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Residents in Brussels, Ont., say they’re left with no choice but to travel out of town for their banking needs after the only bank in the small rural community has permanently closed.
CIBC shut down its sole branch in the town, located almost 100 kilometres north of London, on Thursday. Locals will now have to travel 32 kilometres to Listowel to access a physical bank.
However, some worry that will be a challenge for many in the community that is largely made up of seniors, Mennonite families and others who are unable or can’t afford to travel back and forth.
“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 in scooters and there’s no way they can possibly get out of town. It’s just horribly inconvenient for them.”
In a statement to CBC News, a CIBC spokesperson said the branch’s closure was due to low foot traffic and most transactions happening virtually, adding that the decision wasn’t made lightly.
“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, adding that an ATM will remain 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 the small Huron East town must now travel out of town for their banking needs after the sole CIBC branch permanently closed on Thursday. Residents, Rick Demaray and Marguerite Oberle Thomas share what this will mean for the community and why travelling elsewhere isn’t an option for everyone.
The company said its rural banking centre network is among the largest in Canada and that CIBC “has closed fewer banking centre than any other major bank over the past five years”. Smiley did not say how many branches CIBC has closed in recent years.
In 2023, CIBC closed its only branch in Ilderton, which impacted several small businesses and farmers in the Middlesex County village who relied on the bank for everything from deposits to exchanging bills.
Brussels resident Rick Demaray said CIBC has closed branches in other nearby towns, including Blythe, Teeswater and Milverton in recent years. He believes the move will especially impact seniors and marginalized communities.
“What about the people who don’t have a computer or who get social assistance, and don’t have a cell phone? Some of these people are getting an actual physical check in the mail so where do you want them to go to cash that check?” he said.
Demaray said the bank is a “central hub” and fears the community will lose its vibrancy because without the bank, people won’t have a reason to visit the town. Also, many businesses and laundromats use coins which the remaining ATM cannot provide.
Marguerite Oberle Thomas stands in front of the last remaining ATM from CIBC’s now-shuttered branch in Brussels, Ont. She worries the move will negatively impact seniors and marginalized communities who cannot afford to travel outside of town or don’t have access to technology. (Submitted by Rick Demaray)
“If I’m going to take my banking to another town, then I might as well get my groceries while I’m there and I’ll also stock up on other things while I’m there,” Demaray said.
“There are many businesses in town here that are still running on cash. What do they want them to do with the thousands of dollars in cash at the end of the day? Those businesses are going to suffer as well.”
CIBC told people in Brussels about its closure plans last September and representatives from the company held a public meeting in the town in November. However, Thomas believes the community’s concerns went unheard.
Thomas and Demaray visited the bank just before it closed on Thursday and said goodbye to the staff they’ve worked with for decades.
“It was hard because the staff serving there, they’ve been so good to the community over the years. It’s just such an empty, empty feeling,” said Thomas.