A commentary by the branch manager of Pigeon Park Savings in Vancouver.
Not having access to a bank account is a huge barrier to participating in society. Most people have had a bank account for most of their lives. It’s so ordinary that it’s not often top of mind when we think of addressing poverty and marginalization.
There’s a term for this. Financial inclusion. And loss of ID is one of the most significant barriers to achieving it. People experiencing homelessness, who have generally lost almost everything, will almost always need extra help to get back to having a bank account.
Anyone who has had their ID stolen will know how difficult and frustrating it is to get re-established. For people experiencing homelessness, struggling with physical or mental health issues or cognitive injury, it is harder still.
Pigeon Park Savings, a one-of-a-kind, low barrier credit union, was founded more than 20 years ago to help people who would otherwise not be able to gain basic financial services.
A partnership between Vancity and PHS Community Services Society, this special credit union is located in Vancouver. And through outreach, we are now providing services to residents of Victoria.
Last week, in a small pilot, staff from Pigeon Park Savings and the Ministry of Social Development and Poverty Reduction worked together in PHS supportive housing sites to help people get ID and open bank accounts.
Those accounts will allow for direct deposits and no-cost withdrawals from credit union ATMs.
These services are transformational. People on tight budgets retain more needed funds by not paying for cheque cashing services.
They have the personal safety and security of not needing to carry large amounts of cash. They can accept job offers because they have a bank account for direct deposit payments.
We do everything we can to keep our services genuinely within reach of people who are having a really hard time. Like other banks, we require ID, but our difference is that we help people obtain it.
New members don’t need to have good credit or even make a cash deposit to join. For some members, we are all they need, and for others, we are the stepping stone to mainstream services.
We’ll build on the success of last week’s pilot and return to Victoria soon to help as many people as possible step back into financial inclusion, and the dignity and opportunities that come with that.
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