As a consumer you have some basic banking rights which are guaranteed to you by the Canadian law and at the same time, it keeps the financial institutions regulated.
Banking Fees Charges
You have the right to send information and be made aware of any charges and fees that are applied to your banking account. If the financial institution is applying any new charges or increasing the fee, you have right to be informed of the change or increase thirty days before it takes effect.
If you have agreed to receive the information electronically when you open the account, the financial institution will send the information electronically. Otherwise, you will be sent the information on paper documentation through the mail.
The financial institutions is required to post the information of any fee increase or new charges in each of its branches, its website and at the automated banking machines (ABMs) at least sixty days before the change takes effect.
Cashing a Government of Canada Cheque
You have a right to cash your Government of Canada cheque for free at any bank. You can cash the cheque at any bank as long as it is C$1,500 or less and you have to show acceptable identification. Acceptable identification includes passport, birth certificate or driver’s license.
The Government of Canada’s cheques cannot be considered stale-date. This means they will never get expired and you can cash them in, whenever you wish. However, the financial institution can verify the cheque through the federal government’s Cheque Redemption and Control Directorate to check its legitimacy.
If you are having trouble cashing the cheque, you can send it to Cheque Redemption and Control Directorate, asking them to reissue it on a more recent date.
Online Banking
You have a right to be protected in conducting online transactions by the voluntary code of conduct that Canadian banks are bound by. Under this code, Canadian banks have agreed to apply the provisions of the Canadian Code of Practice for Consumer Debit Card Service.
Opening and Closing an Account
Everyone has a right to open a bank account. You must procure authentic form of identification.
On opening an account, you must agree to receive information through either a paper document or electronically. You have a right to receive:
- A copy of the account agreement within seven business days after the account is opened
- Information on all charges applicable to the account
- Information on how you will be informed of any changes of charges or fee increase
- Information on the procedure for complaints
You have a right to close your bank account without charge, within 14 days of opening it.
Branch Closure
When a financial institution is planning to close a branch, it must give notice four months in advance to consumers in urban areas. In rural areas, the financial institution must give six months advance notice. This will give consumers time to find another service.
Complaints
If at any given point of time, you feel that your rights are being violated, you have a right to file a complaint with the Financial Consumer Agency of Canada.
