Dear Readers,
The closing of the Beachburg bank is much more than a local concern, rather more through ignorance than deliberation since it challenges the Bank of Nova Scotia nationally, with regard to its knowledge of and respect for its own vital history. A moment’s reflection on Canada’s early history will ensure the vital role of this little legacy bank. Whereas the fur trade was the first industry in Canada, the second was the tall white pine of the Ottawa Valley, which fuelled export trade for the building of ships for the European Napoleonic Wars.
Lumber barons were required to create their own currency and banks. Alex Fraser of [the former] Westmeath Township, home of the Beachburg bank, and R. Bryson of Fort Coulonge were foremost; and in 1823, there were over 80 branches, including 15 in Saskatchewan and Manitoba. During this time the Bank of Nova Scotia was an eastern bank with no branches west of Ontario.
The bankers decided to merge to create a truly transcontinental bank and did so with the exchange of shares and board positions. The only remaining original heritage bank of this story is the Beachburg bank. Its careless loss to Canadian banking history would be tragic.
Bill C-86 states the Division 10 Amendment to Bank Act and Financial Consumer Agency Act Purpose is “protection of customers … responsible business conduct, disclosure and transparency.”
There are five notable breaches of provision by the Bank of Nova Scotia. Division 2 Fair and Equitable Dealings, Section 627.03 False or Misleading Information states, “No institution shall communicate or otherwise provide false or misleading information to a customer or the public.”
The sign posted at the bank for customers reads, “Beachburg bank will move to Cobden” is false. The truth is the bank will close.
Section 627.08 (1) states, “…ab institution shall not provide … service without first (a) obtaining the person’s express consent to do so.” Section 627.09 states, “any communication … language that is clear …”
A breach of notice in wall of bank reads, “We will transfer your account to Cobden.” This is a transfer without consent.
More unacceptable conduct of bank procedures are; short notice of meeting; refusal to briefly postpone meeting; meeting called during sever weather on January 28; venue was too small, 200 to 300 persons were present and half were forced to stand; and the first remark of the bank representative at the meeting was, “The decision is made that the bank will close,” which was a stunning insult to those present who were expecting a fair dialogue with the speaker.
Note: the community of Greenwood and the Lacroix Bay area is 40 km, one way, from Cobden with no transit or taxi’s.
Sincerely,
Joey Trimm, Chair of Beachburg SOS Committee
