Envision Financial Steps Up After HSBC Serves Account Closure Notice to Select Small Business Clients

LANGLEY, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2013) - Many small business owners in Canada and the U.S. were surprised when they received notice from HSBC advising them it would be ending their banking relationship by closing selected small business banking accounts.

As reported by the Wall Street Journal and the Canadian Federation of Independent Business, HSBC is in the process of closing many small business accounts in North America after "a strategic review of its business banking services."

Langley-based Envision Financial is already seeing HSBC clients come into its branches quoting letters from HSBC which state they have 60 days to find alternate banking arrangements before their business accounts are closed and their cheques presented for payment are returned.

"Small businesses are the backbone of our communities in British Columbia and nationwide making up 98 per cent of all businesses in Canada*," says Envision Financial president, Shelley Besse. "They play a pivotal role in driving our economy and with all the competing demands weighing down on small business owners at this time of year, we want to make it simple for them to find a financial institution that can meet their needs."

While switching financial institutions can be a lengthy and daunting process and can cause major headaches for small businesses, particularly given the increasing demands of the upcoming holiday season, Besse says that Envision Financial is ready to serve those customers affected by HSBC's decision.

"Envision Financial offers a variety of market leading products to help small business owners make the most of their dollars and time, "says Besse. "This includes Deposit Anywhere and our Unlimited Chequing for Business Account, which gives business owners unlimited access to various banking transactions for only $20/month. For those looking to make the switch to Envision Financial, we are also offering three months free access to our Unlimited Chequing for Business Account as an added incentive."

Beyond looking at the bottom line, Besse says that time-savings is also another important factor for small business owners.

"Time spent on things like running to and from the bank is valuable time away from your business and because of that we've equipped our small business account managers with the tools and ability to come to your place of business to help with all your financial needs," says Besse, "Instead of walking away from you, we're walking to you where and when it's most convenient for you."

"Credit unions like Envision Financial have been serving the small business market for decades and we have a long and proud history of helping it succeed. We understand their importance in our local communities and we're committed to providing them with the advice, service and products needed to help them grow and succeed."

For more information about Envision Financial's small business banking products and services and to take advantage of the offer, contact Norman Attridge, assistant vice-president of small business banking at Envision Financial at 604.539.7076 or nattridge@envisionfinancial.ca.

* Industry Canada Key Small Business Statistics - http://www.ic.gc.ca/eic/site/061.nsf/eng/02804.html

About Envision Financial

Envision Financial is a division of First West Credit Union, B.C.'s third-largest credit union, with 40 branches and 29 insurance offices throughout the province operating under the Envision Financial, Valley First and Enderby & District Financial brands. Led by Launi Skinner, First West has $7.1 billion in assets under administration, more than 171,000 members and close to 1,300 employees. For eight years running, Envision was named one of the 50 Best Employers in Canada. For its extensive community involvement, Envision Financial is designated a Caring Company by Imagine Canada.