Nearly 2,500 Canadian bank branches have shut their doors for good – how many were close to you?
With so many communities across Canada lacking banking services, it’s worth examining the dwindling numbers of brick-and-mortar locations in this digital age.
For the last 40 elapsed years (as of 2025), approximately 45% of Canada’s 2,620 small towns and rural communities with post offices — totaling about 1,179 communities — do not have any bank branches.
Additionally, over 90% of the more than 700 Indigenous communities in Canada lack both bank and credit union branches. [1]
While specific population data for each community without banking services isn’t readily available, it’s evident that a significant number of small towns and rural areas across Canada are under-served in terms of financial institutions. This lack of access to banking services has prompted discussions about alternative solutions, such as postal banking, to address the financial needs of these communities. [2]
In terms of credit union presence, there are 1,585 Canadian Credit Union Association branches across the country as of February 12, 2025.
The distribution is as follows (as of 2/2025):
| Province | Credit Union Branches |
| Ontario | 472 |
| British Columbia | 356 |
| Saskatchewan | 214 |
| Alberta | 192 |
| Manitoba | 183 |
Notably, Quebec, the Northwest Territories, Yukon and Nunavut do not have any Canadian Credit Union Association branches. [3]
The decline in the number of bank and credit union branches, especially in rural and small-town Canada, has been a growing concern. From 1990 to 2022, bank branches decreased from 7,964 to 5,600, and credit union locations also saw a decline during this period.
Fiscal Agents
This trend underscores the challenges faced by many communities in accessing essential banking services, highlighting the need for innovative solutions to bridge the financial service gap in under-served areas.
Registered Deposit Brokers and agents representing national and regional banks and credit unions offer no-fee deposit services that fill that gap, in the same way that we at Fiscal Agents serve our clients in southern Ontario.
Fiscal Agents no-fee deposit brokers fulfill those needs for conservative investors, specializing in guaranteed investment certificates that provide fixed interest rates, security of capital, flexibility and growth. We invite you to learn more about our business and our services at www.fiscalagents.com.
References
[1] Nos Communes[2] Wikipedia
[3] ScrapeHero
