Bank of Canada Governor Stephen Poloz says his bank is closing its doors for good and he’s calling on Canadians to make sure their banks stay online.
Poloz made the announcement Friday at a news conference in Toronto, a week after the Bank of England announced it would no longer issue cash to consumers who use debit cards at bank branches.
Bank of Montreal has also said it will stop accepting debit cards and has also halted sales of goods at its branch in Vancouver.
Poloscy said the closure was a necessary step to protect customers’ financial security.
“The financial crisis brought many challenges to our economy, including high consumer spending and a slow recovery,” he said.
“Our banks are the backbone of our economy and we can’t continue to depend on them as they go out of business.”
Bank of Quebec and TD Bank are among the institutions that are shutting down.
A spokesperson for the banks said in a statement that the closures were part of an ongoing process to address the impact of the financial crisis.
Poliz also announced that his department would release a report on the economic impact of banking closures by the end of March.