Last Updated on August 2, 2024
Imagine the frustration of driving to your bank with an urgent task in mind, only to be met with a disheartening sight—the branch is closed. It’s a scenario that many of us can relate to, and it highlights the importance of knowing when banks are closed. Questions like “What days are banks closed?” or “Is my bank open today?” may arise as you try to navigate through such situations. Although online banking has revolutionized the way we manage our finances, offering the convenience of banking tasks anytime and anywhere, there are still certain transactions that require an in-person visit to a branch.
Tasks like making a wire transfer or closing an account often necessitate face-to-face interactions and assistance. Therefore, understanding the operating hours of Canadian banks and being aware of holidays when branches are closed can greatly help in planning your next trip to the bank. By knowing the regular business hours of your bank, you can avoid unnecessary trips and make the most efficient use of your time.
Additionally, being aware of holidays when banks are closed allows you to plan ahead and ensure that you have completed any necessary banking tasks beforehand. This knowledge can be especially valuable during busy periods, such as tax season or when major financial changes are happening, as it helps you stay on top of your financial affairs without any unexpected surprises.
| QUICK LINKS | |
|---|---|
| What is A Bank Holiday? | How to Open a Bank Account in Canada |
| The Big 5 Banks: Typical Opening Hours | FAQs |
| Bank Holidays 2024 in Canada |
What is A Bank Holiday?
In Canada, a bank holiday refers to a public holiday when banks and financial institutions are closed. These holidays are recognized by the federal government and often observed across the entire country.
However, it’s important to note that bank holidays can vary slightly between provinces and territories, as each jurisdiction has the authority to establish its own public holidays.
Top 5 Biggest Banks in Canada (The Big 5 Banks): Typical Opening Hours
Bank branches in Canada are generally accessible six days a week, operating from Monday to Saturday. However, there are exceptions to this schedule. Some branches, particularly the Big Five banks branches in high-traffic areas, extend their services to Sundays as well. Not only do these branches open on Sundays, but they also provide the convenience of drive-thru services.
ATMs, on the other hand, are available round the clock, every day of the week. This means that customers have access to their funds 24/7. Moreover, some ATM locations even offer drive-thru services for added convenience. While customers still have the option to approach tellers for their banking needs, they can also conveniently access their accounts and withdraw cash from any ATM across the country or through the bank’s website.
The operating hours of bank branches in Canada generally adhere to the standard business hours of a typical work day. Most branches open either at 9 AM or 10 AM, providing ample time for customers to start their banking activities. Similarly, these branches close either at 4:00 PM or 5:00 PM, depending on the specific location and bank. However, it’s important to note that opening hours may vary for different banks and branches. In any case, the majority of bank branches in Canada close between 4:00 PM and 7:00 PM on any regular business day.
1. Royal Bank of Canada: Is RBC Bank Open Today
- RBC is the largest bank in Canada and offers a wide range of banking services, including personal and commercial banking, wealth management, investment banking, and insurance.
- It has a significant presence in Canada and operates in over 35 countries worldwide.
- RBC is known for its strong financial performance, innovation in digital banking, and commitment to corporate social responsibility.
Typical Operating Banking Hours
Monday to Wednesday (9:30 AM – 5:00 PM), Thursday and Friday (9:30 AM – 6:00 PM).
Some branches may have extended hours or open on Saturdays.
2. Toronto-Dominion Bank: Is TD Bank Open Today
- TD Bank is the second-largest bank in Canada and operates across North America, with a strong presence in the United States.
- It provides a comprehensive suite of financial products and services, including personal and commercial banking, wealth management, and capital markets.
- TD Bank is recognized for its customer-focused approach, extensive branch network, and emphasis on technology-driven banking solutions.
Typical Operating Banking Hours
Monday to Wednesday (8:00 AM – 6:00 PM), Thursday and Friday (8:00 AM – 8:00 PM), Saturday (8:00 AM – 4:00 PM).
Some smaller branches may have reduced or different hours.
3. ScotiaBank: Is the Bank of Nova Scotia Open Today
- Scotiabank is one of Canada’s oldest and largest banks, with a broad international presence, particularly in Latin America and the Caribbean.
- It offers a wide range of banking services, including personal and commercial banking, wealth management, and investment banking.
- Scotiabank is known for its international operations, diversified business lines, and focus on expanding its footprint in emerging markets.
Typical Operating Banking Hours
Monday to Wednesday (9:30 AM – 4:30 PM), Thursday and Friday (9:30 AM – 6:00 PM).
Some branches may have extended hours or open on Saturdays.
4. Bank of Montreal: Is BMO Bank Open Today
- BMO is one of the oldest banks in Canada and has a significant presence in North America.
- It provides a comprehensive range of financial services, including personal and commercial banking, wealth management, and investment banking.
- BMO is recognized for its strong ties to Canadian businesses, dedication to customer service, and support for innovation and entrepreneurship.
Typical Operating Banking Hours
Typical operating hours: Monday to Wednesday (9:30 AM – 5:00 PM), Thursday and Friday (9:30 AM – 6:00 PM).
Some branches may have extended hours or open on Saturdays.
5. Canadian Imperial Bank of Commerce: Is CIBC Bank Open Today
- CIBC is one of the largest banks in Canada and offers a diverse range of financial services, including personal and commercial banking, wealth management, and capital markets.
- It has a significant presence in Canada and the United States, with a focus on serving personal and small business clients.
- CIBC is known for its strong customer relationships, innovation in digital banking, and commitment to community development.
Typical Operating Banking Hours
Monday to Wednesday (9:30 AM – 5:00 PM), Thursday and Friday (9:30 AM – 6:00 PM).
Some branches may have extended hours or open on Saturdays.
Bank Holidays 2024 in Canada
Bank holidays in Canada are eagerly anticipated occasions that bring joy and relief to people across the country. These special days, also known as statutory holidays, provide a well-deserved break from the daily routine and offer Canadians the opportunity to relax, spend time with loved ones, and engage in various recreational activities.
The calendar of bank holidays in Canada encompasses a diverse range of celebrations, including national observances such as Canada Day and Thanksgiving, as well as provincial and territorial holidays unique to different regions. Whether it’s commemorating historical events, honoring cultural traditions, or simply enjoying an extended weekend, bank holidays in Canada play a vital role in fostering a sense of community, promoting leisure and reflection, and allowing individuals to recharge and rejuvenate.
| HOLIDAY | 2023 | 2024 | OBSERVANCE |
|---|---|---|---|
| New Year’s Day | Jan 1, Sun | Jan 1, Mon | National, Federal |
| Good Friday | April 7, Fri | Mar 29, Fri | National, Federal |
| Victoria Day | May 22, Mon | May 20, Mon | National, Federal (except NS, PEI & QC) |
| Canada Day | Jul 1, Sat | Jul 1,Fri | National, Federal (except MB) |
| Labour Day | Sep 4, Mon | Sep 2, Mon | National, Federal |
| National Day for Truth and Reconciliation | Sep 30, Sat | Sep 30, Mon | National, Federal |
| Thanksgiving Day | Oct 9, Mon | Oct 14, Mon | National, Federal (except NS & PEI) |
| Remembrance Day | Nov 11, Sat | Nov 11, Mon | National, Federal (except MB, NS, ON & QC) |
| Christmas Day | Dec 25, Mon | Dec 25, Wed | National, Federal |
| Boxing Day | Dec 26, Tue | Dec 26, Thu | National, Federal (AB, NB,NL, NT, NU, ON) |
Each province and territory may have additional regional holidays that are observed locally. It’s recommended to check with the specific provincial or territorial government or banking institutions for a comprehensive list of bank holidays in a particular region of Canada.
How to Open a Bank Account in Canada
Starting your financial journey by opening a bank account in Canada is a key step towards financial independence and savvy management. Whether you’re saving for the future, managing daily expenses, or starting to build credit, having the right bank account is crucial.
Here’s a step-by-step on how to open a bank account in Canada:
Choose a Bank or Credit Union:
- Start by selecting a bank or credit union that caters to non-residents. Some popular options include RBC, TD, BMO, Scotiabank or CIBC.
- Research their account offerings, fees, and services to find the one that best suits your needs.
Gather Required Identification:
To open an account, you’ll need to provide proper identification. Here are the common documents required:
- Two Original Pieces of ID from List A:
- Canadian Social Insurance Number (SIN)
- Canadian passport
- Canadian driver’s license
- Permanent residence card.
- Ensure that you have the original documents; photocopies won’t suffice.
Visit a Local Branch or Apply Online:
You have two options:
- In-Person Visit:
- Visit a local branch in Canada.
- Bring your required identification (e.g., passport, proof of address) and any additional documents they may request.
- Some banks may also ask for a reference from your home bank.
- Online Application:
- Some banks allow you to apply online. Check their website for details.
- If you choose this option, follow their instructions and submit the necessary documents electronically.
Confirm Your Identity:
- The bank must verify your identity through proper identification.
- Contact the financial institution to inquire about any additional requirements or alternative ways to open an account with them.
- Keep in mind that some online-only banks may require you to have an existing account with another financial institution before opening an account with them.
Remember that each bank or credit union may have specific procedures, so it’s essential to check their individual requirements. Good luck with opening your bank account in Canada!
FAQs
We heard you that’s why Allreview.ca has compiled and answered most, if not all, of the frequently asked questions so that you don’t have to do the research yourselves.
Are banks open on Easter Monday?
Yes. Banks in Canada typically follow the federal statutory holidays as outlined by the Canadian government. Easter Monday is not a federally recognized statutory holiday in Canada, so banks are generally open on that day.
Are banks open on Good Friday?
No. In Canada, Good Friday is a statutory holiday, which means that most banks and financial institutions are closed on that day. However, many banking services are available online or through mobile apps, allowing customers to access certain services even when the physical branches are closed.
Are banks open on Family Day?
In Canada, Family Day is a statutory holiday that is celebrated on the third Monday in February. The availability of banking services on Family Day can vary depending on the bank and the province or territory in which you are located.
No. In some provinces, such as Alberta, British Columbia, New Brunswick, Ontario, and Saskatchewan, banks are generally closed on Family Day.
Yes. However, in other provinces, such as Newfoundland and Labrador, Nova Scotia, and Prince Edward Island, Family Day is not recognized as a statutory holiday, and banks may operate as usual.
Are banks open on Remembrance Day?
No. In Canada, Remembrance Day is a public holiday observed on November 11th each year to honor and remember the men and women who have served in the armed forces. The status of banks on Remembrance Day can vary depending on the province and the specific bank.
Traditionally, banks and many other businesses were closed on Remembrance Day in Canada. However, in recent years, some banks have chosen to remain open for at least a portion of the day. This change is primarily due to legislation that permits businesses to operate on public holidays.
Are banks open on Boxing Day?
No. In Canada, Boxing Day is a statutory holiday observed on December 26th. As a general rule, banks in Canada are typically closed on statutory holidays, including Boxing Day.
Are banks open on Canada Day?
No. In Canada, July 1st is celebrated as Canada Day, which is a national holiday. Typically, banks and many other businesses are closed on Canada Day. However, it’s always a good idea to check with specific banks or financial institutions in your area, as some may have different operating hours or exceptions.
Are banks open on Civic Holiday?
In Canada, the Civic Holiday, also known as the August long weekend or the first Monday in August, is a statutory holiday. The availability of banking services on this day can vary depending on the bank and the province.
No. Traditionally, most banks in Canada have been closed on the Civic Holiday.
Yes. However, in other provinces, such as Ontario, Quebec, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island, It is not recognized as a statutory holiday, and banks may operate as usual.
In Conclusion
While online banking has made managing finances more convenient, there are still situations where in-person visits to a bank branch are necessary. Understanding the operating hours and holidays when banks are closed can save you time, frustration, and ensure that you can complete your banking tasks efficiently. By staying informed and planning ahead, you can make the most of your visits to the bank and maintain control over your financial matters.
