[Stymiest]

What your dealing with here is a classic case of the corporate world at work. A bank is a business and they are not their to catter to your needs. The customer comes second, making money comes first. if The branch is losing money why would it make any sense for it to stay open. Iqaluit isn;t a very big community and their is no real need to have 10 different bank branches just ebcause it conveniences people.

[whelan costen]

Quote from the news article: 'The Bank of Montreal says it's sticking to plans to close its only branch in Nunavut, despite tallying higher profits nationally in August.' <br /> <br />Stymiest you really have to read the articles before you start bashing a poster; there weren't 10 branches, there was one, it wasn't losing money, it was making money, just not enough! People are going to have to pay penalties to move their mortgages to a local branch. This is just called being a bad corporate citizen. <img align=absmiddle src='images/smilies/rolleyes.gif' alt='Rolling Eyes'>

[Stymiest]

[QUOTE BY= whelan costen] Quote from the news article: 'The Bank of Montreal says it's sticking to plans to close its only branch in Nunavut, despite tallying higher profits nationally in August.' <br /> <br />Stymiest you really have to read the articles before you start bashing a poster; there weren't 10 branches, there was one, it wasn't losing money, it was making money, just not enough! People are going to have to pay penalties to move their mortgages to a local branch. This is just called being a bad corporate citizen. <img align=absmiddle src='images/smilies/rolleyes.gif' alt='Rolling Eyes'> [/QUOTE] <br /> the other branches I am sure their is another branch in the town is what I meant. Its called lifew deal with it <img align=absmiddle src='images/smilies/mrgreen.gif' alt='Mr. Green'>

[whelan costen]

Stymiest, if everytime a bulldozer runs over the people, they just say, it's life deal with it, there won't be any people left to complain. What you mean is not 'branch' but another bank, and as I say, there will also be huge costs to transfer a mortgage before it is up for renewal, otherwise their mortgage will be in another province. So you see it is life's expense for the common person, not the corporation which is the problem.

[Stymiest]

[QUOTE BY= whelan costen] Stymiest, if everytime a bulldozer runs over the people, they just say, it's life deal with it, there won't be any people left to complain. What you mean is not 'branch' but another bank, and as I say, there will also be huge costs to transfer a mortgage before it is up for renewal, otherwise their mortgage will be in another province. So you see it is life's expense for the common person, not the corporation which is the problem. [/QUOTE] <br /> <br />I am not saying its good corporate policy too not aide these people in finding a new bank but the fatc is if the branch of BMO is not profitable why keep it open??? Banks are not here to provide you with good service or luxuries this is a business after all and if if it is losing Money the company is not going to keep it open catch my drift?????

[whelan costen]

Stymiest, you are still not getting it, they were making a profit, just not as huge a profit as they want to! Get it! That is an issue, because not just in banks, but when a corporation gets into a community and has a monopoly on a product or services that you depend on, and then pulls out because they aren't making enough profit, you will not have the service or product available. Let's say food, or fuel for example.

[Stymiest]

[QUOTE BY= whelan costen] Stymiest, you are still not getting it, they were making a profit, just not as huge a profit as they want to! Get it! That is an issue, because not just in banks, but when a corporation gets into a community and has a monopoly on a product or services that you depend on, and then pulls out because they aren't making enough profit, you will not have the service or product available. Let's say food, or fuel for example.[/QUOTE] <br /> <br />How did they have a monopoly on iqaluit and how were they making a profit here is a snippet "BMO Bank of Montreal regularly reviews all its branches to determine whether they have the potential to meet their financial targets going forward" Isin;t it quite obvious the Bank did not meet its financial duties thus it should clsoe. Thats business live with it. <br /> <br />"Also, we understand that the most convenient option for many of our customers in Iqaluit will be to transfer some of their accounts to another financial <br />institution in Iqaluit. Please be assured that we will work with our customers to make that transition as simple and smooth as possible. In terms of any fees <br />that may be incurred in this transition, we are aware that every case is different and we encourage customers to meet with the branch staff to determine their options". <br /> <br />As I stated their are other banks withint iqaluit and BMO has offered assistance too help make the move as simple as possible. The Bank wasn;t making enough money too meet financial targets therefore the bank should and is shutting down that simple enough dipshit. They also offered assistance in aiding customers make transaction to another financial institution within Iqaluit now how simple is that to comprehend. Like I said its a business if they don't meet a wuota they have to shutdown. You don't know the schematics of the budget for BMO they ahev hundreds of other banks to provide for in the country if this bank isn;t holding its own then it should be rightfully shutdown. Things don;t just clsoe for no reason contrary to your naive belief lord forbid you ever get elected to office <img align=absmiddle src='images/smilies/mad.gif' alt='Angry'> <br /> <br /> <br />

[Marcarc]

There is also a small Royal Bank in Iqaluit, kind of a one room place, so this at least is not a catastrophe. They did announce it in June so it's not like it's a big surprise, it would have been better if you had sent the letter when they first announced it (though no doubt you didn't know). <br /> This may be actually be a good thing as there's been a movement afoot there to start a credit union and perhaps they can finally get some government help in the process. I have no idea after all the horror stories, lousy service, and rate increases, why anybody would use a bank and not a credit union. <br /> BMO and the other banks have been doing this sort of thing for years. I don't quite agree about the 'it's a business get over it' comment. Canada is not some kind of capitalist utopia where the market reigns supreme. Our government was and is good enough to keep out all foreign competition in banking, while telling many other sectors that globalization is inevitable. This enabled five banks to become billion dollar corporations. They wouldn't even exist if they hadn't been given those protections, so to claim that they have no 'moral obligations' is incorrect. ING and Hong Kong are still fringe players, its odd that with NAFTA about the only thing we kept off the table was our banks (although they've been buying banks in the states for years). Plus, go check out the regulations for starting a bank, there's a good reason we haven't seen a 'new' canadian bank for over a hundred years, because it's almost impossible to start one.

[gaulois]

[QUOTE BY= Stymiest] Isin;t it quite obvious the Bank did not meet its financial duties thus it should clsoe. Thats business live with it. <br />[/QUOTE] <br />Business also have obligations toward the greater community they operate in. If sufficient people find that the big banks are far too greedy, they will find better alternatives. And that too is business and live with it. <br />Stymiest: why don't you publish an article on what you think is Canadian Sovereignty?

[Kish]

[QUOTE BY= Marcarc] Our government was and is good enough to keep out all foreign competition in banking, while telling many other sectors that globalization is inevitable. This enabled five banks to become billion dollar corporations. [/QUOTE] <br /> <br />Not quite true. There are nineteen domestic banks in Canada. Many of them (like Alterna and Citizen's Bank are spin-offs from credit unions and focus a bit more on good service). There is also considerable foreign competition with thrity foreign bank subidiaries operating in Canada. <br /> <br />If the problem is the attitude of the big guys, then the answer is to switch to one that offers you a better attitude (or service, or whatever). Or better still, the Caisse Dejardins is expanding within Ontario ...

[Marcarc]

True, I don't know much about banking in the west. Where I live has three different credit unions, and again, I don't know why anybody would want to have their savings used by a corporation to get filthy rich while giving you less and less service. <br /> I wasn't referring to regional banks or small branches of foreign subsidiaries. My point is that our government enabled the big five to stay the big five. If you have enough protection til you are huge then you don't really need that anymore. The amount of money available in all the credit unions and regional banks couldn't fit in the profit statement of one Bank of Montreal. <br /> Foreign banks couldn't even exist prior to 1980, and from 1980 to 1996 could only operate as 'schedule 2' banks, which had pretty severe restrictions placed on them. There's no question that with a population our size had the scene been different these banks would not be of the size they are today.