Meridian to close Stevensville branch, no recourse for members

Meridian Credit Union plans to close its Stevensville branch this year, and because it answers to a provincial regulator rather than Ottawa, the closure requires none of the notice or public-meeting protections a chartered bank would need.

The branch at 2763 Stevensville Road will close and Meridian will move accounts to the nearest branch by home address, leaving some customers with a longer drive to bank in person.

The Financial Consumer Agency of Canada requires four months’ notice for a federal bank to close a rural branch, and six months in a rural area with no other deposit-taking branch within 10 kilometres, plus notice to the local government and a newspaper.

Meridian is a provincial credit union under the Financial Services Regulatory Authority of Ontario, which watches solvency and deposits, but does not enforce branch consultation. No provincial rule forces an Ontario credit union to consult a community before it closes a branch.

Stevensville residents are circulating a petition to reverse the closure, but no regulator can act on it.

At a chartered bank, customers can ask the federal consumer agency to order a public meeting, and the agency has done so. Ontario does not allow Stevensville’s account holders that route, so the petition can only ask the credit union to change its mind.

Meridian has stated that flat customer growth over five years is one reason for leaving, despite an active town plan for 90 new homes at nearby 2649 Stevensville Road.

Meridian said the closure is also part of an industry-wide shift to digital banking and pledged to help members who need it, including seniors learning digital tools.

Meridian plans to sell the branch building and has already drawn interest from buyers.

The credit union has not stated the closing date publicly.

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