New Brunswick news: Grand Manan’s only bank is closing
Residents on the New Brunswick island of Grand Manan are rallying to maintain their village’s solely financial institution open.
The Financial institution of Nova Scotia, or Scotiabank, notified clients of its plans to depart Grand Manan in January. The closure of the financial institution department, together with its computerized banking machine, is scheduled for Aug. 24.
Residents say they’ve many questions on why the financial institution is leaving Grand Manan after working on the island for nicely over a century.
Scotiabank held a digital assembly with island clients earlier this 12 months.
“It was actually a time to encourage all of us to go digital banking,” says resident Gregg Russell.
A number of residents felt their particular questions and considerations weren’t answered on the assembly.
“It virtually appeared scripted,” says resident Selena Leonard. “He simply stored repeating the identical reply each time a query was requested.”
Scotiabank wouldn’t conform to an interview request from CTV Information.
In a written assertion, Scotiabank says, “We didn’t make this choice flippantly and we perceive that this may have an effect on the folks and group of Grand Manan.”
Scotiabank’s written assertion additionally says it frequently opinions buyer numbers in market areas together with the methods clients are doing banking. Scotiabank wouldn’t share these particular particulars for Grand Manan.
CONCERNS FROM CONVENIENCE TO PUBLIC SAFETY
Scotiabank says buyer accounts from the Grand Manan department might be transferred to its department in St. George, N.B.
Grand Manan’s solely common connection to the mainland is a one-and-a-half hour ferry journey every approach. The St. George department is about 20 kilometres from the ferry’s touchdown in Blacks Harbour, N.B.
Island resident Charlotte Frost says if she took the island’s first morning ferry to do banking on the mainland, the earliest she’d be capable to return to Grand Manan is late that afternoon.
“It’s not so simple as they make it out to be,” she says.
Different residents say the price of leaving the island to do banking, together with the ferry payment and rising fuel costs, will trigger hardship.
“It’s going to price me 60 {dollars} to get 40 in money from the financial institution,” says Russell. “It doesn’t make a whole lot of sense.”
One other fear is the potential for island residents and companies to have giant portions of money available.
“You received’t be travelling two or three days per week to go to the mainland to do your banking,” says Leonard, who additionally owns two eateries on the island. “I’m fearful too of extra temptations for break-ins as a result of individuals are going to know that you would be able to’t take it to the financial institution. So that you’re going to must hold it someplace.”
HOPES FOR A DECISION REVERSAL
In its written assertion, Scotiabank says it’s centered on serving to clients make the transition to on-line and phone banking.
Scotiabank wouldn’t share what number of workers are affected by the department’s closure in Grand Manan, nor what their future with the corporate could be.
Grand Manan residents are nonetheless holding out hope for Scotiabank to vary its thoughts.
On a current journey to Toronto, Russell held a one-man protest exterior Scotiabank’s company workplaces.
“I spent two hours speaking to many, many individuals who couldn’t consider what was taking place,” says Russell, who tried unsuccessfully to schedule a gathering with company officers.
“I stated, it’s humorous, once you need my cash everybody will discuss to me. When I’ve a grievance, no person will discuss to me.”
A protest at Scotiabank’s Grand Manan department is scheduled for Friday. Russell says extra protests are being organized each on and off the island.
BANK BRANCH CLOSURES A GROWING TREND
Grand Manan’s financial institution closure might current distinctive challenges, nevertheless it’s additionally a part of a rising pattern.
In response to the Canadian Bankers Association, the variety of financial institution branches throughout the Maritime area has been gone down in recent times. Between 2016 and 2020, New Brunswick misplaced 10 financial institution branches (from 152 to 142). Nova Scotia recorded a decline of seven financial institution branches (from 192 to 185), whereas Prince Edward Island misplaced two (from 27 to 25).
The one banks in Chipman, N.B., and Hartland, N.B., left these communities in that point.
In all, a complete of 407 financial institution branches have disappeared throughout Canada between 2016 and 2020 — from 6,190 financial institution branches down to five,783, in response to the Canadian Bankers Affiliation.
