BMO bites it

Weston has lost another bank.

The BMO at Weston and John closed on Friday; the nearest Bank of Montreal branch is now at Jane and Wilson.

Two TDs, the BMO, the Scotiabank, and one Royal Bank have closed in recent years. (I could be forgetting some, and yet others have closed in Mount Dennis.) We now have only one major bank branch left: the Royal Bank at Weston and Lawrence.

While the major banks have left town, we do have at least 11 cheque-cashing  and money-lending businesses, demonstrating that residents do need financial services—but not ones the major banks will provide.

 

Province seeking input on payday loan shops

Frances Nunziata is asking for you to give the province input on payday loan, rent-to-own and cheque cashing stores—what she calls “predatory lenders”. The proposed changes would make payday loans less attractive.

financial institutions
A search for cheque-cashing shops

For payday loan shops, province is considering

  1. Extended payment periods for repeat borrowers
  2. Lowered lending limits
  3. An extended, six-day waiting period
  4. Clear display of the cost of borrowing and credit counselling information

Most intriguingly, the province is also asking that credit unions be exempt from these regulations.

You can provide feedback on all the proposed changes.