Tavistock Scotiabank branch closing next spring

Lee Griffi, Local Journalism Initiative Reporter

Scotiabank is cutting jobs and closing physical branches, including the one at 23 Hope St. S in Tavistock.

Bank clients have been given a letter as they visit the branch.

“You may have noticed habits have changed considerably over the past few years, with many day-to-day transactions now being completed online and using mobile banking. As a result, we’ve seen a reduction in visitors at several of our branches.”

Scotiabank’s district vice president, Victor Zamin, signed the letter and goes on to say the branch is moving its operations to Woodstock at 385 Springbank Ave. N.

“The change will take effect on Tuesday, May 19, 2026, at 11 a.m.”

A sign on the bank’s front door states the ABMs will be removed at 8 a.m. on the same day. That sign does not mention the branch closure.

Scotiabank spokesperson Claire Dawson said in a statement that finding ways to be more efficient is a part of managing the bank effectively.

“We will continue to prioritize and invest in areas that best meet the needs of clients and deliver sustainable growth.”

No details were provided regarding the scale of the upcoming job cuts. However, in 2023, Scotiabank reduced its global workforce by about three per cent, or roughly 2,700 positions. As of the third quarter, which ended July 31, the bank employed 87,317 people.

The Tavistock branch employs six people. There has been no word yet if any of them will be offered positions elsewhere or if their jobs will be eliminated.

Tech expert Carmi Levy said the closure shouldn’t come as a surprise as banks have been consistently trimming their branch network in recent years in a quest to cut costs and drive efficiencies.

“The usual excuse is based on the shift toward online banking and digital services. If more customers are managing their relationships with their banks via apps and websites, then there’s less need over time to visit an actual brick-and-mortar branch.”

He added with younger customers increasingly likely to never set foot in a branch at all, it’s easy to understand why banks are in such a rush to divest themselves of expensive real estate and similarly expensive employees.

“The cold reality of banking is branch-based transactions are significantly more expensive than any other form of transaction. So, if banks can motivate users to spend more time in their apps and less time in their branches, they can save the tremendous overhead associated with having to manage real estate and people in pursuit of profit,” he added.

Part of the challenge for some people, particularly seniors, is a lack of trust when it comes do performing any type of financial transactions online. Levy said people’s skepticism is understandable.

“There is no such thing as 100 per-cent secure technology. Every digital service comes with its own set of risks. That said, online banking has been around long enough that financial institutions have had years to implement multiple layers of fairly comprehensive protections against fraud and other forms of financial cybercrime.”

While too many Canadians continue to fall victim to financial crimes on digital platforms, the risks aren’t enough to deter the majority of customers from using e-commerce tools. The convenience and efficiency are simply too much of a draw. With better education and awareness, Canadians can continue to close the cybersecurity gap and reduce their exposure to digital fraud.

Levy added banks may be closing their branches at a rapid clip, but they still maintain sizeable customer service departments.

“While some customers may be more comfortable with bringing their affairs into a branch and meeting an employee in person, they will have to find new ways of engaging with helpful employees if their branch is shuttered.”

He said anyone not comfortable with online banking would do well to enlist the assistance of a trusted family member, friend, or financial advisor to help navigate the array of resources available to those who no longer have access to a local branch.

“They’re out there, even if finding them isn’t always as apparent as it could be.”

Levy explained the removal of brick-and-mortar branches impacts certain communities and customer types more than others, including rural areas, smaller towns and Indigenous communities.

“Customers who aren’t as comfortable with technology, often but not always senior citizens, are particularly vulnerable. This is a challenge that both industry and government need to figure out, otherwise too many Canadians will find themselves on the wrong side of the financial digital services divide. It isn’t acceptable for banks to pad their bottom line at the expense of a quiet minority of Canadians who still want to do their banking face-to-face.”