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accelerate terms and conditions
November 19, 2012
9:09 am
Forum Posts: 1
Member Since:
November 19, 2012
sp_UserOfflineSmall Offline

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.

November 19, 2012
6:54 pm
Forum Posts: 1232
Member Since:
December 23, 2011
sp_UserOfflineSmall Offline

If you are using it for deposits only.

Lock up your ATM card and cheques at home.
Put the majority of funds into a GIC
Keep in mind there is a daily limit of how much can be withdrawn.


November 21, 2012
10:40 pm
British Columbia, Canada
Forum Posts: 4190
Member Since:
December 12, 2009
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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.


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