Request to vary
Branch Closure – Request to vary the time and manner in which a notice is required to be given, when the distance from the new location to the former location is not great enough to substantially affect customers
Bank Act, s. 459.2(1)
Notice of Branch Closure (Banks) Regulations, ss. 4(1)(a)(i), 4(2), 5(1), 5(2), 5(3), 5(4), 8(1)(b), 8(2)(c)
As a result of construction problems at the receiving branch, a bank failed to provide complete notices of branch closure to the Commissioner and to customers within the required timeframe of four months.
Prior to the closure of the branch, the bank submitted a request to vary the time and manner in which the notice is required to be given. The request was based on the fact that the receiving branch was located less than one kilometre from the closing branch, and it did not appear the closure would have a significant impact on consumers.
Subparagraph 4(1)(a)(i) of the Notice of Branch Closure (Banks) Regulations states that the notice must be given to the Commissioner in writing no later than four months before the date proposed for the closure of the branch.
Section 8(1)(b) of the Regulations states that the Commissioner may, at the request of a member bank, vary the manner and time in which the notice is otherwise required to be given under these Regulations. As set out in section 8(2)(c), one of the circumstances under which subsection (1) applies is when the distance from the new location to the former location is more than 500 metres, but not great enough to substantially affect customers.
The request to vary the time and manner in which the notice is to be given was granted.
The bank had made an effort to provide a partial notice to both customers and the Commissioner seven months prior to the proposed date of closure. The bank also provided the Commissioner and customers with updates on the situation, as information became available.
Report a problem or mistake on this page
- Date modified: