Branch closures: know your rights

Your right to be notified about a branch closure

A federally regulated financial institution may be planning to close a branch where you’re a customer. In this case, they must inform you in advance. They must also do so if they plan on ending certain activities, like opening retail deposit accounts, such as chequing or savings accounts, or disbursing cash. This is to give you time to look for and find other service options.

The requirement applies to branches where they open retail deposit accounts and distribute cash to customers through an employee.

A federally regulated financial institution must provide 4 months notice if they plan to close a branch:

• in an urban area (a city)
• in a rural area with a retail deposit-taking branch within 10 kilometres of the closing branch

A federally regulated financial institution must provide 6 months notice if:

• they plan to close a branch or cease one of the activities described above in a rural area, and
• there is no other retail deposit-taking branch within 10 kilometres of the closing branch

Your right to information about a branch closure

The notice must contain:

• the location of the closing branch
• the proposed date of closure or of ending activities
• 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 measures the branch is taking to keep services in the area (only federally regulated financial institutions other than banks)
• a statement that the Financial Consumer Agency of Canada’s Commissioner may require the bank to hold a meeting about the proposed closure or cessation of the activity
• how to contact the Commissioner of the Financial Consumer Agency of Canada about the proposed closure or cessation of the activity. If you’re dealing with a federally regulated financial institution other than a bank, they must also tell you how to contact them

Learn more about branch closure meetings.

When these rights apply to you

These rights apply when you’re dealing with a federally regulated financial institution like a bank or federal credit union.

Find out if your financial institution is federally regulated.

Learn more about how your banking rights are protected.