Branch closures

Amount of notice you must get when your branch is closing

A federally regulated financial institution, like a bank, may be planning to close a branch or end certain activities. In this case, they must give you 4 months’ notice.

You must receive this notice about all retail deposit-taking branches.

A retail deposit-taking branch is one where:

• a bank employee or teller can open a bank account for you
• you can receive cash from a bank employee or teller

Branch closures in rural areas

In a rural area with no other retail deposit-taking branches within 10 kilometers, the closing bank must:

• give you 6 months’ notice
• notify your local government
• publish a notice in a local newspaper

Information you must get when your branch is closing

The bank must send you the following details in the closure notice :

• the location of the branch that’s closing
• the date of the closure
• the address of the branch to which they’ll transfer your accounts
• other locations where you can get similar services or a telephone number to find out these details 
• any action to keep services in the area by the branch
• a statement that the Financial Consumer Agency of Canada’s (FCAC) Commissioner may require the bank to hold a meeting. The meeting would be about the proposed closure or cessation of certain activities
• how to contact them and FCAC about the proposed closure

Meeting about a branch closure

FCAC’s Commissioner will hold a meeting about the proposed branch closure if:

• someone locally affected by the closure writes to FCAC asking for such a meeting
• the bank failed to properly consult the community about the closure
• the request isn't “frivolous” or “vexatious”. This means the request is serious and not made only to cause trouble for the bank

A meeting is not required if the branch that is closing:

• is sold to another retail deposit-taking bank, but will continue to operate as a branch
• moves to a new location that is less than 500 metres away
• closes temporarily due to events beyond its control. For example due to a natural disaster like a flood or a pandemic

Questions to ask your bank when your branch closes

If you have concerns about your branch closing, discuss them with your bank.

Ask your bank the following questions:

• Will they waive fees for transferring accounts such as registered savings plans to other financial institutions
• Will they extend hours at the new branch to allow for travel time for rural customers
• Will the new branch have a toll-free number that customers may call 
• Will they give you a credit reference if you decide to switch to another financial institution
• Will they make arrangements with another financial institution for customers to use their ATM (automated teller) machine without charges or to make night deposits
• Will they pay for the costs associated with changing to the new branch. For example, to order new cheques, change direct debits
• How can they help you find alternative services to meet your banking needs

Changing business hours

Banks can change their business hours without consulting anyone. They're responsible for setting their own business hours. They set their hours based on their own internal policies and guidelines. These guidelines vary by bank.

If you’re not satisfied with a decision made by your branch, you may file a complaint.

Learn how to file a complaint with your financial institution.

You may consider moving your account to another financial institution that offers hours that suits your schedule. You could also switch to online banking. 

Use the Account Comparison Tool to help you find the account that best suits your needs.

Related links

• Branch closures: know your rights