03/17/2020 11:36 EDT

Will Banks In Canada Close Due To Coronavirus? Here's What's Happening So Far

Banking will still be available by phone, app and ATM, but some branches will close or see reduced hours.

Solidago via Getty Images
In this stock photo, a CIBC branch is seen in Rocky Mountain House, Alta., Aug. 17, 2012. Canadian banks are reducing opening and hours and closing some branches in response to the coronavirus.

TORONTO ― The Canadian Bankers Association says the country’s six biggest banks are working together in their efforts to limit the spread of COVID-19 by temporarily limiting branch operating hours and reducing the number of branches, while maintaining critical services.

The association says special care will be given to branches in rural communities.

It says many banking services will continue to be available through bank machines, mobile apps, bank websites and telephone banking.

Watch: How the coronavirus will impact the economy. Story continues below.


The move comes as public health officials urge people to limit contact with others in an effort to limit the threat of the novel coronavirus.

Businesses across the country have responded by cutting back, changing their operations and finding ways to allow employees to work from home.

Canadian Imperial Bank Of Commerce has said 816 of its locations will remain open, but operate under modified hours, while 206 which do not offer over-the-counter cash and banking services will temporarily close effective Wednesday.

The bank is also introducing assistance for clients impacted by job loss or other circumstances and urged those that need help to contact the bank to review options.

“As the COVID-19 situation continues to evolve we are taking proactive, precautionary action to continue serving our clients while protecting the health and safety of our clients, team members and the communities we serve,″ said Laura Dottori-Attanasio, CIBC’s senior executive vice-president, personal and business banking.

“We remain ready to help clients with their banking needs and we’re proud to support our clients and our community as we work through the current situation together.”