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About the Financial Services Sector |
New Reforms |
The New Reforms: What Consumers Should Know
New federal legislation governing the financial services
sector has come into effect. Here are key things you
should know:
- Banks and other federally regulated financial institutions
must have clear internal procedures to deal with customer
complaints. They must give you the option of having
your complaint reviewed by an organization that deals
with complaints not resolved by the institution.
- Opening a bank account is now easier. You do not
have to make a minimum deposit.
- When buying certain financial products, you are
entitled to receive information in writing to help
with your decision.
- When planning to close a branch, federal deposit-taking
institutions must provide notice of at least four
months; in more remote areas, six months. (See our
brochure, What
you should know if your branch closes, PDF
format [183 kB])
- Banks are prohibited by law from making you buy
one of their products or services as a condition for
getting another one.
- Large federally regulated financial institutions
are required to report on how they contribute to the
economy and society.
For more information, visit the Know Your Rights section of our Web site or call us at 1-866-461-3222.
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