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TD branch closure investigated by federal Financial Consumer Agency
#1
TD branch closure investigated by federal Financial Consumer Agency 
Quote:The Financial Consumer Agency of Canada is investigating the closure of a Toronto Dominion Bank branch in Kitchener. The agency was asked to look into whether the bank followed rules about consultation and notice periods for local bank branch closures, it has confirmed to CBC News...

TD also told CBC News that it held a community meeting about the move on Aug. 25. That meeting about the Kitchener closure was held at the Waterloo location.

As a customer of that branch, a refugee from the closing of the 50 Westmount branch in Waterloo a couple of years ago I might add, I too wasn't notified of any "community meeting" in August. Ironically the Belmont branch is one of the original Waterloo Trust branches that Canada Trust acquired in the 1980s. That that in turn was acquired by TD Bank in the 1990s. Subsequently there has been a steady decline in what Ed Clark used to describe as "Thinking like a customer."

I do appreciate that fewer people visit branches in large part because there's less need for them to do so. I certainly didn't use that branch very often. But when I did it was because my need couldn't be addressed online or even over the phone. And TD doesn't even plan to leave an ATM behind for the convenience of those who either don't want to go to King and Erb to get some cash or who don't want to pay gratuitous ATM fees.

In addition it's not clear what will happen to the bank premises. There was a report on CBC KW Radio that then building has been sold, but no mention of to whom or for what purpose. Anyone on WRC know?
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#2
The reality is that even with all the branch closures, the remaining branches are still not busy. People use ATMs to get cash -- and use less cash in general, and more debit and credit cards. Pay and government payments are normally direct deposit, and people pay their bills online. Brick-and-mortar branches are not all that much in demand any more. (TD's branches do still have relatively long opening hours, though.)

TD branch locations also at King & Water and Belmont & Highland.
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#3
(10-02-2015, 03:09 PM)tomh009 Wrote: The reality is...
All of which argues for at least leaving a TD ATM at Belmont Village. But TD claims they have no plans to do so. Better still perhaps would be a mini-branch. That wouldn't even need to be open from 8am to 8pm like regular branches.

Despite the drastic reduction in need for bricks and mortar branches there are still a number of transactions that require physical presence, e.g. cash deposits, safe deposit boxes, cheque certification, foreign currency buy/sell, etc. or which are facilitated by physical presence and face to face meetings, e.g. mortgages, GICs, financial planning, etc.

Quote:TD branch locations also at King & Water and Belmont & Highland.
Also King and Erb, which is where accounts and safe deposit boxes are being transferred by default. Nevertheless none of these are particularly close to Belmont Village, especially for those who lack a car and/or have mobility challenges.

Since TD has closed multiple branches in the region perhaps they could offer some sort of mobile banking service. Perhaps they could house one in a small trailer that would be parked at different locations on different days, i.e. so as to serve customers of several closed branches. Another option might be to have TD staffers drive to the homes of those customers who need the sort of services I mentioned above but who can't easily get to a branch.

But none of this will even be discussed because of the manner in which TD implemented this closure: the sham secret "community meeting" at King and Erb that was supposed to solicit input from those customers affected by the Belmont Village closure.
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#4
(10-02-2015, 03:41 PM)ookpik Wrote: Despite the drastic reduction in need for bricks and mortar branches there are still a number of transactions that require physical presence, e.g. cash deposits, safe deposit boxes, cheque certification, foreign currency buy/sell, etc. or which are facilitated by physical presence and face to face meetings, e.g. mortgages, GICs, financial planning, etc.

I don't really ever want to go to a physical bank location. My target is to have to go less than once a year. I would really rather not have to deal with banks for most of these services.

Cash deposits: ATM (ok, fine, no coins; bills are fine)
Boxes: Nope
Certified cheques: On average fewer than 1 per year
Foreign currency: I think I get better rates at Currency Converters
GICs: In 2015, for negative returns, and not online?
Financial planning: No, I don't trust banks for good financial planning advice
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#5
(10-02-2015, 05:16 PM)plam Wrote: I don't really ever want to go to a physical bank location. My target is to have to go less than once a year. I would really rather not have to deal with banks for most of these services.

Cash deposits: ATM (ok, fine, no coins; bills are fine)
Boxes: Nope
Certified cheques: On average fewer than 1 per year
Foreign currency: I think I get better rates at Currency Converters
GICs: In 2015, for negative returns, and not online?
Financial planning: No, I don't trust banks for good financial planning advice

You are the perfect customer for a virtual bank, like PC Financial or Tangerine.

However, many others prefer a physical ban presence, and TD's actions here are affecting them heavily.
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#6
Why are banks required to hold community meetings? I don't think this applies to any other businesses that want to close a location ...
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#7
http://www.fcac-acfc.gc.ca/eng/resources...uevou.aspx

Doesn't entirely speak to the "why" part of the why, so to speak, only to the fact that having the meeting in some form keeps you from being forced to have the meeting in case someone complains that you didn't have the meeting; and in that case FCAC would be present I believe.  So it's an attempt to avoid hassle by having a meeting affected people likely won't attend to avoid potentially having one they might.
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#8
(10-02-2015, 08:36 PM)KevinL Wrote:
(10-02-2015, 05:16 PM)plam Wrote: I don't really ever want to go to a physical bank location. My target is to have to go less than once a year. I would really rather not have to deal with banks for most of these services.

Cash deposits: ATM (ok, fine, no coins; bills are fine)
Boxes: Nope
Certified cheques: On average fewer than 1 per year
Foreign currency: I think I get better rates at Currency Converters
GICs: In 2015, for negative returns, and not online?
Financial planning: No, I don't trust banks for good financial planning advice

You are the perfect customer for a virtual bank, like PC Financial or Tangerine.
Exactly! You simply don't fit the profile of a typical bank branch customer. But that's hardly an argument for branch elimination.

I too do far more banking online than I do in person. But I do need to visit a branch on occasion, especially an ATM. This closure is an inconvenience to me although I'm still young enough and mobile enough to go to another branch. Not all my neighbours are as fortunate.

BTW one other segment that needs a branch is small business, e.g. the shop keepers of Belmont Village, who need to deposit cash, withdraw cash, deposit cheques, etc. Until now they could walk down the street to TD. Now they'll have to drive somewhere.

Quote:However, many others prefer a physical bank presence, and TD's actions here are affecting them heavily.
Agreed.

Again, my objection is to the manner in which TD closed this branch. Had they shared details of why they made that decision, say at the "community meeting", the public might have been more willing to accept that times change. Perhaps a compromise such as I suggested above might have been worked out. But now we'll never know.
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#9
I happened to be in another local TD last week getting change for a business float. There were at least a half dozen customers in line and, remarkably, a bank teller at every wicket. It likely had something to do with being the beginning of the month, but I was by no means the youngest person in line.
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