICICI BankICICI Bank
ICICI Bank Ltd. is India's second largest financial services company headquartered in Mumbai, India. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of...
. Coast Capital Savings currently offers VISA credit cards
VISA (credit card)
Visa Inc. is an American multinational financial services corporation headquartered on 595 Market Street, Financial District in San Francisco, California, United States, although much of the company's staff is based in Foster City, California. It facilitates electronic funds transfers throughout...
through Desjardins
Mouvement Desjardins
The Desjardins Group is the largest association of credit unions in North America. It was founded in 1900 in Lévis, Quebec by Alphonse Desjardins....
, a credit union in Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
. Coast Capital also promotes volunteering with its staff.
Awards
The credit union was named one of British Columbia’s Top 50 Employers in 2009 and was the 2008 recipient of the Canadian Co-operative AssociationCanadian Co-operative Association
The Canadian Co-operative Association is a national cooperative federation for Canadian co-operatives headquartered in Ottawa, Ontario. CCA represents over 2000 co-operatives and credit unions with 9 million members...
's Innovations in Co-operative Governance Award.
Controversies
In April 2009, Coast Capital Savings agreed to reimburse credit union members who were charged overdraft fees. Coast Capital Savings agreed to the settlement to avoid further legal proceedings, but claim that the "agreement to settle is not an admission of liability or wrongdoing, but rather a way to speedily resolve the issue in everyone’s best interests."In July 2009, an employee at Coast Capital Savings inadvertently emailed a list of the insurance claims of 464 clients to about 75 Metro Vancouver media outlets. The email attachment included names, postal codes and the amounts of property insurance claims, but no social insurance numbers, addresses or account numbers. The B.C. Office of the Information and Privacy Commissioner said it would look into the breach to see whether it warrants a full investigation. No investigation was necessary, as the Privacy Commissioned deemed that Coast Capital's responsible, immediate and responsive actions to rectify the matter on behalf of its members was well managed and executed.
Membership
Coast Capital Savings is a member of Central 1 Credit UnionCentral 1 Credit Union
Central 1 Credit Union is a Vancouver, British Columbia-based, member-owned financial institution. It was formed in 2008 by the merger of Credit Union Central of British Columbia and the Credit Union Central of Ontario....
and is registered with the Credit Union Deposit Insurance Corporation of BC.