Verona BMO Closure

I am writing to complain about the recent notification I received from BMO Bank of Montreal informing us of the closure of our local branch in Verona, Ontario.

This closure comes as a surprise as no community consultation was initiated prior to receipt of this letter. The letter does not state whether a bank machine will be available, only that there is a public meeting in January where "next steps" will be discussed.

Closure of our branch presents a number of problems. To set some context, BMO is the only financial institution in Verona. Verona is a rural village, north of Kingston, and many of us not only live in the community, but work in the community. To be told that we cannot access banking services, including accessing cash without driving to Kingston, is more than simply a minor inconvenience. Residents of Verona like to support the local community by shopping locally and for some residents, it is necessary to shop in town as they don't have access to public transportation or a car. There is no public transportation outside of the City of Kingston, Consequently, no local bank means people are unable to access cash. Many residents in our community still pay cash for goods and services and there are a number of fundraisers, local events (e.g. Verona Car Show), and charities that only operate in cash. All of these groups as well as the residents in accompanying villages north, west and east of Verona should not be forced to drive to Kingston to access cash and in-person services.

Our Ford dealership, hardware stores, gift stores, food stores, and other local businesses all require local banking services, as do many of the stores located within a 45 km radius. From a business perspective, accessing cash for cash floats is essential, as is having a secure place to deposit cash at the end of a business day. Rural communities deserve to have services in their area and financial services, such as banks, not only employ local residents, but act as a draw for business and housing development.

This move by the bank assumes we live in a cash-less society, which we do not. lt also assumes that everyone has access to transportation, a secure internet connection, and a schedule that allows for commuting 30 minutes to the closest big city. With fourth quarter profits in 2024 listed at $2.3 billion, compared with $1.7 billion in 2023, the bank is not in financial trouble.

BMO's decision comes from a position of profit and privilege, and I ask the Financial Consumer Agency of Canada to schedule a meeting with a BMO representative, local businesses, and residents to reassess this decision.