This remote BC community was left without access to their money for a full year
The Vancity Cormorant Island Community Branch is on the Kwakwaka’wakw territory. Represented by the ‘Namgis First Nation. They have been custodians of the land for thousands of years and we pay our respect to the elders both past and present.
Imagine, for a second, a town with no bank. Now, imagine having to take a 45-minute boat ride to deposit a cheque or pay a bill. For those who live in rural, remote communities and First Nations reserves across Canada, accessing financial institutions can be this challenging.
Having basic access to money, whether that’s speaking with a financial advisor or simply depositing a cheque, can cost time, money, and resources. On top of the restricted access to services, when an entire community lacks a financial institution, it affects it’s ability to sustain a local economy.
Until recently, one of those communities was the remote village of Alert Bay, BC.
Located on Cormorant Island at the northern tip of Vancouver Island, this community has been inhabited by the ‘Namgis people for thousands of years. Alert Bay is home to a rich cultural history and the world-renowned U’mista Cultural Centre. This centre is Canada’s longest-running First Nations museum and showcases the famed Potlatch Collection of ceremonial regalia, originally taken by Canadian authorities in the 1920s.
While it is a vibrant community with a healthy local economy, just eight years ago, Alert Bay’s only credit union left without notice. Spending a full year without a financial institution, this closure put undue strain on the Alert Bay community and its local businesses.
That was until Vancity was approached with the opportunity to assist and work with this remote island to open a community branch that helps support the unique needs of Alert Bay residents and businesses.
To help us gain some more perspective on how Vancity came to Alert Bay, we spoke with the Director of Indigenous Banking Strategy at Vancity Michelle Laviolette, who opened and remotely managed the Cormorant Island Community Branch in Alert Bay for over seven years.
Before opening the branch
Laviolette shared that, in 2014, the credit union in Alert Bay closed unexpectedly, which left the community without any financial institution. This meant residents had to leave their community and take a ferry to Vancouver Island to visit the nearest bank in Port McNeill — a 45-minute ferry ride away — to do any banking.
“The greater effect was that people spent their paycheques in Port McNeill instead of Cormorant Island businesses,” Laviolette tells Daily Hive.
When speaking about this closure, Laviolette explains that financial institutions often look at the profitability of their individual branches when making decisions. Because the traditional staffing model of operating a branch in-person can get costly, it often makes financial sense for them to operate in larger markets. This causes the branches in more remote communities to shut down, even though these communities need them the most.
“The ‘Namgis and the Village of Alert Bay developed a joint economic strategy called ‘Tides of Change,’ and approached Vancity for help … To be sustainable, we experimented with a system of remote management and specialist advice, and this has worked well.”
A credit union that has your back
In February 2015, the ‘Namgis, the Village of Alert Bay, and Vancity signed a Memorandum of Understanding (MOU) to provide financial services to the island. On May 19, 2015, the Cormorant Island Community Branch officially opened in Alert Bay.
While the Alert Bay community had concerns about whether Vancity would provide them with long-term support, the branch opening was a positive moment for them, making it possible for them to access their money much closer to home. Championed by local staff and with the full support of the ‘Namgis First Nation and the Village of Alert Bay, residents started banking with Vancity.
“Vancity is here to stay!” says Laviolette. “We are still partners with the ‘Namgis First Nation and the Village of Alert Bay, and are looking forward to more community participation and to providing financial workshops in 2023.”
A financial force of change
After eight years in the community, Vancity has established itself in the Village of Alert Bay as a trusted financial institution, putting down roots and working with community members to better serve their individual needs and financial goals.
“Alert Bay is a unique and special place — a centre of cultural reclamation and heritage of the Kwakwaka’wakw peoples,” says Laviolette. “Vancity is proud to serve this community and contribute to the local economy by providing the same banking services that all Vancity members have access to.”
Through a meaningful community partnership, Vancity has developed an innovative model of banking on Cormorant Island. In partnership with the ‘Namgis First Nation and the Village of Alert Bay, the community has continued to grow into a healthy, financial one, where residents’ and members’ well-being comes first.
To support the island’s economy further, which was hit hard by pandemic lockdowns, Vancity is giving away a three-night stay in Alert Bay to explore this harbourside community and appreciate its rich history in person.
View this post on Instagram
“Alert Bay is a magical place — please come visit,” says Laviolette. “The community is so friendly; you’ll fall in love with the people and the scenery. There’s no better getaway!”
To learn more about Vancity, their commitment to Truth and Reconciliation, or their connection to Alert Bay, visit Vancity’s website.
Branded Content
Follow Channels and Categories