Pigeon Park Savings is more than a credit union.
Launched in 2004 through a partnership between Vancity and PHS Community Services Society, the Pigeon Park Savings branch was created to give residents of Vancouver’s Downtown Eastside access to essential banking services that would otherwise be out of reach. Today, nearly 7,000 low-income members rely on it for their basic financial tools package, which includes cheque cashing, unlimited withdrawals, bill payments, money orders, and ATM card access—all for a flat monthly fee of five dollars.
In a neighbourhood where the only alternatives are cheque-cashing outlets charging steep fees, the branch fills a critical gap. “For a lot of people, Pigeon Park Savings is the last option in banking,” says Jill Henderson, financial services representative and mental health worker.
Beyond serving members, the branch also provides cheque-cashing to non-members and offers a cashable term deposit with a higher interest rate.
The branch team, employed by PHS, are financial aid workers trained in mental health and addiction. They provide a welcoming atmosphere where all members are treated with respect. Pigeon Park Savings allow its members to control their finances, receive trusted advice, and take steps to become financially stable—without relying on predatory lenders.
“To take away our services would mean we would leave people without money,” says Sharon Buchanan, branch manager and mental health worker.
That’s why, when many other financial institutions in Vancouver’s Downtown Eastside closed their doors at the beginning of the COVID-19 pandemic, Pigeon Park stayed open.
“They’ve been there for the neighbourhood and they’ve been there for me,” says Marilyn Young, a Pigeon Park member since the branch opened in 2004.
The staff of Pigeon Park Savings worked closely to coordinate with peer workers, community partners, officials at the City of Vancouver, and the Ministry of Social Development and Poverty Reduction (MSDPR) to ensure the safe distribution of social assistance cheques.
Everyone should have access to essential financial services such as a basic bank account, cheque cashing and trusted advice. Without easy and affordable access to these services, many people experience financial hardship and limited opportunities.
Vancity is a community credit union. That means it's built on the premise that banking should be designed around community needs. Vancity's Pigeon Park Savings branch is a concrete example of that, and it proves that when a community's needs are placed at the centre, affordable banking is possible even in places where options are scarce.
When your money is changing the world, you are changing the world.
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