Scotiabank marks several branches for closure across Atlantic Canada
Scotiabank is preparing to close several branches across Atlantic Canada, mostly in rural locations, citing a growing preference for online banking, but some customers say they're disappointed to be losing easy access to in-person services.
A spokesperson for the bank would not provide details about branches that are marked for closure, but customers in Nova Scotia have told CBC News that branches in Annapolis Royal, Bridgetown and Shelburne will close by next spring. The same is true for the Fairview branch in Halifax, and the branch in New Waterford, Cape Breton, is set to close next November.
Eight branches in rural Newfoundland will also close: Grand Bank, Twillingate, Lewisporte, Bonavista, Burgeo, Flowers Cove, Deer Lake and Whitbourne.
The bank started telling customers about the closures last week, several days after announcing job cuts amounting to three per cent of its global workforce.
Spokesperson Daniela Da Silva said there will be closures "across various markets in Canada."
"With customer preferences changing, and more day-to-day banking being done digitally, we are continuing to evolve how we serve our customers and invest in areas that make it easier for our customers to bank with us from wherever they are while also opening new branches in strategic locations with growing demand," Da Silva said in an email.
Customers shocked and upset
"I am shocked to say the least. Shocked," said Brian Smith, a Scotiabank customer who lives in Upper Clements, N.S., and normally uses the branch in Annapolis Royal.
"To see this branch going — I'm upset about it."
Smith said he was advised his account would be transferred to the branch in Digby, which is about a 30-minute drive down the highway. He can make the trip, he said, but he said he rarely goes to Digby for any other reason and it will be an inconvenience to go there to do his banking.
Shawn MacAulay will have to drive even further. The Shelburne resident says staff at his branch have directed him to use the Scotiabank in Yarmouth, an hour away, when his branch closes next May.
"I was disappointed and frustrated, for sure," he said.
MacAulay has personal and business accounts with Scotiabank and said he does some banking online, but he needs to go into a branch at least a few times a month, typically to do wire transfers for his business.
He's been a Scotiabank customer for over 30 years, but he said he's going to consider other options. Options, however, are limited, since Shelburne also lost its Royal Bank branch several years ago. MacAulay said the only big bank that will remain after Scotiabank's departure is CIBC.
Signs at the Scotiabank in Shelburne, N.S., advise customers to use the branch in Yarmouth, an hour away, starting next May. (Shawn MacAulay)
Thea Boyanowsky, who co-owns the ARCH&PO bakery in Annapolis Royal, said she's considering other banking options, too.
"Maybe it's going to motivate me to look into the local credit union. There is one nearby," she said.
A town hub
"It's going to be a big adjustment for us," she said, noting that the Scotiabank branch is just across the street from her business.
She said she may have to buy a safe to store cash from her business, since she likely won't be able to make deposits as frequently.
Boyanowsky said the Annapolis Royal branch is "a bit of a hub" for the town, and a key part of the economy. She said the ATM sometimes runs out of cash on Saturdays when the nearby farmers' market is busy.
Boyanowsky said although she's sure she will adapt, she's worried about other customers and about branch staff. It's not clear if staff will be laid off or moved into other roles.
This is the second time in as many years that Scotiabank has closed branches in this part of the country. In 2022, Scotiabank closed three rural Nova Scotia branches and two in New Brunswick.
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