Branch closures: rights and responsibilities
Your right to be notified
When a federally regulated financial institution is planning to close a branch, it is required to provide notice at least four months in advance (in some cases, six months). This is to give consumers and the community time to take action and find other service options.
The requirement applies to financial institutions with branches where:
- retail deposit accounts are opened
- cash is distributed to customers through an employee
Four months’ notice is required if the closure is planned in an urban area (a city), or in a rural area where there is a retail deposit-taking branch of a financial institution within 10 kilometres of the closing branch.
Six months’ notice is required if the branch closure is planned in a rural area and if there is no other retail deposit-taking branch of the financial institution within 10 kilometres of the branch that is affected.
For more information on your right to be notified, when notice is not required and how to request a community meeting with the financial institution, see FCAC’s publication What You Should Know If Your Branch Closes.
What you should do if you feel your rights are not being respected
If you feel that a federally regulated financial institution is not respecting your rights, contact the Financial Consumer Agency of Canada.
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