The only bank serving residents in Schreiber and Terrace Bay is shutting down.
BMO has announced that its bank in the area is closing on July 25.
“Schreiber’s Municipal Office does a bank run (deposits, getting change) three times a week,” said MPP for Thunder Bay-Superior North, Lise Vaugeois. “Now they will have to pay someone for their time, and mileage, to conduct their banking needs in Thunder Bay. For the rest of the community, including those who may not be able to bank using a computer or phone, looking after one’s financial affairs just became much more difficult, if not impossible.”
According to the provincial NDP Schreiber was established in 1883 by CP Rail and in 1901, when the town was incorporated, the Bank of Montreal, in partnership with CP Rail, set up branches at every railway town along the CPR.
The party is fighting to keep bank services in the community.
“Even being open a few hours a week would make a difference to people’s lives,” added Vaugeois. “Schreiber and Terrace Bay are beautiful places to live, raise a family and age in place. It is time for each one of us to put pressure on the Bank of Montreal to reconsider closing this branch.”
The next physical bank location is roughly 100km outside of Schreiber.
