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Laurentian Bank branches close as bank migrates customers to National Bank
Laurentian Bank closes its 55 Quebec branches by Friday as customers move their banking to National Bank.
Key points
- All 55 Laurentian Bank branches, all located in Quebec, will be closed by the end of day Friday.
- Laurentian Bank debit cards will be deactivated at 4 p.m. ET Friday, and National Bank ATM access begins Nov. 9.
- Laurentian Visa credit cards will remain operational during the migration process.
Why it matters. Laurentian customers may need alternative payment methods over the weekend, as National Bank encourages, and should keep credit card accounts open until they receive new instructions.
Laurentian Bank of Canada will close its 55 Quebec branches by end of day Friday; they stay open until 4 p.m. ET but will not become National Bank locations. National Bank says Laurentian debit cards will be deactivated at that time, and transfers and ATM withdrawals will be unavailable. Fairstone Bank agreed to buy Laurentian for $1.9-billion last year, while National Bank took its retail and small-and-medium-sized banking portfolios in a transaction completed Monday.
Latest updates
Laurentian Bank branches close as bank migrates customers to National Bank
The branches, all in Quebec, will remain open until end of day Friday Open this photo in gallery: Laurentian Bank branches will permanently close at the end of day Friday after closing its deal with National Bank and Fairstone earlier this week. Christinne Muschi/The Canadian Press Laurentian Bank of Canada’s LB-T 55 branches, all located in Quebec, will be closed by the end of day Friday and customers will see their banking migrate to National Bank of Canada NA-T after the pair completed their takeover agreement. Laurentian says its branches will remain open until 4 p.m. ET, but will not be converted into National Bank locations. National Bank says Laurentian Bank debit cards will also be deactivated at that time, and banking transactions like transfers and ATM withdrawals will not be available. Clients will have access to the National Bank network of automated banking machines beginning on Nov. 9 - the same day National Bank debit cards will also be activated. National Bank says clients eligible for its debit card will receive one by mail along with a separate letter containing a PIN, which can be changed at any time. National Bank encourages clients to plan for alternative payment methods over the weekend. Laurentian says its Visa credit cards will remain operational during the migration process. National Bank recommends clients keep their Laurentian credit card account open.