Two North Okanagan banks in rural communities will close and be moved to bigger centres in the new year.
Scotiabank in Lumby is moving to the Vernon Main Branch (3213-30th Ave.) effective Sept. 12, 2024.
BMO (Bank of Montreal) in Enderby will close earlier and move to Salmon Arm effective April 24, 2024.
In a letter to its clients, Scotiabank district vice-president Larry Clements said “careful consideration of the market” was the reason to relocate to Vernon.
“We’ll be much better equipped to provide the one-on-one financial services you have come to expect from Scotiabank,” said Clements. “It is our commitment to continue to provide you with the right advice and solutions catered to meet all your financial needs.”
The move leaves Lumby without any financial institution. ValleyFirst Credit Union pulled out of the village earlier in 2023.
“This is a big deal for us because when banks leave, businesses don’t want to come here,” said Lumby mayor Kevin Acton. “It’s one of the things a business looks for when coming to towns.”
Acton also said the move will affect people working in Lumby who share similar hours as banks in how they do their banking business.
Lumby Scotiabank accounts will be automatically moved to Vernon, and there will be no interruption in service. The institution says clients will have access to their accounts at all times and there will be no changes to account numbers.
“Although your accounts are moving to the new branch, this does not mean you are required to bank at this location exclusively, as you have the flexibility to seek advice at any location that may be more convenient for you,” said Clements.
Anyone with a safety deposit box will have it securely moved to the Vernon branch unopened, and there will be no changes to access procedures.
Letters provided by Scotiabank also included digital banking brochures to look at as a potential banking option.
Black Press has reached out to Scotiabank to see how many employees are affected and if those employees will be moved to other branches.
While Enderby BMO residents were given nearly six months notice of the pending change, clients can make the move to Salmon Arm before the April 2024 closure.
“We are committed to making this move as easy as possible for you and ensure that you continue to receive the same great BMO service you have always received,” said regional vice-president Stephanie Partridge in a letter to clients.
“The Salmon Arm branch is already open and you can begin using it at any time.”
Like Scotiabank, BMO users in Enderby will have bank accounts, loans and investments automatically transferred. However, if you’re an Enderby BMO user with a safety deposit box, the bank says it is unable to move them to the new location and owners have to visit the Enderby branch to close the box by March 22, 2024.
“We continuously assess our operations – including our branch footprint – to ensure that we are able to serve our customers with the products and services they need,” said Anke Suwanda, senior manager of media relations for the BMO Group.
“We will ensure clients are able to transition smoothly and look forward to serving them at our Salmon Arm branch. We encourage our customers to come and see us in Enderby, or any location, to review all their banking options.
“We are working with branch employees to help them find other opportunities in the bank.”
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