The city of Schreiber, Ont. is dropping its solely bodily financial institution department this summer time. Clients of the Financial institution of Montreal (BMO) residing in Schreiber should go over 200km away to Thunder Bay for service as of July 25, 2025, stated BMO in an electronic mail.
The BMO was the final remaining financial institution department within the space, stated Mayor Kevin Mullins.
“It will be drastic. It will be an enormous change for the little city,” Mullins stated.
Mullins stated he worries dropping the financial institution may have a destructive impression on companies and seniors who want in-person providers.
Syed Zain Hassan, who runs a number of companies in Schreiber, stated it’s going to impression providers locals rely on– together with his three motels, laundromat, gasoline station, comfort retailer and restaurant. Hassan stated his workers make day by day financial institution journeys to deposit money, handle cheques, and get change they want for the laundromat entrance desk.
“It is unfair for a smaller communities as a result of it isn’t simply us that shall be affected by it, it’s going to (additionally) be the neighbouring cities,” Hassan stated.
A number of communities in northwestern Ontario have misplaced many or all of their banks providing in-person providers to prospects over the previous decade.
The Terrace Bay and Longlac CIBC branches closed in 2018, leaving each communities with no chartered financial institution department. Pink Rock’s final financial institution, a CIBC department, additionally closed someday previous to 2018. Atikokan noticed its Canadian Imperial Financial institution of Commerce (CIBC) and TD Canada Belief (TD) branches shut in 2017, however nonetheless has a Royal Financial institution of Canada (RBC) department. The Beardmore Scotiabank department closed in September 2016.
Hassan stated he heard the BMO was closing by way of social media, and needs the financial institution had let prospects know sooner upfront.
“It is virtually affecting like 4,000 individuals instantly and perhaps extra individuals not directly. So I need to know the rationale why they need to shut it down,” he stated.
In an emailed assertion, a BMO consultant advised CBC “we repeatedly assess our operations – together with our department community – to adapt to altering client preferences for service supply.”
It stated it might present sources for patrons to be taught on-line banking.
“As of July 25, 2025 we look ahead to serving purchasers of our Schreiber department at our Harbour Crossing department, positioned at 859 Fort William Rd. Thunder Bay, Ont., — or another department within the Thunder Bay space,” learn the assertion.
