People in Brussels, Ont., say they now have to travel out of town for banking services after the only bank in their rural area has closed for good.
CIBC shut down its single branch in the town, which is nearly 100 kilometres north of London, on Thursday. Locals will now need to make a 32-kilometre trip to Listowel if they want to visit a physical bank.
However, many are concerned that this will be tough for those in the community, especially seniors, Mennonite families, and others who either can’t travel or can’t afford to do so frequently.
“It is very much a cash society, so not having access to cash is difficult. If you don’t drive, you have to pay somebody and we all know the price of gas; it’s not like you just make a trip every now and then,” retired senior Marguerite Oberle Thomas told CBC’s Afternoon Drive.
“There are so many of my friends and people I know who get around on scooters and there’s no way they can possibly get out of town. It’s just horribly inconvenient for them.”
A CIBC spokesperson mentioned that the branch’s closure was due to low foot traffic and most transactions being done online, adding that it was a difficult choice.
“Our Brussels banking centre has experienced lower business volumes for some time, and the majority of client transactions now take place outside of a banking centre through mobile, online and telephone banking,” said Kira Smiley. She also noted that an ATM would still be available in the community.
“In instances where a significant decline in transaction volumes necessitates the difficult decision to close a banking centre, our teams are focused on supporting clients through a smooth transition to their new location.”
LISTEN | How the closure of the only bank in this Ontario town will affect the community:
Afternoon Drive8:11Residents in Brussels, Ont., on edge after the only bank in town closes
Community members in this small Huron East town must now leave town for their banking needs since CIBC’s only branch closed permanently on Thursday. Residents Rick Demaray and Marguerite Oberle Thomas share what this means for locals and why traveling elsewhere isn’t an option for everyone.
The company stated its rural banking network is one of the largest in Canada and claimed CIBC “has closed fewer banking centres than any other major bank over the past five years.” However, Smiley did not disclose how many branches CIBC has shut down recently.
This year alone, CIBC closed its lone branch in Ilderton as well; this impacted several small businesses and farmers who depended on it for everything from deposits to bill exchanges.
Brussels resident Rick Demaray pointed out that CIBC has also closed branches in nearby towns like Blythe, Teeswater, and Milverton over recent years. He worries that these changes will hit seniors and marginalized groups especially hard.
“What about people who don’t have computers or who receive social assistance but don’t have cell phones? Some folks still get physical checks mailed to them-where do you want them to go cash those checks?” he asked.
Demaray described banks as “central hubs” within communities; he’s concerned that without one there won’t be much reason for people to come into town anymore. Plus, many local businesses use coins which won’t be available at just any ATM.
![]()
Marguerite Oberle Thomas stands in front of the last remaining ATM from CIBC’s now-shuttered branch in Brussels, Ont. She worries that this change will negatively impact seniors and marginalized communities unable or unwilling to travel outside their area or lacking access to technology. (Submitted by Rick Demaray)
“If I’m going to take my banking somewhere else then I might as well pick up my groceries while I’m there too,” Demaray said.
“There are lots of businesses here still operating with cash. What do they expect those places with thousands of dollars at day’s end should do? Those businesses will struggle as well.”
CIBC informed residents about its closing plans last September; company representatives held a public meeting in November regarding it all. However, Thomas feels like local concerns were ignored during that process.
Thomas and Demaray visited their bank one last time before it officially closed on Thursday; they said goodbye to staff they’ve known for decades.
“It was hard because the staff serving there have been so good to our community over all these years. It’s just such an empty feeling,” Thomas shared.
Source link
Source link
