The Thorold News has learned that the RBC branch on Front Street will close on July 5 of this year.
Clients using this branch will be expected to use the Glendale Branch in St. Catharines.
ThoroldNews reached out to the RBC for answers and received this reply from Heather Colquhoun, RBC senior manager, Regional Communications, Southwestern Ontario Region: "We’re currently in the midst of client notifications. Out of respect for our clients, we can’t comment on your questions until we’ve completed the formal notification process."
Thorold Mayor Terry Ugulini has been in touch with the RBC and told the Thorold News, "While we are very disappointed regarding RBC's decision, we will be proactive in our meetings with them and look for other banking options such as a mobile banking branch within our growing city."
The Thorold News received a copy of a letter from MPP Jeff Burch addressed to Mr. David I. McKay, President, CEO and director of RBC Canada.
The open letter reads:
Dear Mr. McKay:
I am sending this letter on behalf of many concerned residents in Thorold over yet another major bank deciding to leave the downtown. Royal Bank will officially close at 52 Front Street S on July 5th, just after Canada Day.
The attached letter from the RBC Regional Vice President seems to be an ongoing trend to close branches that have been part of the community for over a century citing changing times with online services and fewer customers. There is an indication the current employees will have their jobs at the end of this so called merger.
However, this branch closure is happening at a time when Royal Bank is making healthy profits. Last year it had a record profit of $12.4 billion while your salary sir was the highest of your colleagues at $12.43 million up nearly 8 percent from the previous year.
I always thought that putting customers first was the way for a business to operate and succeed. Apparently not anymore. With CIBC and Scotia Bank gone from Thorold and now RBC that leaves the Bank of Montreal at the Pine Street Plaza left and with the hours of 10-4 we can only wonder how long it will remain.
I know a lot of banking is now done online, on a mobile app, or telephone, but there are still those in our communities who need to be able to walk into their local bank branch because they are not online or do not have access to a telephone or mobile, especially the elderly.
It is interesting to see a sign in front of the Thorold Credit union across the corner from RBC that reads “Just because your bank is leaving town, doesn’t mean you have to.”
It is never too late for a reconsideration. Maybe the Glendale Avenue RBC could merge with the bank in downtown Thorold and maintain that branch. Take a drive down the QEW to Niagara and look at the development happening in Thorold and along the 406, all potential new customers.
This is a company decision, which we have no control over, but most certainly can express the frustration and disappointment by Thorold residents and give serious consideration to maintaining this branch in the downtown.
Sincerely,
Jeff Burch, MPP
ThoroldNews will provide updates and new information as it becomes available.
