Online banking and pandemic combine to close seven Northern Credit Union branches


Northern Credit Union consolidates seven branches in larger locations as digital and other online solutions prove popular with customers.

The company has an office, which remains open, at 525 Main Street E, North Bay.

As of May 3, Coniston, Elmwood, Iron Bridge, Petawawa, Second Line branches, which were temporarily closed during the pandemic, will be officially integrated into larger neighboring branches. The Little Current and Richards Landing branches will also be consolidated into larger nearby branches starting June 1.

“Over the past decade, credit unions and other financial institutions have focused on opening more branches,” said President Richard Adam. “Today, most are shrinking their physical footprint due to the emergence of additional banking solutions, including online and digital tools. “

Adam says the decision will help support the “continued long-term financial sustainability of our organization.”

“We must ensure the ability to meet the changing needs of our members and deliver on the community projects that we remain committed to supporting in the areas we serve in our northern communities. We have always been proud of our Nordic roots, which remain firmly planted.

Customers are increasingly using remote and digital banking services, two to three times more often than they are using in-branch services.

Besides cash transactions, all banking transactions, including account opening and inquiries, wire transfers, investments, loans, lines of credit and mortgages, at Northern Credit Union can all be done. using Northern Credit Union’s online and telephone services.

The ease and convenience of doing business without the need to enter a branch has become so popular that traffic to some branches has dropped significantly, which is a strong business case for consolidating some of the smaller branches. .

Currently, Northern Credit Union employs 260 people in its 31 branches and offices.

Northern Credit Union is a financial institution with more than 70,000 shareholder members serving 31 communities across Ontario.

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