Bank closures in rural communities are a growing problem which threatens economic growth and puts consumers at risk, according to Algoma-Manitoulin-Kapuskasing MP, Carol Hughes.
Hughes told Parliament about the concerns that many constituents have when banks leave town which are not limited to the lack of a local branch.
These bank closures can lead to economic instability, said Hughes who mentioned recent RBC closures in Massey and Dubreuilville which left those communities without any financial institutions.
Hughes added with no local option, people are being asked to travel to communities that have banks which places them at unnecessary risk.
She pointed out banks are posting record profits at the same time that they claim they can’t afford to maintain services in many small communities.