January 14th, 2025
January 14th, 2025
The Bank of Montreal is shutting down the only bank serving clients in Schreiber and Terrace Bay this July 25. This means people will have to travel 100-200 km to access a physical bank.
"Schreiber's Municipal Office does a bank run (deposits, getting change) three times a week. Now they will have to pay someone for their time, and mileage, to conduct their banking needs in Thunder Bay. For the rest of the community, including those who may not be able to bank using a computer or phone, looking after one’s financial affairs just became much more difficult, if not impossible" said Lise Vaugeois, MPP for Thunder Bay-Superior North.
Schreiber was established in 1883 by CP Rail and in 1901, when the town was incorporated, the Bank of Montreal, in partnership with CP Rail, set up branches at every railway town along the CPR. The bank’s closure marks the end of era and, unfortunately, a significant level of hardship for these north shore communities.
Vaugeois added that "even being open a few hours a week would make a difference to people's lives. Schreiber and Terrace Bay are beautiful places to live, raise a family, and age in place. It is time for each one of us to put pressure on the Bank of Montreal to reconsider closing this branch."