TD Canada Trust closing Weston branch.

TD Canada Trust bids farewell to Weston and hundreds of potential new customers.

TD Canada Trust has officially announced the upcoming closure of its Weston branch at 1979 Weston Road. Adam broke the story last year. The bean counters at TD Canada Trust have decided that closing the Weston branch will save them more money than the potential loss of clients. According to the bank handout regarding the closure,

Prior to making a decision to close a particular branch and move customer accounts to another branch, TD Canada Trust always undertakes a thorough review of the customer impact of the move. If our review indicates that the move may result in some particular concerns for all or a certain group of the affected customers, TD Canada Trust will hold an information session to discuss our plans and how we propose to deal with those concerns.

From September 21, Weston customers who stay with TD will be expected to schlep along to 2547 Weston Road at the 401. It’s another example of the banking industry reaping huge profits while abandoning their customers. This also makes room for payday loan companies to fill the void; unconscionable in a community with a fair number of vulnerable residents.

There is a ray of hope via a federal government agency called ‘The Financial Consumer Agency of Canada‘ (FCAC).  According to the blurb that came with news of the closure,

“You should know, however, that under the regulations, the Commissioners of the FCAC may require TD Canada Trust representatives to hold and attend a meeting with FCAC representatives and interested parties, in order to exchange views about the closure of a branch IF:

  1. An individual from the area affected by the closure of the branch submits a written request to the FCAC for the meeting; and

2. TD Canada Trust has not adequately consulted the community about the branch closure; and

3. The request is not frivolous or vexatious.”

I’d like to know who the bank consulted with before deciding it was ok to close the branch. My wife has an account at the branch and this is the first she’d heard about the closing.

If you feel you haven’t been consulted enough about the move, submit your non-frivolous written request to:

Financial Consumer Agency of Canada
427 Laurier Avenue West, 6th Floor
Ottawa ON K1R 1B9

Phone contact for TD Canada Trust: 1-866-222-3456

Phone contact for FCAC: 1-866-461-3222

Perhaps this is where York South-Weston’s non-resident MP, Honourable Ahmed Hussen could get involved. Scotiabank’s closing was seemingly ignored by Mr. Hussen – a self-described social activist. I contacted his office and a staff member said they would pass my concerns about the latest bank closing to the minister.

Ahmed Hussen MP: 416-656-2526

 

Another bank closes

In the ongoing story of banks bailing and gutless governments, the CIBC at Weston and Eglinton has permanently closed and ‘merged’ with a branch 3 km away.

A TD, Scotiabank, and an RBC branch have already closed in York South–Weston. The TD bank at Weston and Church is slated to close by the end of 2018.

The bank closures are not for want of profits: there are at least 15 payday loan shops in the riding.

Mount Dennis CIBC Banking Centre to close

The Mount Dennis CIBC Banking Centre

According to the CIBC website, the CIBC Banking Centre at 1174 Weston Road will close on Friday, October 20, 2017 at 1:00pm and merge with the Keele and Saint Clair Banking Centre 3 km away. Despite big banks’ record profits, there is an ongoing trend to close and consolidate branches. Weston’s Scotiabank branch closed last year.

Who will be affected most by this? People in the neighbourhood who walk to the branch or even worse, those who are uncomfortable with or cannot afford computers; namely the poor and the elderly.

One wonders, if payday loan companies can afford to have branches on every corner, why can’t the big banks?

CIBC would like you to move your banking to here.

Banks know that customers are loath to change from one bank to another and feel that cutting service (and jobs) is better for business than serving people where they live.

Mount Dennis CIBC customers may wish to move their business elsewhere. Credit unions are noted for their customer service and would be happy to welcome new clients. If you have to use the car anyway…