Another Consequence of Covid-19

The (now deceased) Bank of Montreal branch on Weston Road and John Street. The bank where time stood still.

According to a friend in the banking business, online banking has expanded hugely during the pandemic. People who until recently have resisted modern technology are being been forced into the digital age. Huge resources have been diverted into teaching these customers how to use internet banking over the phone and apparently once they have tried it, many have found it surprisingly easy and have indicated they will continue after Covid goes away (2022?). They have been pleased with how easy it is to move money between accounts and don’t miss waiting in line although many also regret losing contact with a human teller.

As a result of the adoption of online banking by many more people, my source tells me that bank bosses are accelerating plans to close branches earlier than they dared hope a few months ago. We’re down to a precious few branches in Weston. Let’s hope that some will remain.

Thought of the day: Did you ever imagine that one day you’d put on a mask and enter a bank?

5 thoughts on “Another Consequence of Covid-19”

  1. We have a cherished Community Credit Union in Weston, the former Victory Community Credit Union, now under the much larger Luminus Financial Credit Union, based at # 1 Yonge St (Toronto Star Building). The same staff at the Weston Branch provide excellent service at reasonable rates, including a provision for the payment of small dividends every six months on Chequing accounts, unprecedented at the Big Five.

    This community needs to support our credit union so it can better support us. Why don’t you offer your readers this information and urge them to switch their banking before the last bank in downtown Weston, the RBC and in Mount Dennis, the Scotiabank closes their branch doors.

    Adrienne McKenzie and Joan Schmidt-Campbell, #11-2011 Lawrence Ave W. 416-366-366-5534.

    1. You just did Al. We have mentioned Victory, now Luminus in the past here, here and here. If you do a search for Victory Credit Union in our archive search, you’ll find articles under their older incarnation.

  2. Banks have long been closing branches way before COVID….its just another excuse.
    Luminus Financial should move into the old BMO branch on Weston Rd….now that would be cool.

    1. I personally spoke to the President of Luminus at a meet and greet when VCCU merged with them a couple of years ago and highly recommended this to them. I thought the exposure would be a wonderful way to build their branch and offer more exposure compared to where they are currently. This was around the same time that we knew about the TD moving up to Crossroads. I suggested that it would be an awesome location for them to move to but it did not work for them at that time. And, banks will not lease their space to another financial institution. If they could, then RBC could have moved into a bigger space at either BMO or TD. Now that the banks don’t own either location, it would have been a good time to broach the subject but the spaces are no longer reflective of a bank set-up.

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