|
Branch closures
|
Requirement to
provide a minimum notice period before closing a retail branch |
Cashing federal
government cheques |
Prohibition
on charging for cashing federal government cheques.
Obligation
to cash federal government cheques to a maximum value of $1,500
with appropriate identification, to be specified by a new
regulation.
More…
|
Coercive
tied selling |
Prohibition
on using coercion in selling and linking sales of products
and services |
Committee
of the Board
of Directors |
Requirement
to designate a committee of the Board of Directors to monitor
procedures regarding disclosure of information to customers
and to deal with complaints, as required under the Act |
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Complaint
procedures |
Requirement
to put in place a procedure for handling complaints, and to
file a copy of the procedure with the FCAC
Requirement to provide information to customers on contacting
the FCAC |
Disclosure
requirements |
Requirement
to disclose information to consumers with respect to:
- interest and charges applicable to deposit accounts
- cost of borrowing
- terms and conditions of loan prepayments
- a customer's rights and obligations when being issued
a credit, charge or payment card, and any associated costs
- prohibition on coercive tied selling
- insurability of deposits by CDIC
- hold periods on cheques
- index-linked
deposits, and how interest on these deposits is calculated
- any other products and services, policies, procedures
or practices, as specified by regulation
Requirement to provide information to FCAC Commissioner as
deemed necessary |
Opening/closing
a retail deposit account (RDA) |
Requirement
to open retail deposit accounts for consumers meeting certain
conditions. More… |
Opening
a second bank account by telephone |
Within 14 days of opening an RDA by telephone, consumer right
to close the account without charge |
Loans
and credit/charge cards |
Consumer right to prepayment of certain types
Prohibition on loans that require minimum credit balances
to be maintained by borrower, unless expressly agreed to |
Public
Accountability Statements |
Requirement
for large institutions to file Public Accountability Statements |
