Hey TD, please respect your stated values

 In Opinion

CARA, which represents over 200 residents in Creemore and the surrounding area, has banked at the local TD branch for many years. CARA is urging TD Canada Trust to reconsider its decision to close its Creemore branch. TD has been in Creemore for more than a century and has been an important and constructive member of the community. In addition to providing personal and business services, TD has also played an important role as a financial hub in the community. It now appears to want to jettison its relationship with Creemore.

If you agree that Creemore needs the bank, please sign the petition in Foodland asking TD to keep our local TD branch.

TD, of course, is one of Canada’s largest and most profitable banks. We understand that banking is increasingly done online and that Creemore’s branch may not be the most profitable one in TD’s roster. However, TD made over $2 billion of net income per quarter in 2017. Perhaps it could continue to invest in a branch that is so important to the local community.

TD in its most recent annual report states its retail banking strategy with six objectives, three of which are as follows:

• Consistently deliver legendary customer experiences and provide trusted advice to help our customers achieve their goals and aspirations – Clearly, closing the Creemore branch (or in bank-speak “moving it to Stayner”) is not helping to deliver “legendary customer experience”.

• Innovate with purpose for our customers and colleagues, simplifying to make it easier to get things done –Moving all banking services to Stayner will most certainly not make it easier for Creemore residents and businesses to get their banking done. Perhaps there are other more innovative ways of providing service without closing Creemore’s only branch outright.

• Improve the wellbeing of our communities – Having a community bank is a critical service to help local residents and businesses, including our local agricultural community. Small branches have a particular strength in understanding local residents’ and businesses’ creditworthiness and the local businesses they serve. We have no other local banking choice. The decision to abandon Creemore is a blow to local residents and businesses.

The threat of TD’s departure comes at a time when the local economy appears to be picking up. The Alliance development has been successful this summer with its early housing sales. The MacIntosh development is being actively marketed. These are clear opportunities for TD in Creemore. We wonder whether a new business start-up would consider locating in Creemore with no local bank. There are ways to improve local banking efficiency without closing the branch.

Again from its annual report, TD has had a strong community orientation, donating one per cent of pre-tax profits to charitable and not-for-profit organizations. We are not suggesting that TD operate the local branch as a charity; however, we ask that it continue to respect and abide by its stated values that have served it well for the last century and particularly its retail banking objectives – yes, the ones which state TD will “consistently deliver legendary customer service” and “improve the wellbeing of our communities”.

Recent Posts

Leave a Comment