Question 1

What is Lake View Credit Union?

Accepted Answer

Lake View Credit Union is a community-based credit union serving the Peace River region of British Columbia since 1943. Headquartered in Dawson Creek with an additional branch in Chetwynd, Lake View Credit Union provides personalized financial services to individuals and businesses throughout the Peace region. With over 80 years of history, the credit union has grown from serving a small community during wartime construction to becoming a trusted financial partner with comprehensive banking, lending, and investment services.

Lake View Credit Union emphasizes local expertise and relationship-based service, positioning itself as more than just a financial institution by focusing on community growth and member success.

Question 2

When was Lake View Credit Union founded?

Accepted Answer

Lake View Credit Union was founded in the summer of 1943 during a period of significant economic activity in the Dawson Creek area. The construction of the Alaska Highway had begun, and the community was experiencing rapid growth. Local businesses like Dawson Co-op Union and Harper's General Store could not meet the credit needs of the expanding community.

Small businesses, sawmills, and farmers who had weathered the Great Depression recognized the need for a local financial institution. A general meeting was held in the basement of the Old Catholic Church, where the community voted to establish Lake View Credit Union. The first office was a small 12x12-foot room in the northeast corner of the Co-op store.

Four months after organization, the credit union had 76 members and capital of $2,114. By September 1944, one year after founding, Lake View Credit Union had grown to 141 members with $24,520.47 in assets. By March 1946, the credit union decided that the manager would be paid a monthly salary and the office would be open full-time every working day.

Question 3

Where is Lake View Credit Union headquartered?

Accepted Answer

Lake View Credit Union is headquartered in Dawson Creek, British Columbia. After operating from various locations including the Co-op store, the credit union built its first permanent building in 1954 at a cost of $125,000 on property purchased from the late Fred Walker on 102nd Avenue.

The credit union moved into another new building in Dawson Creek on January 18, 1999, described at the time as the biggest and best-equipped banking facility in the city. This modern facility serves as the credit union's main branch and administrative headquarters.

Question 4

Where does Lake View Credit Union operate?

Accepted Answer

Lake View Credit Union operates in the Peace River region of northeastern British Columbia, serving communities including Dawson Creek, Chetwynd, and surrounding rural areas. The credit union maintains branches in both Dawson Creek and Chetwynd, with the latter located at 5060 N Access Road.

The Peace region has unique economic characteristics that distinguish it from urban centers, and Lake View Credit Union has developed specialized knowledge of these local conditions. This regional focus allows the credit union to provide financial services tailored to the needs of Peace region residents, farmers, and businesses that may not be fully understood by corporations in distant cities.

Question 5

What services does Lake View Credit Union offer?

Accepted Answer

Lake View Credit Union provides comprehensive financial services designed to meet personal and business needs:

Personal Banking: Chequing and savings accounts with personalized service and competitive features tailored to individual needs.

Lending Services: Personal loans, consumer credit, mortgages for home purchases and refinancing, and lines of credit with flexible terms.

Business Banking: Business accounts, payment solutions, and financial management tools designed for local enterprises.

Commercial Services: Commercial mortgages, business credit products, and expert financial advice for businesses of all sizes.

Investment Products: Retirement savings plans (RRSPs), education funds (RESPs), Tax-Free Savings Accounts (TFSAs), and wealth management services to help members build long-term financial security.

Digital Banking: Modern online banking platform and mobile banking services allowing members to manage finances remotely while maintaining access to personalized local support.

Credit Products: Various credit options designed to meet borrowing needs with competitive rates and terms.

The credit union emphasizes providing practical, local expertise combined with modern banking technology, offering members the best of both worlds.

Question 6

What makes Lake View Credit Union unique?

Accepted Answer

Lake View Credit Union has a remarkable history of growth and community dedication. Members were once determined to make it the largest and best credit union in British Columbia, then in Canada, and at one point newspaper headlines proclaimed Lake View Credit Union as the "largest community credit union on the North American continent."

The credit union pioneered insurance on savings and loans through Cuna Mutual Insurance, believed to be the first institution in Canada to offer this service. This innovation demonstrated Lake View's commitment to protecting members' financial interests.

Throughout its history, Lake View Credit Union has maintained strong community engagement, with members' families actively participating in meetings and social events. The credit union has weathered significant challenges, including a devastating fire in April 1948 that destroyed the Dawson Co-op store where it was located, yet continued operations without interruption.

Lake View Credit Union emphasizes social responsibility and community growth, viewing itself as more than a transactional financial institution. The credit union provides tools and resources to help members navigate their financial journeys while supporting the sustainable development of the Peace region communities.

Question 7

What type of financial institution is Lake View Credit Union?

Accepted Answer

Lake View Credit Union is a British Columbia credit union, a member-owned financial cooperative regulated by the British Columbia Financial Services Authority (BCFSA). Credit unions in BC operate on democratic principles where each member has one vote regardless of account balance, ensuring equal participation in governance.

Deposits at Lake View Credit Union are protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), which provides 100% deposit insurance with no maximum limit. This comprehensive coverage makes BC credit unions among the safest places to save money in Canada.

As a cooperative financial institution, Lake View Credit Union exists to serve member needs rather than maximize profits for external shareholders. The credit union maintains local decision-making authority, keeping all operations focused on benefiting members and supporting the economic development of the Peace region communities it serves.

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