Our Commitment in Action: Report on Seniors Code

Our Commitment in Action: Report on Seniors Code

What is the Code?

The Code of Conduct for the Delivery of Banking Services to Seniors (“Seniors Code”) released by the Canadian Bankers Association, is a code that applies to all Canadian banks who serve at least in part, customers over the age of 60 and who is transacting for non-business purposes. The Seniors Code includes seven principles which outline how a bank can better serve and accommodate the needs of older Canadians as well as the actions that can be taken to do so.

Our Commitment in Action

While Vancity Community Investment Bank (“VCIB” or the “Bank”) focuses on Clean Energy and Commercial Real Estate financing needs and business investments.  The bank does not onboard retail or personal accounts, we do have a small subset of grandfathered accounts, that we will remain in support of the Seniors Code. In addition, as a member of the CBA, we are committed to the ongoing evaluation of our program to ensure the principles as set out in the Seniors Code are fulfilled.

Our program includes:

• Established policies, procedures, and processes to support the code.
• Established processes to mitigate potential financial harm to seniors.
• Established resources available to employees dealing with seniors to help them understand their banking needs.
• Established training to our employees who serve seniors.
• Established resources and coaching to support effective communication with seniors.
• Consideration of market demographics and the needs of seniors while developing products and services.
• Publicly disclose the steps taken to support the principles set out in the Code.

To learn more about our commitment to the Seniors Code, please click to view as PDF.