SCHREIBER, ON – The Bank of Montreal (BMO) has announced it will shutter its branch in Schreiber, the only bank serving clients in both Schreiber and Terrace Bay, effective July 25. The closure will force residents to travel between 100 to 200 kilometers to access in-person banking services.
The impact of this decision has raised significant concerns among local leaders and residents. “Schreiber’s Municipal Office does a bank run three times a week for deposits and getting change. Now, they’ll have to bear additional costs, including paying someone for time and mileage to handle banking in Thunder Bay,” said Lise Vaugeois, MPP for Thunder Bay-Superior North.
Vaugeois highlighted the struggles for residents unable to use online or phone banking. “For many, looking after financial affairs just became much more difficult, if not impossible,” she said.
End of an Era
Schreiber’s history is deeply tied to the Bank of Montreal, which has served the community since 1901 as part of a partnership with CP Rail. This closure marks a significant shift for the town, which was established in 1883 during the construction of the Canadian Pacific Railway.
Calls for Reconsideration
Vaugeois urged the Bank of Montreal to rethink its decision. “Even being open a few hours a week would make a difference to people’s lives,” she said. “Schreiber and Terrace Bay are beautiful places to live, raise a family, and age in place. It’s time for us all to pressure BMO to reconsider closing this branch.”
A Community Left to Cope
The closure raises concerns about the viability of small towns and their access to essential services. With limited local banking options, Schreiber and Terrace Bay residents face an uphill battle to manage their finances and maintain their economic resilience.
