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.