Word has quickly spread that Winchester will be losing one of its banks this summer. What many people initially thought was a rumour is in fact a harsh reality – Winchester’s Bank of Montreal (BMO) location will be closing its doors effective July 25 of this year.
Winchester, a town of approximately 2,500 people, will now be served by just one bank: the Royal Bank of Canada (RBC) location on Main Street East. By contrast, Chesterville’s population of about 1,500 people will continue to be served by two banks that sit just 130 metres apart from each other. The only other bank that existed in North Dundas in recent memory was the Scotiabank branch in South Mountain, which closed in 2020 after over 100 years in business. A full service automatic banking machine was left in the foyer of the building, but it was taken out of service when the building suffered a fire in 2023 while being used as a House of Lazarus food bank.
Customers are understandably angry about the upcoming closure. “Customers will no longer receive the friendly smiles and in-person service we’ve come to appreciate,” Stephanie Berry told the Times. “Seniors and others who aren’t tech savvy or choose not to be that do business in branch will no longer have that option unless they switch banks. I personally visit the bank every few weeks to get change to use the laundromat, and I need to go in to the cashiers for this service. If I want the same kind of convenience, I will have to change banks to a bank that is more convenient for me.”
Stephanie is not optimistic that customer feelings will change the situation: “Commenting on the closure won’t do anything. It’s not going to change the result. It’s all down to the bottom line for banks. They just don’t care about the effect they have on a community by pulling out. It’s just business to them.”
BMO insists that the branch closure will have a minimal impact. “We continuously assess our operations – including our branch network – to adapt to changing consumer preferences for service delivery,” said a spokesperson for BMO. “These decisions are carefully considered. We will ensure clients can transition smoothly.”
By “transition”, the company is referring to its hope that customers of the Winchester location will take their business to the Finch branch, or another location. However, most customers would find greater convenience by switching to one of the other three North Dundas banks, leading to many area BMO customers insisting that they will be taking their business elsewhere. The company spokesperson would not answer a question about why Winchester’s branch was chosen for closure.
“We recognize that challenges can come with a transition like this for some customers and we are providing support,” the spokesperson added. The company is heavily pushing for customers to make greater use of online banking services. “Customers can stay updated on developments at our branch, where they can also learn more about how we will support them through this transition.”