Canadian Money Forum banner
41 - 51 of 51 Posts

·
Registered
Joined
·
7,672 Posts
To give this some factual substance..... For those advocating postal banking, can you name any Canada Post locations in Canada that don't already have some kind of brick and mortar banking/CU location, or at least 1-2 ATMs? Real life examples please.
My hometown has a Post Office and no bank. There's probably an ATM around somewhere

This closest bank growing up was in the next town and it's closed now. Along with the Sears outlet that used to be there. There's always ATMs but it's those ones that charge huge fees. I never use those. Canada is probably losing money having a Canada Post in all these small towns

I can think of many rural areas of Canada like this
 

·
Registered
Joined
·
11,878 Posts
The TD/CP concept is what we have been discussing on the deposit side with the likes of a Tangerine or Simplii, but there has to be a business model for it to pay
That's the problem, they want CP to do it for free/low cost.
That $10/month service charge they don't want to pay wouldn't even cover 2 staff with very limited hours in a small branch.
 

·
Registered
Joined
·
13,463 Posts
^ I think BNS is hauling away their ATM too. Should their power go down, the folks there should be prepared to write IOUs.

Btw, ain't BNS known commonly as an "island" bank, serving market niches, particularly down in South America? I can't recall exactly but their general marketing was in that region. Now if they can't service Grand Manan up here in Canada, NB, I can't imagine what their image is for SA now. I guess it's like they (all the banks) "care".

BNS=Bank of "Nova Scotia" and there's only one Nova Scotia on this planet.
Grand Manan island - located in New Brunswick, Canada.
The irony ... LMAO.
I would have thought BNS might have kept the ABM for awhile to 'ease the pain' but someone has to service it daily. That is an expensive proposition if the business is not cash flow positive. Unless the business is designated non-profit, they are not charities. I, as a BNS shareholder, have no interest in them bleeding red ink on Grand Manan. I suspect what has happened is more and more residents of Grand Manan have moved to online banking and the BNS staff were spending most of their time surfing the net and playing poker. It no longer was a viable business.

It is pretty clear smaller areas can no longer support in-person services that can be obtained far more efficiently in other ways. The folks that live in small places (like Bath, NB mentioned in the link) need to go online or include banking in their weekly trips to the 'big town' for food and a range of other services.

Added later: Banks will maintain brick and mortar locations where the traffic supports it. It is in their interest to retain customers if they are cash flow positive. Both CIBC and BNS were/are active in a lot of small Caribbean and/or Latin American locations. They've consolidated or left places that no longer pay out, perhaps as banking habits go more online. I expect they would remain active in a places where banking is still very much an in-person 20th century style activity. I expect executive management to be on top of such things.
 

·
Registered
Joined
·
7,672 Posts
I would have thought BNS might have kept the ABM for awhile to 'ease the pain' but someone has to service it daily. That is an expensive proposition if the business is not cash flow positive. Unless the business is designated non-profit, they are not charities. I, as a BNS shareholder, have no interest in them bleeding red ink on Grand Manan. I suspect what has happened is that more and more residents of Grand Manan have moved to online banking and the BNS staff were spending most of their time surfing the net and playing poker. It no longer was a viable business.

It is pretty clear smaller areas can no longer support in-person services that can be obtained far more efficiently in other ways. The folks that live in small places (like Bath, NB mentioned in the link) need to go online or include banking in their weekly trips to the 'big town' for food and a range of other services.
My local TD Bank in the US closed in 2020 and I don't even live on an island

It was in a commercial area of a wealthy part of a wealthy area where people you would know of live including several famous Canadians. We have a TD Bank ATM but I just learned it doesn't even accept anything more than $50 USD 😅 You think famous people want to use something limited to $50 USD. I also learned all the americans are using apps like Cash App (Jack Dorsey), Venmo (PayPal) and as a last resort Zelle (big banks lame attempt to stay relevant) for p2p transactions now

Abandoned TD Bank branch is now a Tesla supercharger station for the surrounding commercial area
 

·
Registered
Joined
·
10,220 Posts
According to their 2021 Annual Report, earnings are 68% from Canada. Pacific Alliance is 18% then US at 7%.

Cheers
... that strategy must have changed/tweaked .. Pacific Alliance (Chile, Colombia, Peru and Mexico) at 18% is small. Hmmm ... 68% devoted to Canada - that's not dominating by any means.

Anyhow those numbers above only add up to 93% so that still leaves a tiny 7% to somewhere else.
 

·
Registered
Joined
·
629 Posts
... that strategy must have changed/tweaked .. Pacific Alliance (Chile, Colombia, Peru and Mexico) at 18% is small. Hmmm ... 68% devoted to Canada - that's not dominating by any means ...
Either way, there's more in Canada than what I recall there being, years ago.
I'm too busy with other things to dig through the annual reports to see how it has shifted.

'Course it's international bits go back to 1885 (Minneapolis, US) and 1889 (Kingston, Jamaica).
Interestingly, it's Cuba branch was opened a year before it's NYC branch.

...Anyhow those numbers above only add up to 93% so that still leaves a tiny 7% to somewhere else.
Caribbean and Central America are 3% while Other International is 4%.

Cheers
 
41 - 51 of 51 Posts
Top