PLANS FOR a banking ser-
viee in) tie tiny - northern
community of Dease Lake
have fallen through.

One business did consider
a Canadian Imperial Bank
om Commerce (CIBC)
preposal to act as ao with-
drawal and deposit agent but
backed out because of the
large amount of money’ it
wold need lo keep on hand.

Coodaere's’ grocery store
ianager Jim Soutar said the
reqitircimeat ta have at least
2 $40,000 float, and. the
probab iily of thalmore than
doubling during the -sum-
nat, Would have presented
leo many difficulties.

“When we looked at the
iuvalved, we would
have bad to bave thousands
of transactions a-month just
to keep even,” he said.

Goodaere’s also would not
receive interest’ from the
CIBC for its Moat and that
would have tied up ‘loo
much money not earning a
return, Soular:added,

“We did loak at the num-
bers seriously and dar the end
eee we just couldn’t do

“he said.

jeos

One. proposal
turned down by
Dease Lake rest
denis. involved a
_mass conversion to
- POS (Point of Sale)

cash registers at
stores — and
businesses so
customers could

make wide use of
bank debit cards,

There Were algo worries
about security.and bours of
operation: which would be
different from the store’s.

The failure. marks the end
of nearly two years of effort
by Dease: Lake and its
chaniber of commerce to es-
tablish some kind of bank-
ing service, ~

Dease. Lake became the
main community in the
north when the mining town
al Cassiar closed in 1992,
aking with’ it’ the Royal
Bank, the only bank offer-
ing service in the region.

The closest bank now: is in
Watson Lake in the Yukon,

We don’t knoss what
wauaen multiple sclerosis

met roscateh is closer to

the aiswer,

Multiple
oclerosis

Society of Canada

aaa Tea Lt bad

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3 Terrace Standard. Wednesday, May 29, 1996

, Isolated ease Lake

a three-hour trip north.

The Dease Lake and
Tahllan District Chamber. of
Cammerce began working
on the’ provincial govern-
ment and on various finan-
cla! inslitutions to come up
with some kind of service,

Among those making
proposals were.the Northern
Savings Credit Union; the
Bank of Montreal and the
CIBC.

One proposal tumed dowa
by Dease Lake residents in-

volved a mass conversion to ©

POS (Point of Sale) - cash
‘registers al stores © and
customers
could «make “wide . use af
bank dehit cards, ;
‘There would have been
too much of a cost in. that
and this-is still very’ much a

cash “society. People | still

want cash,’' said ~Sautar.
who is alsa the president of
the chamber of commerce.

Also denied’was a request
to the - provincial govern-
ment lo. setup a banking
service’ at~the Dease Lake
government agent's office,

It would have been similar
to-Atlin where the govem-
ment agent makes with-

drawals and takes deposits
on behalf. of the Bank. of
‘Montreal in Whitchorse,

A debil catd machine was
installed there last year, al-

‘lowing limited cash: with-

drawals, a
“We still think that's
whal’s needed here, The
government agent’s office

has ...the.. infrastructure . and

the cost we estimated would
be $10,000 to $20,000 a
year,"” said Sout.

“That's . not lot of

Bank says it tried hard

THE CANADIAN IMPERIAL Bank: of
Commerce (CIBC) tried everything il could
to start up a banking service in Dease Lake,

says one of its officials,

Ivan Dechkoff, based in- Whitehorse, said

the bank met several limes wi
leaders last year.”

“Weended “up agreeing
said Dechkoff-of a plan

_Goodacre's gracery store in Dease Lake act
as'an agent for the CIBC.

“T's not a dead issue. We
backbumer. until such time
munity wants to contact us.”

Although Dechkolf wouldn’
the amount of money required. to maintain a

agency — an

banking

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money given the size of the
provincial budget. ’?

But a provincial povern-
ment official said the pro-
vince doesn’t want a re peal
of the Atlin model.

Soular says the province

Should retura some of the

resource revenues it is tak-
“ing out of the north,

“When you look:at the in--

crease ‘in the annual allow-
able. cut (of the area's tim-
ber haldings) “and the mini-
ng, that’s sa lot of money,’ ”

th community
lo ‘disagree,’’
to -have the
put it-on the
as the com-
t comment on

amount the

Goodacre’s slore sa id: it couldn’t provide —
he did say banking agents are working well
elsewhere in the north.

‘We have six now in the Yukon and are
in the. process of putting in a seventh, We
feel they can work,’’ he added.

Dechkoff did say a workable arrangement
would ‘have benefited CIBC customers in
Dease Lake who now have to travel north. -
(o the bank’s branch in Watson Lake,

A cash machine was ‘considered but
dropped because of the distance involved i in
servicing it, said Dechkoff.

“Tt would bave raised expectations and if
it ever went down, it would’be a long time
before it could be serviced,” he said of the
-cash machine possibility.

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he said,

“What I'm saying is if
there was the political will,
it would happen.”’ ;

“We feel banking service
is an essential service and
they. don’t,’ Soular- con-
tinued.

Ironically the failure to es-
tablish a “banking « service
- places-the -community -still----
involves Goodacre’s, -

It-acts as a cheque cashing
service to the ‘community
and charges a fee for that,

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