Port changes banks

  • Apr. 4, 2012 10:00 a.m.

Port Clements will be doing its banking locally from now on instead of in Prince Rupert. Council voted Monday night (April 2) to switch the village account to Northern Savings Credit Union from CIBC, after administrator Kim Mushynsky said Northern Savings was offering lower service fees and higher interest revenue. Last year, the village paid CIBC service fees of just over $1,000 and received zero interest, despite having an average balance of $1.4 million, according to report prepared by Ms Mushynsky. Northern Savings offered Port Clements a package that will cost about $660 a year in service fees and the possibility of about $7,500 in interest revenue. Ms Mushynsky said having the account at CIBC in Prince Rupert was also proving problematic for things like setting up online banking. Council members were enthusiastic about the change. “I’d like to make a motion that we hurry up and move our bank account on-island,” said councillor Kazamir Falconbridge. Some wondered why the village was banking at CIBC in the first place rather than the local credit union. Mayor Wally Cheer said he had done some research and found that when Northern Savings closed its small Port outlet, back in the early 1990s, the village council of the day was so angry it moved its business to CIBC.

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