Lumby tries to attract bank
Darren Handschuh - Nov 27, 2023 - Biz Releases

Photo: Scotiabank

Ahead of the Lumby Scotiabank closure next year, residents are being asked what their banking needs are in an effort to attract a new financial institution to the North Okanagan community.

The Lumby & District Chamber of Commerce has launched an online survey to gain input from residents and businesses.

The chamber said it is “dedicated to helping our community and businesses find solutions to the upcoming loss of our last financial institution, Scotiabank, in September of 2024. We recognize the situation is huge loss for the community, businesses and the overall economic growth in the future.”

The chamber is seeking to build a business case by reaching out to various financial institutions and starting conversations about opening a branch in Lumby.

“We need your help to make this happen,” the chamber said. “These institutions have asked us to gather data from the community and businesses.”

The first question on the survey is: “Would you switch to a potentially new financial institution that may be willing to open in Lumby?” Other questions ask about frequency of banking and services needed.

Customers were notified by mail earlier this month that the Lumby branch will be closing.

“After careful consideration of the market, we have decided to relocate our services at Lumby … to our Vernon Main, 3213 30th Ave. branch,” the letter reads.

Clients are being told their accounts will be moved automatically and there will be no interruption to service.

Also enclosed with the letter was a brochure on digital banking and contact information for the Financial Consumer Agency of Canada, which ensures regulatory requirements are followed for any bank branch closure.

The closure will leave Lumby with no financial institutions—banks or credit unions.

The announcement raised many concerns including how seniors will conduct their banking needs if they can not get to Vernon or they are not online.

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