Basic banking

Basic banking

Access to basic financial services - like a bank account or cheque cashing – is something most of us take for granted. But many individuals don’t have easy and affordable access to these essential services. Many low-income earners resort to cheque cashing companies that charge exorbitant fees just to access their money.

While there is still much more to be done in this area, Vancity is taking concrete steps to remove barriers to basic banking services.

Pigeon Park Savings

Pigeon Park Savings opened its doors in 2004. It is a collaboration between Vancity and PHS Community Services, a long-time provider of community services to residents in need on Vancouver’s Downtown Eastside. The Pigeon Park Savings branch provides people living on low incomes in the Downtown Eastside with access to basic financial services. An account package is available for a flat fee of $5 per month, and includes cheque cashing, unlimited withdrawals, bill payments, money orders and ATM card access. The Pigeon Park Savings branch also provides cheque-cashing services to non-members for a flat fee of $2.99 per cheque, and a cashable term deposit with a higher rate of interest.

For more information on Pigeon Park Savings, drop by the branch at 92 East Hastings in Vancouver or call 604-678-8276.