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- 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”.
www.canada.ca/en/financial-consumer-agency/services/banking/branch-closures.html
People also ask
When will FCAC hold a meeting about a proposed branch closure?
What if a financial institution needs a branch closure meeting?
When should financial institutions notify the Commissioner of a branch closure?
Should consumers discuss branch closures with their financial institution?
What information should a bank send in a closure notice?
What if a branch is closed?
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”.
Going forward, when the Commissioner requires a financial institution to convene and hold a branch closure meeting, FCAC will publish a consumer advisory message on its website detailing the Commissioner’s request.
Going forward, when the Commissioner requires a financial institution to convene and hold a branch closure meeting, FCAC will publish a consumer advisory message on its website detailing the Commissioner’s request.
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.
Aug 16, 2024 · It is also proposed that banks include in their notices to the public and to FCAC a detailed rationale for the closure, its impact on the community, and data on the closed branch’s transactions and annual in-person visits in comparison to the bank’s average branch.
how to contact the institution and the FCAC’s Commissioner about the proposed closure; and a statement that the Commissioner may require the institution to hold a meeting with representatives of the institution, representatives of FCAC and affected parties to exchange views about the proposed branch closure or cessation of activity, if:
Aug 27, 2024 · One would require enhanced notices to the public and the FCAC when a bank intends to close a branch, including an assessment of the impact of the closure to the community.
