Scotiabank gives Weston one last wedgie.

Screen-Shot-2016-03-15-at-6.35

Right at the corner of Weston and Lawrence sits a unique wedge shaped building that has been there for decades. On July 22nd, the occupant, Scotiabank, will be pulling out of 1885 Weston Road in an attempt (one presumes) to maximize shareholder value. This in spite of earnings up a healthy 6% over the first quarter of last year.

Our local politicians can blather all they want about the evils of payday loan companies in the area but here is a profitable, successful corporation demonstrating that it cares so little about its customers, they can now do their banking at the next closest branches at Weston and Eglinton or Lawrence and Keele – a hefty hike or a $6.00 round trip by TTC. These are the same compassionate folks who recently cut hundreds of jobs in Alberta.

For those of us who don’t use Scotiabank or who do their banking electronically this is probably not a big deal. For low income folks, this is another push towards payday loan companies. Many seniors are not comfortable banking by computer and will be severely inconvenienced by this closure. In addition, as a sign of confidence in Weston’s emergence from decades of neglect, this is a terrible setback. No doubt yet another payday loan company will open in its place.

If I was Councillor Frances Nunziata, MPP Laura Albanese or our non-resident MP Ahmed Hussen, I would be in front of the branch waving placards protesting the closure – in fact I’ll be happy to be part of any such demonstration should any of these representatives wish to show their displeasure and shame Scotiabank for their vote of non-confidence in our community. Embarrassing Scotiabank is probably the only way to get any reconsideration especially if as a result, people decide to move their money to the remaining banks in the area; TD Canada Trust, RBC and BMO.

The Financial Consumer Agency of Canada is interested in hearing from customers who will be inconvenienced by this move: 1-866-461-3222.

If you would like to express your displeasure to Scotiabank directly, call 1-888-722-3970.

And finally, a quote from the lovely folks at Scotiabank:

Although our reach is global, our energies are focused on individual customers, employees, and shareholders, and on building a strong community presence.

8 thoughts on “Scotiabank gives Weston one last wedgie.”

  1. Quite right to see this as a backward step, especially as there are so many people without access to computer banking and who need the service of a teller and a nearby bank.
    CIBC, TD and our own Victory Credit Union (in the plaza behind Tim Horton’s) will benefit, but Scotia customers must go to the trouble of changing their accounts.
    Councillor? Ms Albanese? Mr Hussen? Action?

    1. Really? its called business. There is still Royal Bank, Victory Credit, TD and BMO. we live in a big city, we live in times of technological changes. But don’t worry the 30 storey rental tower and the many more to follow will help “revitalize” Weston Rd……..I guess Scotia saw that potential but decided to leave anyways.

  2. Bob just reminded me that I left out Victory Credit Union by Tim Hortons just off Lawrence. Thanks Bob.

  3. Agrred – the best way to show them displeasure is to let them know you’re changing to another company and then do it.

    Thankfully, I’ve always banked at BMO and I’m sure that they would welcome new clients (as would the others you mentioned).

    The profits you speak of are probably for Scotiabank as a whole – the story of this location could be quite different. If they don’t have enough business or it makes sense for them to move then they have every right to do so.

    P.S. Not everything is a political issue – like this one.

    1. You’re right that people are free to show their displeasure by changing to another bank or credit union. As for being a political issue, a number of years ago, the owners of the Royal York Plaza wanted to sell up and build a subdivision instead. Had politicians not become involved, those stores would not exist today and the area would have been made poorer as a result.
      Scotiabank needs to decide whether it really wants to have a ‘strong community presence’ or if its corporate slogan is just a bunch of feel good words the marketing department came up with.

  4. Folks, this is very much a political issue. Back when I lived downtown in the Queen East area, politicians at all levels worked to persuade and pressure the big banks to come back to the local neighbourhoods. The Regent Park redevelopment was used to leverage a return of bank branches to that area. Furthermore, banks are governed by federal legislation. I’m still waiting for our MP-from-Vaughan, about to enter his sixth month in office by the way, to make a splash. Maybe he’ll persuade his majority government to haul senior bank executives before the House of Commons Finance Committee to explain why they continue to shutter community branches all over the country despite HUGE profits. PS This isn’t just confined to our part of YSW — BMO closed a branch at Jane/Alliance, TD closed a branch at Eglinton/Keele.

    1. And? Its a business. There are plenty of other banks in the area. I can understand if this was a small rural town with only one bank, but it isn’t. Weston should be more concerned with all the garbage lining Weston Rd, shoddy stores, poorly managed apartment complexes, lack of childcare, etc etc…….

    2. sorry I should add, do you really think a Liberal will do anything? LOL….plus with Justin at an all time high, the liberals can really sit back and do nothing.

Comments are closed.