November 19, 2012
Has anyone read these? i understand the need to confirm that a new customer but consent to a credit investigation when I am using them only for deposits and not requesting any kind of credit services seems out of line does it not?
Also, the Liability clause also concerns me:
"...the Member(s) will be liable for all authorized and unauthorized uses of the Debit Card by any person, prior to the expiry or cancellation of the Debit Card."
is liability for non-authorized use standard in the industry? It means that if someone steals my card or pin number then I could theoretically lose a lot of money. Every week we hear of more and more security breaches.
December 23, 2011
December 12, 2009
It could just be they're not as a good at wording their legal account agreements as the "Big 5" banks.
I think even the "Big 5" banks technically say you're liable for use of the card until you notify them it has been lost or stolen but, in the case of unauthorized use due to something like "card skimming", banks generally do investigations into that sort of thing, have customers sign indemnity agreements and do refund the money that is stolen from their accounts upon the outcome of the investigation. As well, all banks have adopted the voluntary code of conduct on debit card services, I believe, available on either the websites of the Canadian Bankers Association or FCAC.