Editor,
I have been a loyal customer of the Bank of Montreal (BMO) since Jan 1987, two-thirds of my lifetime.
But this appears unimportant to BMO who, with Grinch-like enthusiasm, announced before Christmas (2024) the closure of our 100 Mile House branch.
Let me turn to the fiasco, Wednesday morning 2025-01-22, where the public "consultation" meeting was cancelled at short notice leaving a few dozen clients assembled there wondering "WTF".
The Bank Act makes it clear: closing a branch is purely a business decision not requiring consultation. If that makes you angry, write to your MP Frank Caputo frank.caputo@parl.gc.ca.
However, the Financial Consumer Agency of Canada (FCAC) has guidelines for the transition process to "no branch in your neighbourhood". The transition must include consultation. "Guidelines" are a code of conduct, not a legal requirement.
Compared to these guidelines, BMO has totally fumbled the ball; and BMO can be censured by the Commissioner of FCAC if enough citizens of 100 Mile complain.
In particular, BMO has a failing grade on guidelines # 12.3, 13.2, 13.3, 15.1 & 15.2.
The debacle on Wed Jan 22 suggests that counter-staff has received insufficient information and training on the closure.
Further, the guidelines stipulate transparency. BMO must share (with us) key factors on which its decision was based, including consideration of alternatives to the closure.
If you are concerned that FCAC guidelines have not been followed, then please phone contact an FCAC information officer at 1-866-461-3222 and explain that guidelines # 12.3, 13.2, 13.3, 15.1 & 15.2. appear not complied with in the BMO closure of our branch. Or write to the FCAC.
Sincerely,
Dr Shane Koscielniak
100 Mile House
