Rural Sask. bank closure leaves customers frustrated

Watch: Bank closure in rural Sask. community has many residents financially frustrated

Davidson residents got notice from their local Bank of Montreal (BMO) branch that it would be closing permanently on July 25.

The move comes as a surprise to locals who have been banking there for generations.

“We think it sucks,” said Vicki Thompson. “This town needs a bank. How else do you run a town?”

Customers have been informed they can use digital banking, but farmers and many seniors in the surrounding communities have grown accustomed to a face-to-face interaction when dealing with finances.

“We are losing that everywhere in our world today, personal contact,” said Lana Schmiedge, Davidson resident and former branch employee. “And it’s not a good thing.”

There is still one financial institution remaining in town, the Affinity Credit Union.

But the next closest BMO branch for customers is in Outlook, a drive of more than an hour.

“Not all seniors drive, and you can electronic bank if you like, but seniors can’t do that either,” said Elaine Ebenal, resident of Davidson. “And I do that for all my technical stuff, and I find that it doesn’t always have the answers to the questions you have.”

In an email to CTV News, BMO says it’s adapting to consumer preferences for service delivery, and these decisions are carefully considered. It recognizes that challenges may come with the transition, but help with digital banking is available.

“We encourage any customer who wants help gaining confidence with our alternative baking options to book an appointment with our Davidson team at their earliest opportunity,” reads the statement from BMO.

The branch is holding an informational session February 19 to discuss the move with customers, but locals are frustrated with who is making the decision to close the Davidson location.

“Maybe the boys in the corporate ivory towers might think this over a little bit, and not close all these branches,” said Alf Richardson.

“I think that the decision is not being probably made based on what’s needed in the community, and on the people that it’s affecting,” said Ebenal.

“I find it really frustrating that big corporations think small communities don’t matter,” said Schmiedge. “Small communities matter, and bigger isn’t always better.”

Saskatchewan Association of Rural Municipalities president Bill Huber says the Davidson bank location closing isn’t the first, and it’s not doing any favours for small communities trying to attract healthcare professionals.

“It’s been happening all across the province in the last number of years,” said Huber.

“It was the rural residents and the farmers and ranchers in these small communities that had their loans and their investments with these branches, and did the business with them. And they’re the ones that help build and pay for those branches.”

Davidson Mayor Keith LePoudre says the notice came as a complete surprise.

“This bank’s been here for a long, long time,” he said. “And all of us thought it was very busy, so we’re surprised. To have a bank that was here since 1905 leave is, it’s just hard to understand.”