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RCO





Joined: 02 Mar 2009
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Location: Ontario

PostPosted: Sat Feb 11, 2017 10:46 am    Post subject: why are so many rural and small town banks being closed ? Reply with quote

was doing some searching thru google on an unrelated topic and a disturbing trend started to emerge , many different Canadian banks are closing many branches in small and remote areas for little or no reason .

they claim its cause people are using online banking and foot traffic down at those locations but in the small towns volume has always been lower than the major cities and that was never reason to close so many branches

I've found articles discussing branch closures from all parts of Ontario , south western , eastern Ontario and especially northern Ontario

considering he massive profits these banks are making , these closures seem unnecessary and make the banks look mean to put it lightly

this is an issue that needs to be addressed by our federal and provincial politicians before more towns lose there only bank and residents are forced to suffer the consequences
RCO





Joined: 02 Mar 2009
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Location: Ontario

PostPosted: Sat Feb 11, 2017 10:47 am    Post subject: Reply with quote

( northern Ontario has been hit especially hard by bank closures ,)


RBC closing bank in Massey, merging with Espanola branch


Rocco Frangione, staff February 7, 2017



Massey’s only bank is closing. RBC is closing its doors on August 16th and merging with its branch in Espanola. In a letter to customers, the bank says on closing day, all the Massey accounts will be transferred to Espanola as well as safety deposit boxes. For residents and business people in Massey, that means about a 25 minute trip one way. The letter doesn’t explain why the Massey office is closing. It states several factors were considered and the Royal will talk about those reasons at a public meeting next month in Massey and will also talk about alternative banking arrangements.

http://www.myespanolanow.com/1.....la-branch/
RCO





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PostPosted: Sat Feb 11, 2017 10:48 am    Post subject: Reply with quote

Tilbury residents upset National Bank branch closing


Mary Caton
More from Mary Caton

Published on: February 7, 2017 | Last Updated: February 7, 2017 9:03 PM EST


John McMahon, a Tilbury resident who is upset the National Bank in downtown Tilbury is closing, is pictured on Feb. 7, 2017.


Despite being a satisfied customer of the service at National Bank’s Tilbury branch for the past 21 years, John McMahon is reluctantly shopping for a new financial institution.

He’s upset by news that the bank is closing its Tilbury outlet and encouraging customers to move their accounts to the nearest location in Belle River.

“I’ve had very good service, they have a very good attitude there, I don’t want to see it close,” the 73-year-old said. “They’ve got clients and customers and they want us to follow them. Well I’m not a follower.”

McMahon is considering moving his accounts to a credit union in Stoney Point.

“I don’t do online (banking) at all. I like to talk to people. I don’t use a computer and I don’t use the automatic teller. I’m old school,” he said.

Chatham-Kent Coun. Bryon Fluker represents the ward covering Tilbury and he’s heard from other residents unhappy about the impending closure.

“We have many, many seniors in Tilbury who find it difficult and hard to understand,” Fluker said. “I’ve heard a great deal from average bank customers who are transferring to another bank. The vast majority of people are saying they will not drive to Belle River.”

Tilbury’s banking scene includes Royal Bank, Bank of Montreal and CIBC.

McMahon has lived in Tilbury since he was eight years old. He used to deal with BMO back in the ‘60s but wasn’t thrilled about their customer service. When he was in the freight business, he moved his business accounts from the old Bank of Commerce to National in 1996 because the latter kept more U.S. currency on hand.

“I changed (banks) to go there,” he said. “Why don’t they close Belle River and those customers can come here or to the branch in Windsor at Lesperance and Tecumseh.”

A spokesman for National Bank describes the change as “a merger.”

“Basically we’ve noticed that our clients there are using our services less frequently for their day-to-day banking,” said spokesman Jean-Francois Cadieux.

He added there has been an increase in using digital banking services.

Last fall, the bank announced plans to eliminate 600 jobs nationwide over a 12-month period. That came on the heels of a 2015 announcement that the institution was trimming 400 positions.

Many financial institutions are dealing with falling foot traffic in the face of increased mobile and self-serve banking.

Fluker was told by several of the branch’s “larger customers” that Tilbury’s “customer base wasn’t growing enough.”

Cadieux said three of the branch’s seven employees are transferring to Belle River while the other four positions are being eliminated. He said the branch will close permanently July 28.

http://windsorstar.com/news/lo.....ch-closing
RCO





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PostPosted: Sat Feb 11, 2017 10:50 am    Post subject: Reply with quote

( in some towns they use the term "merger " even though its really a closure )


TD Canada Trust in Millbrook closing Aug. 18; Cavan Monaghan Township searching for a new bank to replace it

By Joelle Kovach

Friday, February 10, 2017 2:02:41 EST AM


A client exits the TD Canada Trust branch on Thursday February 9, 2017 in Millbrook, Ont. A posted sign reads the branch will be moving to Consumers Plaza on Friday, August 18, 2017 on Lansdowne St. W. and Webber Avenue. Clifford Skarstedt/Peterborough Examiner/Postmedia Network



MILLBROOK - Millbrook's only bank is closing in August and moving to Peterborough.

The TD Canada Trust on King St. in Millbrook will close on Aug. 18.

It will merge with the branch on Lansdowne St. W. in Peterborough (in the plaza at Webber Ave., across from Best Buy).

Daria Hill, a spokesman for TD, said it's because of a decline in business at the bank in Millbrook.

The Lansdowne St. W. location has more parking, longer hours and an ATM, she noted in a written statement.

The news came as a shock to some people in Millbrook.

"I'm floored," said Kathie Lycett, a local realtor and spokeswoman for the Millbrook Business Improvement Area association.

Lycett said the Millbrook BIA works hard to encourage citizens to shop in downtown Millbrook, rather than spend money in Peterborough or even Oshawa.

There are lots of great businesses in the village, she said.

"But the bank has to anchor it all, I think," she said. "If you're going to keep people downtown, you've got to have a bank."

If shoppers will be inconvenienced by the loss of the bank, then so will shop owners.

Ian McQuarrie, the owner of the gift shop Bear Essentials on King St., said he uses the TD branch every day.

Yes, he'll be able to bank online. But what's he going to do when he needs a roll of loonies?

"If I need change, I'll have to go to Peterborough," he said.

Other store owners say the loss of the bank will be a major inconvenience.

"It'll complicate business on a daily basis," said Didi Calhoun, the owner of Calhoun's Foodland in Millbrook.

Calhoun has owned the store for 43 years, and all that time she's banked at TD.

Although there is an ATM in Foodland, she says people still expect cashback from the grocery store tills whenever the bank is closed.

Or sometimes people want smaller bills, in exchange for the $20s they draw from the ATM.

"When the bank is closed, I become the bank," Calhoun said.

She expects that to become a daily reality, when the TD closes: "And I don't think it's fair."

Neither does Scott McFadden, the mayor of Cavan Monaghan Township.

He noted that many seniors prefer to bank in person - not online - and may not be able to drive themselves to Peterborough.

McFadden is concerned it will put pressure on Community Care, the service that drives seniors to Peterborough for errands or medical appointments.

He also pointed out that a new 350-home subdivision is about to be built in Millbrook.

That's the first phase of construction, he said: The second phase could bring 600 to 1,000 more homes.

"It's definitely a very active market - everyone else is trying to move into Millbrook," McFadden said.

Brigid Ayotte, the township's economic development coordinator, said she will work with council to "explore options" such as attracting a new bank to Millbrook.

Another financial institution may see TD's departure as an opportunity, she said.

That's her hope: "We want our residents to be able to shop, bank and do whatever they need to do - close to home."

http://www.thepeterboroughexam.....replace-it
RCO





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PostPosted: Sat Feb 11, 2017 10:51 am    Post subject: Reply with quote

Elkhorn residents say CIBC's plan to close their only bank doesn't add up

People in western Manitoba community upset over upcoming closure of Elkhorn's only bank

By Riley Laychuk, CBC News Posted: Feb 02, 2017 5:00 AM CT| Last Updated: Feb 02, 2017 5:00 AM CT

CIBC has announced that the branch in Elkhorn, Man. will close in August 2017.



The looming closure of the only bank in a small Manitoba community has residents upset and demanding a solution that doesn't involve leaving town to do their banking.

CIBC announced plans in December to close its branch in Elkhorn, Man., a village of 461 people about 300 kilometres west of Winnipeg along the Trans-Canada Highway, and move accounts to the branch in Virden, a 30-kilometre drive away.

CIBC held a meeting in Elkhorn on Tuesday night to answer questions from residents, many of whom were not happy about yet another service disappearing from rural Manitoba.


"A lot of people were extremely angry," said Mark Humphries, president of the Elkhorn chamber of commerce.

He was one of the people in attendance at Tuesday's meeting.

"They were upset that they have been given no [prior] chance to discuss it," he said. "It's a bit of a blow."

"Any time we look at closing a banking centre, it's a decision that we take very carefully," a CIBC spokesperson said in an email to CBC.

"In the case of our Elkhorn Banking Centre, we have seen low business volumes, which have been declining in recent years."

CIBC also said it will offer help to clients over the phone and in the branch for the transition.

But Humphries said a notice residents received by mail in December indicated the bank's decision was final and as a result, many didn't attend Tuesday's meeting. Still, he estimated between 80 and 100 people showed up, many of them older residents who still do their banking in person.

"A lot of them have ceased driving," he said. "A lot of them don't like to drive, especially in these winter conditions. That's a great big disadvantage to these guys."

The bank has been in Elkhorn in some capacity for nearly 115 years, Humphries said, and for some it's the only bank they've ever used.

A notice on the bank's website said accounts at the Elkhorn branch would be merged with those in Virden on Aug. 18, 2017, when the branch will close its doors for good.

Moosomin, Virden nearest branches

Humphries said the bank's closure will mean those wanting to do bank business in person will have to drive to Virden or Moosomin, Sask., just across the provincial border.

Elkhorn, Manitoba
Elkhorn, Man. is about 300 kilometres west of Winnipeg along the Trans-Canada Highway.

The local Co-op has an ATM in-store that can dispense cash for a fee, but residents are looking for cheque cashing and other services, he said.

"A fair few of them, even in today's day, don't have the computers, don't have the iPhones, don't have the technology and the ability to control that technology for direct banking," Humphries said.

He said the bank has offered to help teach community members how to use computers and other technology to do their banking.

Businesses affected

But it's not just residents who will feel the effects of the only bank disappearing — the local business community will also be affected, Humphries said.

"We've all lost now our ability to deposit cash and cheques at the branch," said Humphries, who owns a business. "It's going to [mean] extra mileage ... to go do the daily banking.

"We think there is still a lot of value to be had out of Elkhorn and its business community."

He said residents were unimpressed with the bank's response on Tuesday night.

"CIBC are a well-oiled, slick machine," he said. "They fended off nearly every question with a polite answer … but the answers weren't of any substance."

He said he didn't get an answer when he asked if the building will have a non-compete clause when it goes up for sale, which would prevent another bank from opening in the space. But instead of getting angry and giving up, he's hoping to find a solution.

Chamber looking for new bank

"We've tried to look on the positive side," he said, adding that the chamber has struck a committee hoping to find another financial institution to fill the space when CIBC closes in August.

Humphries said the chamber has put feelers out to a few banks and credit unions, hoping one steps up.

It's not the first service to pull out of the small town. Last September, Manitoba Public Insurance said Elkhorn, along with 19 other Manitoba towns, would no longer be serviced by mobile estimators.

Humphries is hopeful rural decline won't take their bank away in the end.

"We certainly are not going to give in," he said, admitting that it could be a long, drawn-out process to find another bank willing to service the town.

"We are a go-ahead, forward-thinking, growing town."

http://www.cbc.ca/news/canada/.....-1.3962277
RCO





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PostPosted: Sat Feb 11, 2017 10:52 am    Post subject: Reply with quote

( Timmins has been hit hard by bank closures , losing at least 2 banks this year )


Senior irked by bank branch closing in South End


By Sarah Moore

Monday, January 16, 2017 10:11:51 EST PM

For 75-year-old Anna Annala, the closure of the South Porcupine TD Canada Trust branch is going to have a significant impact on her life. She received a letter last week informing her of the closure, which is set to take place on May 12 after regular business hours, but said that she wishes she had been consulted about how this is going to affect not only herself, but others in the community.



TIMMINS - For longtime TD Canada Trust bank customers in South Porcupine, the news that their local branch will be closing and transferring its accounts to Timmins came as a huge shock.

Among those concerned citizens is 75-year-old Anna Annala, a resident of South Porcupine who has been doing her banking at the branch on 90 Bruce Ave. for 40 years.

“It’s a tremendous stress worrying about it, I’m not happy,” she said, noting she received a letter in the mail last week advising her of the impending closure.

In that letter, the reasoning behind merging the two branches was as follows: “Quite simply, we want to

make sure that each branch is equipped to offer you a convenient and comfortable banking experience today, and well into the future. The new location will allow us to do just that.”

In an email statement issued to media last month regarding the situation, Daria Hill, of the TD Corporate and Public Affairs office, cited declining patronage of the branch as a major factor in the decision.

She also noted that “branch mergers are never an easy decision” and that this decision was made “after considering a number of factors.”

Annala laments that she and others in the community were not given more notice of the situation and that they were not properly consulted about how it would impact their lives.

“If you consult the community, you put some kind of a survey paper in the bank with all kinds of questions, like, ‘What do you think if they bank moves to Timmins?’” she pointed out. “And, you send customers a paper to respond to the idea of what they would do if the branch is closed. I have seen or heard nothing like that, yet, they say they have consulted the community. How? Who?”

She explained that accessing the branch in Timmins is going to be difficult for seniors and those with mobility issues – herself included.

Annala is currently fighting cancer and requires a mobility device to walk.

She said simply getting to the new branch is already an obstacle, one that is compounded by a lack of downtown parking.

“The Timmins TD Bank, let’s say I get someone to drive me there, then there are these huge snowbanks right now,” she explained. “There is no parking at the front of the bank, so this person who drives me will have to leave me standing alone, go park the car, then come and walk me into the bank.”

She is thankful to have a support system that can help her accomplish this, but worries that others in the community aren’t as fortunate.

Even if they are able to travel to use the new branch, Annala’s son Timo said that moving to a new bank in a new area is a big stress on people like his mother.

“If you’re older and used to dealing with people here, then you have to go somewhere else, with different surroundings, it’s a huge shock,” he said.

He also scoffed at the bank’s suggestion of taking up online banking or making use of the mobile app.

“The online thing is just a bit of a joke for people of a certain age, it’s just not an option,” he said.

His mother agreed.

She estimated between Spruce Hill Lodge and the Timmins Finnish Seniors Home there are at least 90 senior residents.

“How many of them know anything about the computer?” Annala asked. “They are older folks. Even if you teach them, they aren’t going to trust their money to a computer. It will be hard to do Internet banking, it will be hard to learn, and people will be afraid of making a mistake.”

The concerns of people like Annala have not fallen entirely on deaf ears.

City council addressed the issue in a meeting in December, where they agreed to send a letter to the bank to stress the detrimental impact that the closure will have on residents and how they believe the alternatives provided are simply insufficient.

“Council believes the branch is an important service to the residents of the East End in promoting access to basic banking services, which many still desire to do in person at their local branch,” Timmins Mayor Steve Black told the Daily Press. “I am not sure if TD would change their approach, however, it is important customers express the potential impact of the closure on them personally to their institution. Otherwise TD may feel there are no issues with the change.”

Annala has the same hope, that if enough people voice their displeasure, someone will take notice.

Otherwise, she foresees a great many of her friends and fellow community members making the decision to switch to one of the other banks still operating in South Porcupine.

“I can imagine that 200 people are going to switch, so what does that mean for TD Bank?” she asked. Her son also noted that this situation could have been avoided if the company perhaps offered to maintain an Automated Teller Machine in the East End, rather than removing all of its services.

“I understand, from the bank’s perspective, they need to stay profitable and part of how they stay profitable is by closing branches that are winding down,” he said. “But, keeping an ATM open, there can’t be a whole lot of cost associated with that and the convenience to your customers would be huge. Getting a customer is hard, keeping a customer is harder, but what they are doing is a great way to lose customers.”

Mayor Black stressed that anyone who has concerns over the impending closure should express them both to the local branch and to the bank’s head office.

While Annala is unsure of how she will proceed, she does know she won’t give up trying to find a solution because the stress of transferring branches is simply too much for her.

“I am a fighter, I am going to raise my concerns,” Annala stressed. “I don’t know how much longer my life is — but it’s made harder by things like this.”

The branch, which is located on the corner of Main Street and Bruce Avenue, is set to close on Friday, May 12, after regular business hours.

All current customers will have their accounts transferred to the branch in downtown Timmins, at 6 Pine St. S. This location will be closed Saturday, May 13 to accommodate the merger.

According to a letter issued to current customers, many of the staff from the South Porcupine branch will also be moving to take jobs at the downtown branch.

http://www.timminspress.com/20.....-south-end
RCO





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PostPosted: Sat Feb 11, 2017 10:53 am    Post subject: Reply with quote

National Bank in Vankleek Hill will close in August

 February 10, 2017 Theresa Ketterling Vankleek Hill 198 Views  0 Comment


In a letter sent to its customers on February 9, Vankleek Hill’s National Bank branch announced it will be closing in August of 2017.

The branch on Vankleek Hill’s Main Street will be closing on August 11 at 12 p.m. The letter says an AMB will remain in Vankleek Hill, and all customer accounts will be sent to the National Bank branch in Hawkesbury, unless a customer requests a different branch.

On Friday, branch manager Isabelle Nadeau confirmed the branch will be merging with the one in Hawkesbury, and referred other questions to a National Bank spokesperson. This story will be updated when more information is available.

https://thereview.ca/2017/02/10/national-bank-in-vankleek-hill-will-close-in-august/
RCO





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PostPosted: Sat Feb 11, 2017 10:55 am    Post subject: Reply with quote

Borden-Carleton Credit Union closing, ATM and night deposit still available


Millicent McKay mckaymillicent@gmail.com
Published on January 25, 2017


The Credit Union in Borden-Carleton is seen in this Google Street View image.

BORDEN-CARLETON, P.E.I. — Consolidated Credit Union members in Borden-Carleton are preparing for a change after the bank notified them that they will be closing their facility effective Jan. 27.



However, some services will still be available, like night deposit and a full service ATM.

Staff at the Borden-Carleton location is moving to the Summerside office on Water Street, and will provide personal and cash services there.

“They will still be available to serve the members of this community,” said Sarah Miller, the general manager of Summerside’s Consolidated Credit Union Ltd.

In a notice given to its customers, the bank said this was a proactive response to changes in the business environment.

There are no plans for the Borden-Carleton building at this time

http://www.theguardian.pe.ca/n.....-stil.html
RCO





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PostPosted: Sat Feb 11, 2017 10:55 am    Post subject: Reply with quote

Bank closure irks Westfort residents


The closure of the RBC branch that operated in the Westfort Village for more than 50 years leaves area residents angry and worried.
491 shares
Jan 19, 2017 3:10 PM by: Doug Diaczuk

Westfort RBC
Residents in the Westfort area are worried what the loss of the local RBC branch will mean for the community.


THUNDER BAY - The loss of a long-standing financial institution in the heart of the Westfort Village has left some residents feeling angry, while others are worried about what it will mean for the future of the tightly knit community.

The Royal Bank of Canada branch on the corner of Frederica Street and Brown Street will be serving its last customer on Friday.

“It’s terrible,” said Beulah Fedun, who has been doing her banking at the Federica Street location for the past 54 years. “I depended on it. I’ve heard from a lot of people that they will miss it.”

The closure of two RBC branches was announced last June. The Hodder Avenue location closed its doors on Dec. 9, with customers now being served at the Memorial Avenue location. Customers in Westfort will now have to travel to the new branch on Arthur Street, three kilometres away.

“It’s way more inconvenient,” said Rod MacKay outside of the Westfort RBC branch. “I don’t use computers so when I need to cash a cheque or pay a bill I used to just walk to Westfort, now I have to get in my truck and drive over there [Arthur Street].”

Scott Simon, the regional vice president for RBC in Northwestern Ontario, said it is a sad day for RBC because it has been such an important part of the Westfort community, but unfortunately, new trends in banking are making it more difficult to maintain multiple branches.

“We decided over a year ago with the way traffic patterns are in Thunder Bay, we only needed four branches in our new operating model and unfortunately we had to shut our doors here in Westfort,” he said. “The traffic is definitely down. With the onset of digital it really has impacted the financial services industry and we are not immune to that.”

Simon added that banking and retail industries are working to keep up with changes to how people shop and access services. But even though much of the changes are being driven by the younger generation, he said RBC will not forget about the needs of all its clients.

“It’s a different age and millennials are driving a lot of the changes we are looking to make, but we still care about all of our clients,” he said.

“We know many clients, including the ones at Westfort have been with us for many years and we look to continue to serve them even though there are more digital channels.”

There have been no job losses as a result of the two branches closing, and the 10 staff members at the Westfort branch will be transferred to the new branch on Arthur Street.

According to Simon, RBC will continue to support the Westfort community through volunteer efforts and donations. An RBC ATM will also be set up in Westfort Foods on Monday.

The RBC branch was seen by the business community as an essential service in the neighbourhood, according to Jack Moro, owner of JB Evans and member of the Westfort Village Association.

“Any business in our area closing is going to be a concern for any of our establishments,” he said. “The bank is a major draw, they do a lot of business.”


Moro said the announcement that the branch was closing came as a surprise, but he added that he understands RBC’s situation and is grateful for its years of service.

“RBC has been a tremendous community business for us,” he said. “They have been a great corporate citizen in our area and we appreciate them.”

For those who regularly do their banking in Westfort, seeing the last bank in the neighbourhood shut its doors is a little worrisome.

“It’s our own community,” Fedun said. “We are losing part of that.”

Fedun’s son, Gary, said it was easy for him to take his mother to the bank in Westfort because there was a lot of available parking, and it was easily accessible, which was very convenient for seniors in the area.

“And since she lived in Westfort all of her life pretty well, it’s been a real community thing and I think it’s going to be really missed by the people,” he said.

MacKay added that he was angry when he learned the branch was closing and he worries what the closure will mean for other businesses in the area.

“You cash your cheque here, you spend your money here,” MacKay said. “If you cash your cheque over there [Arthur Street branch], then you’re not going to come here, you’re going to go to Safeway or Metro.”

Moro said business owners are always worried about losing a part of the community, but he is confident that the Westfort Village will continue to thrive.

“We are going to try to find someone to fill that void,” he said. “Not necessarily a bank, we know that that probably isn’t going to happen, but maybe a business to take over that corner. We know the people in this area have a vested interest in this area, they believe in it, and we are going to keep working toward that.”


https://www.tbnewswatch.com/local-news/bank-closure-irks-westfort-residents-515007
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PostPosted: Sat Feb 11, 2017 10:58 am    Post subject: Reply with quote

Bank's withdrawal leaves big hole in little town: Wells


Scotiabank plans to close its branch in Wilberforce and the residents fear the worst.


Scotiabank made it clear at the time of its second quarter earnings report in May that it would be closing between four and five per cent of its approximately1,000 branches.




By Jennifer WellsBusiness Columnist

Sat., Aug. 27, 2016



By many accounts the July encounter between the good citizens of Wilberforce and a Scotiabank vice-president did not go well.

“It was so poorly done, I have to tell you,” says Ann Corrigan, who runs the local marina with her husband. “They really didn’t answer any questions at all. . . They said, ‘We’re sorry but we know this is the right thing to do. You’ll be able to follow us to Bancroft and everything will be fine.’”

Craig McDonald, who owns the local Foodland, was left with a sour taste. “When it comes to banks in general I’ve developed a very bad feel for them now. It’s all about corporate greed. There’s no community support anymore.”

Shannon Hunter, who serves as chief administrative officer for the Municipality of Highlands East, says it was clear that the town hall meeting was merely “a process that they had to follow versus an opportunity for the bank to stay.”

The Algonquin Gateway Business Association penned an open letter to Scotiabank, highlighting the ongoing struggles of small communities to remain vibrant. “The closure of this branch is extremely detrimental to our community,” the letter states. “We know that very little will change this decision. We can, however, tell you clearly that we will not remain Scotiabank customers.”


So it’s safe to say there’s a surfeit of ill will these days in little Wilberforce, a hamlet, really, located within Haliburton County 50 km southeast of Maynooth, which has also been notified that come January Scotiabank will make its exit.

We can’t be surprised, given the seemingly never ending reshaping of the financial services industry. And Scotiabank did make clear at the time of its second quarter earnings report in May that it would be closing between four and five per cent of its approximately1,000 branches. The branch in Beardmore is set to close next month.

In an email, Heather Armstrong, director of Canadian Banking Communications, said this about Wilberforce: “We did not make this decision lightly. We recognize that this consolidation will be an inconvenience to some of our customers and we remain steadfast in our commitment to provide them with the highest-quality financial advice and service. We have extended the hours at the Bancroft branch and will work to assist each customer with the transfer of their accounts to Bancroft or the branch that is most convenient for them.”


But perhaps there needs to be a bigger conversation around the reshaping of small town Ontario, and Canada for that matter, vis-à-vis financial services. I’m thinking of the role of community banking, of relationship lending and community leadership and the presence of a local financial institution to help spur economic growth.

I’m thinking that the federal government should be undertaking a study to determine just how well Canadians are being served and that the province needs to get a better handle on the economic impacts of banks closing.

In Wilberforce, the transition to online banking isn’t the answer, at least not yet. “Our area has limited high speed,” says Craig McDonald. And that’s assuming all residents have access to the Internet, which they don’t, or trust electronic banking. Cellphone reception is poor, he adds. “It depends on who you’re with and which way the wind blows.”

“Things that work in the city don’t work here,” says Ann Corrigan. “And the bank leaving is more than just the bank leaving. It’s about how do we keep money in the community.” She worries that having to travel to Bancroft — a 30- to 40-minute drive — for banking services will cause residents to transfer their shopping dollars there too.

The good people of Wilberforce have taken action. A community group was formed at the town hall meeting and residents have set a clear agenda. “The group was formed to say, ‘You know what? We are not going to just sit back and lose,’” says Shannon Hunter.

The group calls itself People before Profits and has distributed a survey in the hopes of proving a business case — data on mortgages, lines of credit, investments, etc. More than 230 surveys have been collected thus far and respondents are being asked whether they would agree to transfer their holdings to a credit union, should a credit union express interest in moving in, even on a part-time basis. “We’re not being unrealistic here,” says Craig McDonald.

A banking analyst would disagree. But then Bay Street might not understand why McDonald keeps the Foodland deli open, and the bakery too, in the depths of February. For six weeks of the year he operates at a loss. “It’s about community,” he says, the community he moved to because he and his wife wanted to get out of Toronto

https://www.thestar.com/business/2016/08/27/banks-withdrawal-leaves-big-hole-in-little-town-wells.html
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PostPosted: Sat Feb 11, 2017 10:59 am    Post subject: Reply with quote

Wilberforce Scotiabank to close

By Jenn Watt


June 21, 2016


Scotiabank’s branches in Wilberforce and Maynooth will be closing as of January with operations consolidating in the Bancroft branch.


Customers’ preference for online and mobile banking have forced the company to make changes, spokesperson Heather Armstrong said.


“Eighty per cent of transactions in Canada now take place outside the branch,” Armstrong said in an interview with the Echo.


Scotiabank decided it needed to close the two small branches after a review of the market, which took into account the number of customers using the facilities and the way they do their banking.


“And after careful consideration of operations in both Wilberforce and Maynooth communities we’ve made the difficult decision that we’re going to consolidate those branches into our branch in Bancroft,” Armstrong said.


That consolidation will take place Jan. 19, 2017.


Staff were informed of the change on Tuesday, June 14. There are six staff at the Wilberforce branch and three at the Maynooth location.


“We very much hope that many of them [the staff] will make the transition to the Bancroft branch with us,” she said, noting that for those who do not, the bank will “assist them with finding alternative employment within Scotiabank.”


Customers will be receiving letters in the mail about the change advising them of upcoming town-hall-style meetings in Wilberforce and Maynooth July 11 and 12 respectively. Information on the meetings will also be available at the branches.


“While we’re not making the change until January, we’re telling staff and customers now in order to give them as much notice as possible so that we can assist them with this transition,” Armstrong said.


Highlands East Reeve Dave Burton called the announcement “a slap in the face” and said the municipality has contacted the local MP and MPP to work on the issue.


“What I’m being asked to do now is they want everyone to go to Bancroft and I have a lot of seniors here that don’t do online banking and don’t drive. It’s going to be pretty difficult,” he said.


Burton said he was informed of the closure on Wednesday and that councillors and local businesses will be having a community meeting to talk about what to do on Tuesday, June 28, at 7 p.m. at the Lloyd Watson Centre.


Not only will a bank closure affect customers, it will hurt the village’s economy, Burton said.

“We’re trying to develop and bring people in,” he said.


Agnew’s General Store owner Mary Barker said she was “devastated” to hear the news last week.

“It’s going to hurt our town, our community, big time,” she said.


Barker said there is already plenty of talk around town about Scotiabank’s decision and that people are brainstorming how to keep them here and also what might take their place.


“Anyone that I’ve spoken to has really liked the idea of Kawartha Credit Union coming in. That would be nice if they did,” she said.


Armstrong said Scotiabank is aware of the inconvenience of the closure and will be working to assist customers with the change.


Hours at the Bancroft branch will be extended and they will be opening on Saturdays as well.


Wilberforce’s Scotiabank branch opened in 1969. Maynooth’s opened in 1980.

- See more at: http://www.haliburtonecho.ca/w.....HwJgW.dpuf
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PostPosted: Sat Feb 11, 2017 11:00 am    Post subject: Reply with quote

Beardmore, Ont. councillor criticizes Scotiabank for closing local branch

Beardmore's councillor says businesses, community groups will suffer from losing only nearby bank

CBC News Posted: Mar 29, 2016 6:30 AM ET| Last Updated: Mar 29, 2016 6:30 AM ET

The local Scotiabank branch in Beardmore, Ont. is slated to close September 2016.

The ward councillor that represents Beardmore, Ont. says her community is devastated by the news its only bank is closing.

The local Scotiabank branch is slated to leave the community on Sept. 21.

Though many people do their day to day banking online, Claudette Trottier said the move will make it hard for community groups that need cash floats for events.

"We're going to have to travel out of town to go and get money from a bank," she said.

"Then at the same time when we have money that has to get deposited, you're going to have to drive a minimum of an hour to go to either Geraldton or Nipigon."

Trottier added that the longer trip to deposit money could also put local organizations and businesses at a greater risk for theft, as they will need to hold on to cash for longer periods of time.

Scotiabank says it tried to keep branch open

An official with Scotiabank told CBC News that the bank attempted to keep the Beardmore branch viable, including running it with reduced hours.

"We had moved positions from that branch so that we had different availability of services," said Heather Armstrong, a communications director for Scotiabank.

"Unfortunately even with those changes we were just not able to keep that branch open for our customers."

Existing accounts at the bank will be moved to the Scotiabank at the corner of Balmoral Street and Hewitson Street in Thunder Bay, about 200 kilometres away.

The community never got a chance to fight to keep the branch open, Trottier said, adding that she, in partnership with area First Nations, are attempting to bring another bank to town.

http://www.cbc.ca/news/canada/.....-1.3509464
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PostPosted: Sat Feb 11, 2017 11:02 am    Post subject: Reply with quote

( the scotiabank CEO predicted at early as 2015 that many small towns would see closures , now his prediction is coming true )


Small towns to see branch closings, Scotiabank CEO predicts


Clare O’Hara

The Globe and Mail


Published Thursday, Jun. 11, 2015 6:16PM EDT



Canadian towns could see a number of bank branch closures as customers shift away from entering local branches for everyday banking, said Bank of Nova Scotia CEO Brian Porter at an event Thursday.

“As all the banks look at their retail banking footprint in small town Canada, I think you will see some branch closures from a retail banking perspective,” said Mr. Porter, who spoke at a Women in Wealth management conference in Toronto. “We are going through that as an institution now and there are other ways to serve customers.”


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A Scotiabank representative said it reviews its entire branch network on an ongoing basis in all Canadian markets and has seen branch closures – and openings – in both urban and rural areas.

One of the largest drivers of change is in the ability to access banking products through online and mobile channels.

Today, the average Scotiabank customer visits the branch once every two months and accesses the Internet banking platform twice a month, said Mr. Porter. Traffic is accelerating in the mobile banking application that clients now access an average 18 times a month. That amount of activity has the potential to increase, over the next four months, to an average of once a day.

“The increase of technology in the financial services industry is going to have a huge impact on the way Canadians do banking,” said Mr. Porter, who has visited Silicon Valley twice in the last year and will return with the bank’s board of directors in September. “We are out there to modernize the bank and it is not just at Scotiabank, it is happening everywhere. We also know that it is not just happening with the millennials. Many of us want to act like millennials and do our banking right from our pocket.

“The industry is going through a seminal shift in how we interact with our customers and our customers want us to be more relevant,” he added.

The reality could be hard hitting for the residents of smaller towns, who continue to see the bank branch as a central place for social interaction. Branch closures could mean the amalgamation of two branches in a community but consideration will be taken in those areas to provide extra assistance to clients such as extended branch hours, Saturday banking and online- and mobile-bank training.

“We are spending a lot of time on customer segmentation and how we can effectively service our customers better but the customers have to evolve to the reality too,” Mr. Porter said. “And that is going to be a difficult adjustment for some.”

One of the key changes he wants to implement is a more time-efficient account-opening process – a procedure that currently takes about 42 minutes to complete at the branch. Mr. Porter wants to take that down to four minutes.

“Walking into any bank branch [to open an account] is a bit of an arduous process,” said Mr. Porter, who complimented the account-opening process at digital online bank Tangerine, also a subsidiary of Scotiabank, as sleek and efficient.

Scotiabank is looking at a number of technology firms that can help it advance further in the financial services industry, including Palo Alto, Calif.-based Jumio Inc., which stands for “Just use my ID online.” The application can be used for uploading and verifying driver’s licence information from a mobile device.

http://www.theglobeandmail.com.....e24926205/
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PostPosted: Sat Feb 11, 2017 11:04 am    Post subject: Reply with quote

Closure of local N.B. banks affecting rural communities


CTV Atlantic
Published Saturday, February 27, 2016 6:45PM AST
Last Updated Sunday, February 28, 2016 12:24PM AST


Another New Brunswick community is about to join the growing list of bank branches closing its doors for good.

The Scotiabank in Chipman, N.B., informed Mayor Edward Farris of its primed closure in the fall on Thursday.

“We had no warning at all about it,” said Farris. “It was just a surprise to whole community.”

The branch will be consolidated with another Scotiabank about a 20 minute drive away.

It’s a big deal for the small community that currently only has the one bank in the village.

“There’s people that are going to have to travel a long ways to do their banking,” said resident Carlotta Dollard.

“Some of the people can't drive so they'll have to have a vehicle to go, and they’re in the low income,” said resident Ron Boudreau.

Mayor Farris is concerned about seniors being left without a hometown bank. He says the village will try to encourage another banks to come and set up shop, but he's not feeling hopeful.

“I think all banks are announcing they’re doing big cutbacks,” said Farris.

Several small-town banks have closed over the last year, and more are set to. The CIBC branch in Nackawic, N.B., will close in April. Scotiabank will also close a Fredericton branch in September.

The bank indicated last year it was moving towards closing Scotiabank branches across the country.

In a statement to CTV News, Scotiabank says the branch closure is due to what it calls “significant changes to how people are doing banking.”

Scotiabank says it will work with customers to transfer, and also encourage customers to sign up for online banking.

But it’s not everybody's cup of tea.

“I don’t trust it,” said Dollard. “If hackers can get into the government's computers, they can get into ours too.”

Ideas are being floated about what this community will do before the Chipman bank closes on Oct. 6.

“We hope that we can do something, but it doesn’t look good,” said Farris.

Scotiabank is planning its own meeting in Chipman on March 8 to talk about the branch closure.

With files from CTV Atlantic’s Nick Moore

http://atlantic.ctvnews.ca/clo.....-1.2795584
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PostPosted: Sat Feb 11, 2017 11:05 am    Post subject: Reply with quote

Petition gathers momentum to stop closure of only bank in Mayland Heights and surrounding areas


Ryan Rumbolt
More from Ryan Rumbolt

Published on: August 22, 2016 | Last Updated: August 22, 2016 6:34 AM MST


Residents of Mayland Heights are upset over the looming closure of their neighbourhood Scotiabank. They gathered outside the branch on Thursday, May 12, 2016.



Former alderman John Schmal is leading the charge to stop a northeast community Scotiabank from closing down.

Nearly 500 residents of Mayland Heights and surrounding neighbourhoods have signed a petition pleading with Scotiabank to keep their local branch open.

“Four-hundred-and-ninety (signatures), and that’s very significant for a small community,” Schmal said.

“Over and over again we have pleaded with them and we’ve given them a petition that showed our reasons for why it should not be closed.”

In a letter attached to the petition, Schmal said the branch is the only bank representing residents and businesses in the communities of Mayland Heights, Belfast and Vista Heights.


“Today’s city hall planning of new communities focus on people walking instead of driving to available community services,” Schmal said in the letter. “Scotiabank’s top management seem to do their planning in reverse and force their customers to drive to another Scotia branch located at 32 Avenue and 36 Street northeast.”

Schmal said the drive to keep the branch open mainly comes from the affected communities’ senior citizen population.

“Many of them don’t have vehicles any longer, they now walk, and this is their daily walk when they go from their houses to the little shopping plaza,” Schmal said.

“The bank tends to assume or rattle on, saying; ‘Everyone today has access to computers and so it’s all online, so what do you really need us for?'”

The Crossroads Community Association represents the communities that would be affected by the closure. Association president Larry Leach says online banking is not an option for the aging population in the area.

“We certainly understand technology is taking a bigger and bigger role in everybody’s world, but it doesn’t mean it works for everyone.”

Leach said he would like to start an open dialogue with Scotiabank to voice their concerns, but said Scotiabank has not been in contact with the group.

“We’d certainly like to see what the plans are moving forward for our residents,” Leach said. “Because at the end of the day, we want to make sure our resident’s needs are met and taken care of.”

Schmal said he is also concerned closing the branch could affect local businesses in the area.

“The plaza is a key focal point in our communities,” Schmal said. “Scotiabank is considered a key tenant and for them to close their doors could have a very negative impact on the survival of the plaza.”

Leach said the community has kept key businesses and infrastructure from closing in the past, and hopes to add Scotiabank to the list of success stories.

“We fought the closure of our Mayland Heights Elementary School and now it’s bursting at the seams with kids,” Leach said.

“When the community gets up in arms about something we tend to have some success in terms of making sure our citizens’ needs are met, so I hope Scotiabank recognizes that.”

http://calgaryherald.com/news/.....nk-closure
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why are so many rural and small town banks being closed ?

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