Ontario will they keep banks stock market open | General financial discussion | Discussion forum

Bud said
They are disclosing Tuesday? Whats goin on banks stock market open or closed during the shut down?  

Good question, Bud.

The banks and credit unions themselves may not be ordered closed, but I highly suspect that the bank and credit union branches will be. People will be staying home and don't need cash. They can use their debit or credit cards for essential services; thus, it's not an essential service. Whether this extends to Ontario-based FI contact centres, I'm not sure. I think Ontario will allow the FI's contact centres and processing centres to remain open.

Post offices I would say are probably safe; though they may institute barriers with a small opening to pass parcels picked up through.

Stock exchanges, of course, will be on the list of "essential" services. Courier services will be essential. Armoured cars? Probably. Taxis? Maybe/probably. Uber? Probably not. TTC/Metrolinx? Definitely.

They have three days to react, so you may see banks shift their cheque clearing to the Symcor centres in Calgary and Vancouver from Mississauga. If contact centres aren't on the list, then they may shift their calls to their other call centres in other provinces.

Cheers,
Doug

Bud said
How will some people be able to invest in the stock market move cash if branches close
foreign exchange quotes matured gics etc
My guess some branches will be open they just didnt want to be seen on the list  

Easy. All discount brokerages and mutual fund dealers offer funding via pre-authorized debit from a linked bank account or, alternatively, via (a) online bill payment or (b) mailed cheque deposit.

GIC maturities and renewals can be handled via contact centre or simply online.

Foreign exchange contracts and quotes can be handled online or by telephone.

Cheers,
Doug

Jim Sherat said
of course Banks will be open, just not all Branches; no way does a Gov't order the Banks to close. Definitely considered an "essential service"
heck even the LCBO's, Beer Stores, and get ready, Pot Shops, will be exempt from the 14 day+ closure law.  

No, they actually can order branches to close. I suspect LCBO and Beer Store will be on the non-essential order list.

Banks are definitely not an essential service. Cash is only a very minor form of payment as compared to the 1930s.

Business licensing, while typically devolved to the municipal governments, comes under the purview of the provincial government. So, while banks are federally-regulated, the actual operation, or non-operation, of physical storefronts is a provincial responsibility.

FWIW, Libro Credit Union has updated their website that all their branches are either closed temporarily, closed to the public, or open by appointment only. I suspect this is a hint of what's to come. The provincial government is likely to allow one branch per financial institution, per municipality, to be open, by appointment only. As such, I suspect you will see in-person teller services suspended in Ontario for at least two weeks, and branch staff will religiously clean the ATM keypads and door handles and be available, via appointment only, for whatever cannot be handled digitally.

Alternatively, you may see all branches close indefinitely and the province, through FSRAO and in collaboration with OSFI and FCAC federally, permit financial institutions to expand the scope of instructions they may accept via fax or e-mail.

Cheers,
Doug

There is a long list of essential services https://www.ctvnews.ca/health/coronavirus/essential-services-what-s-staying-open-when-shutdowns-expand-in-ontario-quebec-1.4865643