No Mobile Bank for Millbrook

Late last summer, Kawartha Credit Union (KCU) brought in their Mobile Branch to the village to introduce residents to this innovative facility.  Parked beside the old arena near Needler’s Mill, the unit incorporated two private offices and a full-service ATM, allowing customers to perform the vast majority of banking services, including credit line, loan and mortgage applications as well as managing their investments, with the support of on-site staff.

The firm conducted mail and on-line surveys to establish the level of interest in the community to see if it warranted adding Millbrook to their rotation of its “bank on wheels.”  Apparently, the answer was “no.”

At the last Council meeting, representatives of the firm advised that they had decided not to pursue the opportunity to bring their mobile banking unit to Millbrook based on the low response rate to the survey and the hesitation expressed by respondents about the services this unit provides.  Many respondents indicated they would only use the facility to obtain cash from its ATM and for day-to-day banking services.  Fewer than half of the respondents indicated an interest in the financial institution’s financial advice and investments and ever fewer indicated a need for their lending solutions.

The sentiments from local businesses confirmed that they were not interested in using the MSC for their business banking needs and were happy with their current banking arrangements.

After conducting two community surveys (in Tamworth and Cavan-Monaghan), Kawartha has made the strategic decision to reposition the Mobile branch for employee recruitment initiatives, job fairs at colleges and universities, and for financial literacy events at high schools in our branch territory.

They have not written off the community entirely, but have expressed interest in exploring the possibility of establishing a “bricks and mortar” branch in Millbrook at the new commercial site on County Road 10 should the opportunity arise.  KG

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