New consumer protection policies

Did you know that you now have additional protection when dealing with your financial institution? The changes apply to banks, authorized foreign banks, and federal credit unions.

Electronic alerts

Banks have to send you electronic alerts if the balance of your personal chequing or savings account falls below $100, or if the credit available on your credit card or line of credit falls below $100. You can also ask your bank to set the alert values to a different amount.

These alerts help you avoid overdraft fees and manage your cash flow.

Renewal reminders

Banks are also required to send you a reminder if you have a product or service set to renew. These include expiring promotional rates for credit cards. They don’t include optional products or services such as loan insurance.

Higher standards

Banks are being told to raise their sales practice standards. This includes getting your express consent before selling you any product or service! They also have to provide you with written confirmation if you verbally consent.

If you want to learn more about the Financial Consumer Protection Framework, you can visit the Government of Canada website.