Deer Island bank to cut back hours to two days a week

Deer Island Credit Union, the only banking facility on the island, has announced it will no longer serve the public five days a week, but will only be open from 8:30 a.m. until 4 p.m. on Tuesdays and Fridays, beginning on Tuesday, July 28. This news comes just a few weeks after the Campobello Island branch of Charlotte County Credit Union closed its doors.

Gerard Adams, CEO of Credit Union Central in New Brunswick, says the cutback was caused "by the economy and the times we're in. The credit union was losing business. The number of loans and deposits and general activity has shrunk. I think a lot of people, when they travel off the island, do a lot of banking on the mainland. We do have a branch in St. George, so that might be convenient for them."

He adds that staffing has been a problem at the Deer Island Credit Union. "It's been a bit of a challenge to try to staff it. We've had to borrow staff from our [other] credit unions."

Adams reports that the Deer Island Credit Union is currently undergoing a financial audit by an external auditor, so future decisions will be affected by that result.

He also notes that there is an existing ATM across the street from the Deer Island Credit Union "so people can access cash."

Joyce Stuart, chairman of the West Isles Local Service District advisory council, says that a petition is being started opposing the reduction in hours and that the advisory council will be meeting on Monday, July 27, to discuss the matter. "We want the credit union open five days a week," says Stuart.