Banking is returning to Fogo Island, a service that residents have been without since last year.
Atlantic Edge Credit Union expects to be up and running out of the former Scotiabank building by the fall.
Scotiabank Fogo Island
Cory Munden, CEO of Atlantic Edge, says they’re looking forward to serving the island.
Mayor Andrew Shea, who broke the news on VOCM Open Line with Paddy Daly, says there will be a public meeting in June to provide further details for residents.
But he said the new Atlantic Edge branch will be a full-service bank with all the usual services.
Shea says the loss of the only bank branch on Fogo Island has been difficult for some, forcing them to leave the island to complete simple tasks such as cashing a cheque.
“A lot of our seniors, they can’t do banking by phone, and if they have a cheque they have to go to Gander to change it,” he said. “I think when we got that $500 rebate last year, it probably cost every senior $100 just to go to Gander to get it changed.”
