The MLA for Guysborough-Tracadie is not holding back his disapproval in relation to the Bank of Montreal’s (BMO) decision to close its branch in Canso.

Greg Morrow is calling it a “terrible decision”, which will cause many hardships for residents in Canso because the BMO is the only financial institution in town.

“As you may or may not know, Canso is an extremely remote community with many seniors, suggesting they move their accounts to New Glasgow is not simply a short trip down the road. It’s nearly 350 kilometres (round-trip) between the two branches – an almost four-hour drive, and that’s assuming the weather is good,” said Morrow.

“This doesn’t even factor in the price of gas to make that trip, which would add an unbelievable hardship to many residents who are on fixed incomes.”

Morrow wants federal agency to organize a meeting in Canso

The bank sent letters to its members last week notifying them of their intent to close branches in Canso and Port Hawkesbury in July.

While it’s an inconvenience for thousands in the Port Hawkesbury area, there are many other banking options to choose from such as TD, RBC and Credit Union.

In Canso, BMO is the only financial institution available to do banking in person.

“The last paragraph of BMO’s letter states ‘We’re proud to be part of the community’ – unfortunately, actions speak louder than words, and the actions of BMO tell a completely different story,” said Morrow. “Canso is a resilient community with resilient people – it’s too bad BMO doesn’t want to be a part of that going forward.”

Morrow sent his own letter to the regional manager of BMO to express his displeasure with the closure announcement.

He also calling on the Financial Consumer Agency of Canada to organize a meeting in Canso with residents to hear their concerns.

The federal agency supervises federally regulated financial entities, such as banks.

They also are responsible for protecting the rights and interests of consumers of financial products and services.