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What if a branch is closed?
What should I do if my institution is considering a branch closure?
What is a notice of branch closure?
Should consumers discuss branch closures with their financial institution?
What if a financial institution needs a branch closure meeting?
Should a financial institution close a branch?
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:
Oct 31, 2003 · CG-11 sets out guidelines and FCAC’s expectations for a bank’s conduct during public meetings on branch closures.
CG-14 sets out best practices for banks to consult a community before a branch closure.
For all branch closures, the following information must be posted in a clearly visible and public area of the branch. This information must also be sent to each customer of the branch: • location of the branch that is closing. • proposed date of the closure.
Jan 27, 2021 · Follow Your Adopted Policy: Federal banking regulators require each FDIC-insured bank to adopt a branch closure policy. If your institution is considering a branch closure, it is critical that your institution follow its adopted branch closing policy.
When a financial institution is planning to close a branch, it must provide proper notice to its customers in order to minimize any inconvenience. To give consumers and communities time to find other service options, financial institutions1 are required to give their customers at least four months’ notice before closing a branch.
Closure. WHAT HAPPENS IF YOUR BRANCH CLOSES? When your financial institution’s branch closes, you may have to switch to another branch, or switch financial institutions completely. In some small towns, where there is only one branch, a nearby alternative may not be available.
