[algernon]

Originally Posted by lazypucker

What? Citizens Bank of Canada (which is Vancity Credit Union of BC) is shutting down? Is there a link to any news item relating to that?

I opened up one of those savings accounts with them where I put in $100 they give me $50 as a sign up bonus. What a great deal. Maybe that's why they are going under? I think I should go take all my money out from there tomorrow.

Citizens will become a non-deposit-taking bank, and as a result is selling the majority of its residential mortgages, personal loans and lines of credit secured by real estate to the Toronto Dominion Bank for an undisclosed amount. Depositers, including those with registered savings plans, will have to transfer their accounts to another financial institution.



I wonder how the Citizens mortgages will be handled?