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Account statement at CDF
March 6, 2013
10:10 pm
ministre
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March 6, 2013
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Hello All:

I am seriously considering to open an account with CDF. I was with ING, then I switched to Ally. But now Ally is going away and I am in search of a new high interest account.

I've read all the reviews about CDF and they all seem to be very positive.

I've also emailed CDF about a few questions and a customer service called Lawrence was always very quick to answer my questions.

There is only one thing that I am not comfortable with. ING direct prepares a quarterly account statement and you have the choice to get it mailed to you as a paper copy. Ally prepares monthly account statements and I also used to choose to get it in the mail. Since I am doing online banking with these institutions. I would like to have an official paper copy of my account statement. What if tomorrow there is a bug in there website and it shows that I only have $1 in my account. How am I to legally prove that I had more money with them.

That is why I always choose to get an official paper copy of my account statement from the institution.

Well turns out that CDF does not mail out account statements. I did not quite understand the customer service's response to my question. From what I understand, at CDF you go on their website and request an electronic copy of your statement. How does that work ? Do you get a PDF copy of an electronic statement ? Is that good enough for your purposes ?

Thanks

March 7, 2013
7:48 am
Peter
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May 15, 2007
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Hi, yes you would get a monthly statement as a PDF that you can save and print if needed. Although, I've noticed that you only get this for your chequing account. If you have savings account, for example, you have to go to the account activity screen, set the start and end dates, and export the results as a PDF, instead of an "official statement".

March 7, 2013
9:13 am
GS1
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February 22, 2013
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ministre said

[snip]

I would like to have an official paper copy of my account statement. What if tomorrow there is a bug in there website and it shows that I only have $1 in my account. How am I to legally prove that I had more money with them.

[snip]

I am not a lawyer and this is just my opinion.

If your account were to suddenly have an incorrect balance there would need to be a "trail" as to how it got there. (You had $100 and suddenly it showed $1. Well, something has to get it down from $100 to $1.) To me any form of "proof" you had would have to be weighed against the "proof" they had to explain the discrepancy.

I would be more worried if all they displayed was the current balance without history.

I have disliked and seriously resisted electronic statements up till earlier this year when (1) Bell Canada suddenly started charging $2.00 per paper statment and (2) Quicken 2013 had a neat way to store all those PDF files.

Greg

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