Bankless

Scotiabank branch to close next June

Wellington’s only bank is closing. Scotiabank began advising customers last week that it will shutter the village’s bank on June 2 at 11 p.m. It is consolidating services and accounts at the Picton branch at 211 Main Street.

The bank advises that account numbers used in Wellington will remain in Picton. Cheques issued in Wellington will continue to be honoured.

“We are excited to welcome you to our Picton branch,” wrote Chris Skinner, district vice president, Scotiabank, in a note to businesses.

The Times was advised to direct further questions to the bank’s communications department. These were our questions:

1. Will the bank have any remaining footprint in the village? Banking machines?
2. Our population is comprised of seniors— folks who rely on in-branch banking more than younger folks. Moreover, as Wellington is a rural village, transit services are almost nonexistent. Did these factors weigh in on the decision to close this branch?
3. Were other options considered, other than closing it? Scaling down? A smaller location?
4. What will happen to the building? Will it be sold? Would the bank consider selling the building to another bank?
5. The municipality has forecast a quadrupling of the village population—from 2,200 to 8,600 people over the next two decades. Have you seen these forecasts? If the bank understood such growth was likely, would it alter your plans?

The following was the response from Yara Jouzy, manager.

“After careful consideration, we have made the difficult decision to relocate our services at our Wellington branch to our branch at Picton. With client preferences changing and more day-to-day banking being done digitally, we are continuing to evolve how we serve our clients and invest in areas that make it easier for our clients to bank with us in multiple ways. We are communicating this change to all affected clients and will be working with them to ensure a smooth transition. Our teams in Wellington and Picton are committed to assisting all clients with any questions they may have.”

Wellington Scotiabank customers had other opinions.

“It punches a big hole in our community,” said Addie Pierson, owner and manager of Pierson’s Foodland in Wellington. “A bank is a core part of a viable community. People come out to the pharmacy, to the hardware store, the bank and the grocery store. When one of these components disappears, it compromises the entire village.”

A majority of her customers now use a card (debit or credit) to pay for groceries, acknowledged Pierson. Managing cash— storing, counting, transporting—is no longer the burdensome routine in her business that it once was. Pierson’s primary concern regarding the loss of the bank branch is for the economic health and vibrancy of the village.

Evan Nash of Wellington Home Hardware has the same worries.

“The bank’s decision affects the overall viability of doing business in Wellington,” said Nash. “It is one more reason for customers to have to leave town, which of course means lost opportunity for all businesses in Wellington.”

He reports disappointment among his customers upon hearing of the bank’s closing.

“A bank is a staple to any small town. Customers are inconvenienced and feeling betrayed.”

Nash also worries about the many seniors who live in Wellington.

“It adds more complexity for them. The bank is being selfish by forcing them online instead of providing the service which they require.”

Many migrant workers who tend the fields and vineyards nearby also rely on the Wellington bank to send money home each month. The ripple effect will be felt beyond the district.

On the other side of the ledger, Scotiabank has long served as a strong and faithful community citizen, contributing funds and resources to the arena build fund, the County Marathon and Rotary beach projects, among other vital efforts. Its loss will be meaningful.