When one door closes, a credit union opens: Fogo Island has in-person banking again

After more than two years, people on Fogo Island can once again stand in line at the bank. 

The new Atlantic Edge Credit Union opened Wednesday, freeing residents from having to spend an entire day riding a ferry and driving to Gander to see a teller in person.

"You wouldn't believe the relief," Mayor Andrew Shea said in an interview with CBC's Newfoundland Morning. "This has been a very tough time for seniors who are cashing cheques and things like that." 

Scotiabank closed a series of rural N.L. locations in 2022. It was the only bank on Fogo Island, and when they pulled out, it left people there without any in-person banking services.

He said businesses usually choose not to cash cheques because customers can do it themselves online, and the decision has "caused havoc" for seniors on the island. 

Shea said the town pushed back, to no avail.

"They basically told me to forget it, this was a done deal," Shea said. 

So the town looked for other options, and Shea said Atlantic Edge was a perfect fit. After the credit union gathered data on the kind of business that happens on Fogo Island, they had an agreement.

The new credit union branch provides every service residents need, said Shea. He said many people have already opened accounts, and the first few weeks of business before the grand opening went well.

"It's one of the best things that we've achieved since being on council, and I've been on council for 20-odd years now," the mayor said.

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