Personal Finance

What's the procedure to change branches?

  • Last Updated:
  • Jun 22nd, 2018 8:22 pm
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Deal Addict
Nov 25, 2014
1633 posts
801 upvotes
Newton Brook, ON
MadCanadian wrote:
Jun 12th, 2018 2:37 pm
The only thing that the bank ever needs to be changed is the address in which the bank keeps, this determines where to mail your info. Modern accounts are no longer tied to branches as there is no paper trail to follow at a branch, it would have been scanned and uploaded to your account. Banks treat branches like wireless cell stores, they have physical employees to help you out, they have phone customer service who has the same powers as a teller, anything requiring physical location just needs you to be at a branch to sign or verify.
I take it you have the fortune of not dealing with Scotiabank. Recently I spent about 20 minutes watching employees physically follow a paper trail at a branch, and I do mean paper trail. Phone customer service directs me to a branch at least half the time. Some things are completely inaccessible to them because there is simply no online record. One time they told me they couldn't pull up a file because someone else had it at the time. Let me repeat that - someone else had the file... in their office. When I needed a copy, I had to take it to work to scan it myself because they don't even have digital scanners, just basic photocopiers. A Scotiabank branch is less like a wireless store and more like a historical exhibit.
You need someone with an umbrella not a fork
Deal Addict
User avatar
Jun 24, 2015
1361 posts
183 upvotes
Woodbridge, ON
I moved branches and my transit number for my account still stays with my old branch just my address on file gets updated and i deal with a new personal financial advisor, everything else stays the same u dont need to open new acounts u dont need to transfer funds etc
Hi
Sr. Member
Feb 11, 2009
950 posts
209 upvotes
I know we've gotten off topic but just for fun...

Over a decade ago I lost my bank card while at university. I called to have it cancelled and they said to go to my home branch to get a new one. As I was at school with a meal plan, I fortunately didn't need cash and waited a few weeks before I went home.

Just recently, I had to update some banking info for a non-profit I am involved with. There 3 of us that needed to sign and for some reason the account is in the middle of nowhere (Vaughan). It is virtually impossible to get all three of us in place together. So two of us go into a North York branch where the rep lined up all the paper work and we signed. She then sends the paperwork to a third branch where last person makes an appointment and signs. The files then go back to North York branch were rep updates the computer systems, then sends the files to original account branch for filing. Thank you TD!
Sr. Member
Nov 8, 2017
521 posts
217 upvotes
nmclean wrote:
Jun 12th, 2018 9:39 pm
I take it you have the fortune of not dealing with Scotiabank. Recently I spent about 20 minutes watching employees physically follow a paper trail at a branch, and I do mean paper trail. Phone customer service directs me to a branch at least half the time. Some things are completely inaccessible to them because there is simply no online record. One time they told me they couldn't pull up a file because someone else had it at the time. Let me repeat that - someone else had the file... in their office. When I needed a copy, I had to take it to work to scan it myself because they don't even have digital scanners, just basic photocopiers. A Scotiabank branch is less like a wireless store and more like a historical exhibit.
Not surprised seeing this. 3 or 4 months ago I saw a Scotia ATM, and it looked like a Soviet Era control panel for a space ship
Jr. Member
Jun 29, 2015
156 posts
102 upvotes
Canada Eh?
Like everyone has said here, the branch where the account is opened no longer matters. And if you really want to switch it, any branch will be able to do it for you by opening a new account with a brand new account number.

The only bank I've had an issue with this is HSBC. If you opened your account in a, say for example, Vancouver, BC branch. It'll forever be tied to that branch no matter how many times you close and open your account. Even if you open an account in HSBC Ontario.
Newbie
Dec 12, 2007
24 posts
1 upvote
saint john
Opened cibc account at their Yonge/ Shepard branch May 2003. Never been there since then.

Two years later moved to another province which is 1600 km away.

“Home branch” is in museum, just like pagers or cdma phones.
Newbie
Dec 12, 2007
24 posts
1 upvote
saint john
Have all kind of products, credit cards, saving account, US dollar account, mortgage, loc, tfsa, rrsp, investors etc

Have had issues of US dollars account and loc being suspended because of no activity. Just walked in any “local” branch that is thousand kilometres away from “home” branch, problems solved in minutes.
Jr. Member
Jun 29, 2015
156 posts
102 upvotes
Canada Eh?
Just to update on this. I finally had my first issue of not being at the home branch.

I have a LOC that was opened at a RBC Vancouver branch nearly 7-8 years ago. I don't have any chequing or savings account with RBC, just the LOC.

Therefore I took a TD-issued bank draft, and went to a local branch in Toronto to pay off the LOC. Because the LOC was opened in Vancouver, the branch said they could not pay off the draft :facepalm:

It was either:
1) I mail the bank draft back to Vancouver branch;
2) open a new chequing and savings account to pay off the draft through online banking transfer; or
3) leave the bank draft with the branch and let the branch manager deal internally with the back office to get it paid off.

I chose 3. But thought I'd let you guys know.
Member
Oct 23, 2017
395 posts
173 upvotes
GTA West
As others have said, banking is now pretty much branch-independent, and you can move your financial advisor relationship to any branch where it is convenient for you.

The negative I found in my case is that my CIBC and TD cheques show branch addresses in cities where I have not lived for many years. This address is tied to the branch transit number and all the bank's financial systems are set up based on the transit. You have the option of opening accounts at another branch, but then you have the headache of redirecting your transactions.

I don't know why they show the branch address at all anymore.

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