WINCHESTER – Citing changing consumer preferences, BMO announced last week that its Winchester and Ingleside branches will close in July.
The move is part of a Canada-wide branch closure initiative which also has branches in British Columbia, Northern Ontario, and Nova Scotia on the chopping block.
BMO spokesperson Jeff Roman told The Leader that the company continuously assesses its operations.
“These decisions are carefully considered,” he said. “We will ensure clients can transition smoothly.”
Ingleside clients will move to the Morrisburg branch for any in-person services starting July 25, while Winchester BMO clients will go to the Finch branch. The branches are 20 and 25 kilometres apart respectively.
The announced closure in Winchester will leave that village with only one RBC Bank branch, and the Township of North Dundas with three banks as Scotiabank and TD Canada Trust have branches in Chesterville.
For South Stormont, the announced BMO closure will leave the largest township in SDG without any banking services.
Roman did not answer any specific questions asked about the reasons for the closure, the number of closures across Canada, the impact on seniors, or leaving South Stormont as a banking desert. Roman provided a statement which explained that the company offered different platforms for banking, and that it is offering demonstrations for customers on how to use digital banking.
“We recognize that challenges can come with a transition like this for some customers and we are providing support, including delivering in-person seminars focused on our comprehensive digital and telephone banking platforms,” Roman said.
South Stormont Councillor Jennifer MacIsaac said there are many implications for this closure in South Stormont.
“As the only financial institution in all of South Stormont, this branch provides a vital service to our community, particularly to our senior residents who rely on it for their financial needs,” she said.
Since customers were notified, MacIsaac said that residents have been vocal about the closure.
“This closure would not only impact individuals but also have broader implications for the economic and social fabric of South Stormont,” she explained adding that council will be discussing the announced closure at their January 22 meeting. “We remain committed to advocating for solutions that prioritize the needs of our community.”
North Dundas Councillor Matthew Uhrig said that while losing any business has a negative impact on the community, there are larger implications.
“BMO’s ultimate closure will force those bank users to travel outside the municipality, which is likely to see them spending their dollars outside the community. Instead of planning a bank trip in
Winchester, while also hitting local shops, grabbing lunch at a local restaurant, users will instead be taking that business elsewhere,” he said.
Uhrig said the lack of accessibility from not having in-person banking is an issue for many residents.
“Some aren’t accepting, understandably, of online banking. Some don’t have access to vehicles, or an available ride. Some don’t have any interest in banking outside their home community. Others are generational and have only known one bank,” he explained adding that he hoped some form of ATM will remain in the town for people to access.
BMO installed a bank machine in the Foodland in Iroquois after it closed its branch in that village in 2018.
Uhrig said there have been discussions about possible advocacy to keep the branch open, and if not how to use the building once it closes.
“The news of the bank’s closure was jarring for many. Now it is time to work behind the scenes or in the public eye to see what we can do to change executive mindset and ensure they understand that rural communities rely on these types of institutions,” he said.
There has been a regular stream of bank branch closures in Eastern Ontario in recent years.
In 2018, BMO closed its branch in Iroquois and in 2003 it closed its Williamsburg branch. Scotiabank closed its South Mountain branch in June 2020. Iroquois’ RBC branch reduced its in-person teller service to three days per week during the pandemic, a schedule that has not improved since then.
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