Shame on the Bank of Montreal

I cannot begin to express how upset I am at the announced closure of the Bank of Montreal branch in Iqaluit and how short-sighted the southern managers are in their decision to move all the accounts to Pembroke.

First of all, what on earth were they thinking when they chose Pembroke as the proposed home for our business? Many of us travel through Ottawa for vacation, medical or training reasons, and many of us stay at the Southway Inn close to the airport.

If memory serves me right, there is a Bank of Montreal branch right across the road from the Southway that would allow us to do our business in person once or twice a year sitting over a desk from an actual person instead of over the telephone.

Secondly, and more importantly, the bank is missing the point completely when they talk about profits from the local branch; what they are failing to take into consideration is the future profits that they will garner from the business of residents of Iqaluit when, and if, they move to a southern community.

I will not remain with the BMO following this decision and will look to one of the other two banks for my banking needs — and will continue to do so when I move south and require a mortgage, car loan, RRSPs or other banking needs, all of which bring profit to the bank.

The Bank of Montreal has to realize that it is not just closing a branch that is not raking in the profits to which they are accustomed; they are losing a considerable number of clients who will never return to them. Shame on you!

Chris Coles
Iqaluit