Grand Manan residents will be losing their only bank when Scotiabank closes in August.
That will leave island residents with a massive commute to get to the nearest bank on the mainland.
“If the bank closes, my bank visit after that will be nine hours, two ferry rides, and what I call a new bank fee which will be imposed on me by Scotiabank of over $60 for ferry fares and gas,” said Gregg Russell, a concerned island resident.
Residents will have to take a 90-minute ferry ride from Grand Manan to Blacks Harbour. From there, it is a 20-minute drive to St. George, where the nearest bank is located.
There is also a four-hour wait between crossings most of the year. Residents who leave on the 7:30 a.m. crossing would have to wait for the 1:30 p.m. crossing to return home, meaning they would not get back to the island until 3 p.m. — seven-and-a-half hours after they left.
For those who choose the 11:30 a.m. crossing, it would be around 7 p.m. before they got back to Grand Manan.
The hours-long commute will be devastating for customers, especially those with mobility issues, said Russell.
“Some of our islanders with severe disabilities and some of our seniors physically cannot do a nine-hour bank day, we have some low-income families that cannot afford to spend $60 to go get $40 cash,” he said.
Russell mentioned island residents first heard of the closure early this year.
“I believe it was in January and February when every Scotiabank customer on Grand Manan got a letter from the bank announcing the closure.”
Russell organized a peaceful protest in front of the bank on Friday, May, 20., and has planned another protest in Fredericton.
“Next week, the plan right now is a public protest in front of the Legislature and Scotiabank on Kingston Street in Fredericton, and I’m inviting each party leader to say a few words to us, but we’ll see how that goes,” mentioned Russell.
Russell also requested a meeting with the Federal Department of Finance in Ottawa.
“They are our banking regulators, and the question I have is, where are our regulators today when this is happening?”
He also plans to go and meet with the Board of Directors at Scotiabank.
“They ultimately have the power to reverse this decision, so those are my two initiatives, but there’s a whole lot of people doing a whole lot of other things to keep this in the public eye,” added Russell.
The branch on Grand Manan is set to close on August 24, however, residents hope enough public pressure will get Scotiabank to stay.
