Prospera Credit Union’s recent decision to close its downtown Chilliwack branch, despite a rebranding campaign championing local commitment, strikes at the heart of community trust. This branch isn’t just a local credit union; it’s a financial lifeline for a community on the rise.
The closure will leave downtown Chilliwack with limited credit union access, a concerning prospect as the area battles socioeconomic challenges. Credit unions, grounded in member service, are crucial for areas like ours, where child poverty rates were alarmingly high in 2015, and the number of seniors in poverty is likely climbing amid inflation and rising costs.
The City of Chilliwack has recently initiated a poverty reduction strategy, and integral to this plan should be robust financial resources, as many residents are not aware of the differences between banks and credit unions. With three First Nation communities — Skway, Skwah, and Squiala — in close proximity to the downtown Chilliwack Prospera Credit Union, and Indigenous populations facing a 40 per cent higher likelihood of poverty, access to credit unions is crucial for facilitating economic reconciliation.
The branch may not boast the highest investments, but its value transcends balance sheets. It’s about people over profit, a principle I believed Prospera upheld when my mother deposited my first $200 there—a place that now represents a legacy of local support for many.
I urge Prospera to stand by their word and serve the “local” they claim to value. Keeping the downtown Chilliwack branch open is not just good business—it’s the right thing to do for a community that relies on it.
Aaron Pete
READ MORE: Prospera Credit Union confirms Chilliwack branch set to close
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