General · 9th April 2014
April 8, 2014
President and CEO Coastal Community Credit Union
Nanaimo Head Office
220-59 Wharf Street
Nanaimo, BC V9R 2X3
Dear Mr. Legin,
I am writing to express my concern and disappointment at the decision by the Coastal Community Credit Union to close three branches in July, as well as reducing the hours at a fourth branch.
As you are well aware, the communities of Alert Bay, Sointula, Cortes and Quadra are ferry-dependent. People are not able to simply get in their cars and drive to another branch, half an hour away. The cost of getting to port McNeill is now more than $30; the Cortes trip is close to $50. This is with a discount. Individuals and businesses in these communities are already struggling because of spiraling costs of the ferries. Removing the financial institution will further undermine community stability.
Businesses in all three communities rely on the CCCU to do their banking. The closure of these branches will mean many businesses and individuals will have to leave the community for this basic service. This adds cost – whether to an individual or to a business in both time and cost of travel. Further it has the likelihood of undermining other local business; when people leave the islands for one service they are more likely to do their shopping, and divert other activities, off island.
The impact of the job loss on each of the communities will also be significant. Those people may likely move off island to find work; if they remain, the opportunity to find new work will be limited and that means they will have less to spend in their community.
While the CCCU says it is committed to communities and their economic development and stability this commitment is not reflected in these actions.
Further there is a great deal of disappointment in the manner in which these closures were announced, primarily through positing on the CCCU website and allowing word of mouth spread the sad message. People expect better of a credit union. The rationale is that the CCCU could not explain the “subsidization” of these three branches to the other members seems to forget that those people who use the CCCU in Alert Bay, Sointula, Cortes and Quadra are also members.
I appreciate the telephone conversation we had in which you expressed a desire to work with businesses in the community to minimize the impact and I understand you are also meeting local politicians to explain what has happened.
However, it is truly unfortunate for these communities that the bank that residents own is closing. I would hope that the commitment to find alternative solutions is genuine.
As I mentioned on the phone, I look forward to continuing the discussion.
MLA North Island
sign of the times
Comment by Fred King on 12th April 2014
It is sad. but its just the sign of the times so to speak, so much is done online now a days its hard to keep people doing the jobs that computers do now …one of the problems i can see is that there is just not the volume of people going in to the bank (quadra credit union) as there used to be .. I know every time "you" go in the there there seems to be busy and there not enough tellers and theres a line so on and so forth, but i don't think i have deposited a pay check in person for at least ten years maybe longer its all direct deposit..all my bills are paid online i can see my bank account online send money on line, just the way it is …personaly i think if there gonna cut shifts and days then there should be a competive rate with the bigger banks and lending institutions … and maybe one more bank machine to keep up with demand ...
Of course I have a comment ... I just had to clean it up....
Comment by Keri smith on 10th April 2014
The lack of comments is possibly because we are all I busy working like dogs to afford the ferry fare we will need to fork out to take our paychecks to CR once these changes take place..... Personal inconvenience and feelings aside ...I know some great people standing to lose yet one more day of income...... Ridiculous and quite unfair. Does CR need two locations ... Probably not as they don't have a 30 ferry ride between the two.....tighten the hours up there as there is another option for those members ?? But that option was already looked at and proven totally unreasonable I'm sure.....
Comment by Paul Ryan on 10th April 2014
I for one, am outraged at the actions of the CCCU. They came into our communities with all kinds of grandiose promises, and now they are leaving some of us high and dry! I am a member of the credit union, and I was never given an opportunity to vote on this!
CCCU Letter re closures
Comment by Cheena Graham on 9th April 2014
Given the lack of comments from the public regarding these closures, I would wonder if, in fact, they are as disruptive as Claire Trevena would have us believe.
I have no dog in this race, so my remarks are out of observation and curiosity only - I neither agree nor disagree.
It just seems to me that if this is/will /would be such a huge imposition to the public, there would be more comments. Is it just too early to expect them?