The Mayor of Kitimat, Phil Germuth, has strongly criticized the Bank of Montreal’s decision to close its local branch after more than 70 years of service. BMO announced the closure, set for July 25, redirecting customers to its Terrace branch, 60 kilometers away. Germuth expressed disappointment, arguing that the bank has profited greatly from the community and its businesses, yet is now abandoning the area. He criticized the move as unnecessary and an example of corporate greed.
In a letter to the bank, Germuth expressed frustration with the lack of explanation for the closure, stating that the transition to digital banking options would not be sufficient for many residents, particularly seniors, who may struggle with online banking. Despite the bank offering digital banking support, including seminars and video guides, Germuth plans to cancel his own accounts in protest.
The closure follows a broader trend of Canadian banks reducing their physical operations in favor of digital services, a shift that has been accelerated by increasing customer reliance on online banking. However, local critics argue that this move disproportionately affects smaller communities with limited access to digital resources.
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