Nearly half of B.C.’s TD Canada Trust branches will be open seven days a week starting this February as a result of customer demand.
In an interview, Kerry Peacock, TD’s executive vice-president of branch banking said 65 of B.C.’s 145 branches will open on Sundays from noon to 4 p.m., primarily in communities with a younger demographic, young families and high Sunday retail traffic.
The move is tapping an apparent desire by banking customers to access banking services throughout the week. Two years ago, when BIV spoke with TD Canada Trust President Tim Hockey, Sunday hours ranked 2.5 times lower than more hours during the weekdays.
Peacock said, however, Sunday hours are “a natural extension of what we do. We’re already open 50% longer than our competitors, so this takes it one more level and it’s something our customers have told us they value. I’m not sure if the others would see it in the same light.”
The move significantly increases access to banking services for Canadians, increasing the total number of branches in Canada opening on Sunday by more than 80%. Since the trend began in 2007 with CIBC, which now has 48 branches in 30 communities across Canada open Sundays, others have started taking note.
BMO Bank of Montreal opened its first seven-day banking branch in B.C. in North Vancouver in mid-August, with financial management centres in Metrotown and Oakridge open on Sundays for the past couple of years.
BIV contacted all the major banks asking if they would be opening branches on Sunday, but Scotiabank and RBC would not confirm if they were considering the move, simply saying they regularly evaluate products and services to meet the needs of Canadians.
Each bank emphasized its respective strengths with its ABM networks and online and mobile banking increasing access to products and services. For TD, Peacock noted those other access points have not diminished the need for branch access. If anything, it has increased demand for face-to-face appointments.
Peacock said it was too early to say how Sunday banking will affect staffing levels. The bank will spend the next few months assessing how many existing part-time staff will be available to work on Sundays before looking to increase staff headcount.