After more than a century, New Germany’s only bank is shutting down.
RBC has announced its New Germany location will shut its doors this year after a review showed customers were using its physical services less each year, opting instead to merge the branch with their Bridgewater location.
Being the only bank in New Germany, which serves as a hub for over 20 smaller rural communities, there is concern for residents and businesses who rely on physical banking as part of their weekly or daily lives.
“It’s a huge loss for the community,” said Cathy Moore, municipal councilor for district 5.
“I’m very concerned about the businesses and seniors. The businesses in the area that use the bank now have to make sure their deposits get to Bridgewater every day.
“Also the seniors are so used to coming to New Germany without heavy traffic, no intersection lights to go to the bank or do their grocery shopping. It’s unfortunate they will need to travel all that way for in-person banking.”
Once the bank shuts down on July 16th, New Germany and its surrounding communities won’t have physical access to their accounts, other than an ATM currently set up within the New Germany Irving.
However, customers can only withdraw money from that machine, not deposit.
“You can’t get $4,000 of change out of an ATM to run a grocery store,” said Moore.
“Its things like that which were really convenient for the local businesses who utilized our local bank.”
There is also concern the need to go to Bridgewater will also take away from local businesses, Moore said.
“If people are going to go to Bridgewater, my worry is they may patronize the businesses there instead of coming back to New Germany to get their groceries, get their prescriptions, their gas. So that is a concern too,” she said.
There is interest on the horizon from other financial institutions though, as Moore noted LaHave River Credit Union held a pop-up location in New Germany this week to chat with residents about their financial needs.
“I guess we will have to see where they go from there,” said Moore.
