The loss of both of its financial institutions has been a double whammy for the Village of Lumby.
Particularly for businesses and seniors.
Sure, there are a handful of Automated Teller Machines (ATMs) in the village, but they can't fully help businesses.
And if people are going to Vernon or elsewhere to do their personal banking, they also happen to make a trip out of it and will do other types of shopping, which impacts the Lumby business market.
The village lost Scotiabank in 2024, and ValleyFirst Credit Union in 2020. Both had storefronts in Lumby.
"Our customers, when they go to bank in Vernon, they do their shopping in town. They don't come here," said Glenda Loney, manager of Fields Lumby as she was opening up the department store. "Everyone is affected. Our sales have gone down about five-to-10 per cent since Scotiabank closed. Everyone who goes to Vernon figures they might as well do it all there."
Norma Bouzek is the manager of the non-profit Monashee Arts Council, which operates the Village Gallery and Gifts store. As a non-profit organization, it requires two people for cheque-signing authority. Signing cheques, Bouzek said, isn't a problem.
"We have to have to people to sign to make withdrawals; two people to sign to pay a credit card and it's a hassle as it means two people have to go to Vernon now," she said. "We have to drive 25 minutes. In the winter, if it's a blizzard outside, I'm not going, and I won't send any other volunteers.
"I have an account and I can make a withdrawal at a bank machine, but they charge me $3. So we also face ATM fees. And I can't deposit at the bank machine."
Tawnya Ferris, owner/operator of the Okanagan Outpost, has seen her sales drop this year. "A lot," she said. Ferris needs a bank for deposits.
"As a small business, if I get a big order and get paid, say, $4,000 with a cheque, I need that money tomorrow to order stock," said Ferris. "I can't wait to put it in an envelope and wait for the bank to get all of their stuff together.
"Even with technology, the ATMs I use are not fast enough because they still use envelopes (for the deposit). A lot of machines can read cheques electronically and you get money instantly. If I use a bank machine for a deposit, they put holds on the account. If I were to go to a teller, they can deposit the cheque right away."
Ferris said she goes to Vernon to do banking twice a week, getting change like loonies and toonies for her store.
To find out more about business concerns, the Lumby Chamber of Commerce held a Chamber Coffee Chat at various village locations in February. Businesses were invited to attend to talk about how they've been affected by the bank closures and what other financial services they would like to have in Lumby.
"We had some really good input, really great ideas and suggestions," said Lorelei Fiset of Pinnacle Communications, who organized the coffee chats for the chamber. "We heard a range of concerns and we found out people learned things, like having three ATMs, a positive change since both financial institutions were lost."
Through the coffee chats, the chambers also heard from seniors who have been "significantly impacted" by a lack of village bank. For example, having to drive to Vernon or to Edgewood for in-person banking. Not everyone is comfortable with, or has the technology to do, online banking, said Fiset.
Businesses operating on cash are having difficulties, throwing in such items as safety concerns on having to go to an ATM at night. The chamber reached out to a security company that comes to Lumby once a week and were told they would be willing to do more than that.
Lumby Chamber of Commerce sees a significant opportunity for a new financial institution to take up shop in the village.
"People have loans, business loans, mortgages, or they want financial advice," said Fiset. "They buy GICs and make investments. It's a fantastic opportunity for a new institution to come in."
A financial institution attraction survey, mainly for those who missed the chance to chat in person, is underway at .