- Citizens Bank of Canada
- Coercive Tied Selling
- Citizens Bank Hold Funds Policy
- Citizens Bank Government Cheque Cashing Policy
- AML and ATF Policies
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Every effort has been made to ensure the accuracy of the information provided, however, it may be revised from time to time. Citizens Bank reserves the right to revise product information without notice. Current information on all Citizens Bank products and services can be obtained through the Member Service Centre at 1-888-708-7800.
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About Coercive Tied Selling
Definition: co*erce [v.] to restrain by force; to compel.
So you know...Why we don't, won't, can't coerce business from you...
Here's a fact: under section 459.1 of the Bank Act it is illegal for a bank to "impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including the bank and any of its affiliates, as a condition for obtaining another product or service from the bank." This tactic has been labeled "coercive tied selling".
What is "coercive tied selling"? And what's not okay?
A bank offers you a loan on the condition that you transfer your RRSPs to that bank. Or, you apply and qualify for a line of credit but are told that you can only have it if you bring your mortgage to the bank.
In both cases, illegal coercive tied selling is afoot. Qualifying is qualifying. If you qualify for a product, it's illegal for the bank to pressure you with a condition of buying something else you don't want to get the product you do want.
What is okay, legal and above board?
- Bundling of products and services
- Preferential pricing
There is a difference between illegal, high-pressure sales tactics and competitive pricing. Many businesses, including banks, often "bundle" a set of products or services together under one attractive rate - a rate that's better than if you bought each of the items separately. Or they may have preferential pricing to recognize loyal, valued customers. A bank that offers a loan with more favourable terms if the borrower agrees to also obtain another product or service is an example of preferential pricing and it's totally above board. Bundling and preferential rates are not illegal. Not doing a deal solely because someone doesn't bring all their business over is.
What we do to manage risk...
At Citizens Bank, we believe we are stewards of the money our members place with us. Therefore, we must be responsible about how we use that money. When we approve a loan or a credit card, the law allows us to place certain requirements on borrowers as a condition of granting the loan or issuing the credit card. It is our policy that the requirements for borrowers will be reasonable and consistent with the level of risk.
What's the best way to reach us if you have a concern? As a first step, we ask that you attempt to resolve the problem by discussing it with a Citizens Bank member service specialist at 1-888-708-7800.
If that is not acceptable to you, or if the specialist is unable to solve the problem, the next step would be to follow the Citizens Bank of Canada Complaint Procedure.
Download a copy of the Citizens Bank of Canada Tied Selling information sheet.
Citizens Bank Hold Policy
When you deposit a cheque into your account, either through an ATM or at one of our Community Banking Centres, some or all the funds may be "held". This transaction may not be accepted until we have taken steps to verify its details and authenticity. You will not have access to these held funds until the hold period expires.
A hold may be placed on your account for the total amount of the deposit as follows:
|Method of Deposit||Item Type||Drawn on||Location||Max. Hold Period|
|ATM, Mail or in person||Cheque||Another Canadian Financial Institution||Within Canada||7 days|
|Mail or in person||Cheque||US Institution||Within the United States||28 days|
|Mail or in person||Cheque||Foreign Institution||Outside Canada, or the United States||40 days|
|Electronic||Recurring Direct Electronic Deposits||Any||Any||No Hold|
|Electronic||Non-Recurring Preauthorized Payments||Any||Any||7 days|
|Mail or in person||Collection Items||Any||Funds will not be credited to your account until the item clears.|
Hold fund decisions vary for each member. The following circumstances will be taken into account:
- Length of time you have dealt with us.
- Your account history.
- The amount of funds available within your account.
- The cheque amount.
- Whether or not the item is properly or fully encoded.
- The institution and location on which the cheque has been drawn.
- The cheque issuer.
Download a copy of the Citizens Bank of Canada Holds Policy.
Citizens Bank Government Cheque Cashing Policy
As Citizens Bank of Canada provides 24 hour, seven-days-a-week service through the internet, fax and telephone, we are unable to offer government cheque cashing services at our cashless retail offices.
Should you have any questions or concerns regarding this policy, please contact our 24-hour Service Centre at 1-888-708-7800.
If that is not acceptable to you, please refer to the Citizens Bank of Canada complaint procedure or you can request a printed copy by calling our 24-hour Service Centre.
Download a copy of the Citizens Bank of Canada Government Cheque Cashing Policy.
© Copyright 2004 Citizens Bank of Canada
™Citizens Bank, Citizens Bank of Canada, Delivering more when it matters most, the Citizens Bank logo, Nanocentre, HOCKEYSTARS, HockeyStars, and the HOCKEYSTARS logo are trademarks of Citizens Bank of Canada. Credential Direct™ is a trademark owned by Ethical Funds Inc. and is used under licence. Citizens Bank of Canada is a licenced user of the marks. Citizens Bank of Canada is an authorized user of the marks EXCHANGE, Interac® Services, PLUS, STRATA, ACCULINK, VISA and MASTERCARD. Windows, Windows 95, Netscape, Navigator, Communicator, Internet Explorer and Pentium are trademarks of the respective owners. All names of banks and financial companies are trademarks of the respective owners.
® Trade-Mark of Interac Inc. Used under licence.
Warranties and Limitation of Liability
Information and documents provided on this website and on our RSS feeds are provided 'as is' without any warranty. Citizens Bank uses reasonable efforts to include accurate and up-to-date information on this website and on its RSS feeds; it does not, however, make any representations as to its accuracy or completeness. Your use of this website and our RSS feeds is at your own risk. Citizens Bank, its suppliers, and the other parties involved in creating and delivering this website's contents and its RSS feed’s are not liable for any damages arising from use of this site.
Citizens Bank of Canada's "best posted rate guarantee" applies to conventional banking services (providing branch services) only and excludes promotional offers.
Current information on all Citizens Bank products and services can be obtained 24 hours a day through the Member Service Centre at 1-888-708-7800.
Privacy and Security
Maintaining the privacy of our members and employees has been an integral part of our daily operations since we launched the bank. We believe that ensuring the accuracy, confidentiality and security of the information we hold about you is more than simply a legal requirement. It is also an ethical obligation. We have adjusted our policies and procedures to ensure our compliance with the federal Personal Information Protection and Electronic Documents Act, also known as Bill C-6. Our Privacy Code provides a detailed description of how we protect privacy at Citizens Bank. We have also addressed some of your frequently asked questions (FAQ) about Internet Security and Privacy, which includes the choices available to you regarding how your personal information is used.
As part of our privacy commitment to you, you may choose how your personal information is used for marketing purposes.
Links to Third Party Sites
Any dealings that you have with third parties (including advertisers) using any Linked Sites, including the delivery of and the payment for goods and services, and any other terms, conditions, warranties or representations associated with such dealings are solely between you and the third party. Citizens Bank of Canada shall not be responsible or liable in any way for any part of such dealings.
Citizens Bank of Canada
Citizens Bank of Canada is a proud member of the Canada Deposit Insurance Corporation (CDIC).
CDIC is a Federal Crown Corporation created in 1967 to protect the money you deposit in member financial institutions, in case of their failure.
The following instruments and/or products* are eligible for deposit insurance from the Canada Deposit Insurance Corporation, subject always to the maximum coverage limitations outlined in their brochure “Protecting Your Deposits” and provided they are in Canadian funds, are payable in Canada, and have a term of no more than 5 years.
- RSP Escalator® Term Deposits
- Short Term Deposits
- RSP Short Term Deposits
- Global Chequing Account
- Investment Account
- Ultimate Savings Account
- Business Chequing/Savings
- RSP Ultimate Savings Account
- Official Cheques
- Certified Cheques
- Money Orders
- Outstanding Payment Items
Outstanding payment items include suspense accounts, items in transit, and unclaimed cheques. Outstanding payment items may not be applicable to depositors in the normal course of their banking.
For further information about CDIC, please call 1-800-461-CDIC (2342) or visit their website www.cdic.ca
* Products outstanding as at May 31, 2014
Summary of Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) Policies at the Vancity Group, including Citizens Bank of Canada
The Manager, Corporate Security and Chief Anti-Money Laundering Compliance Officer for Citizens Bank, a part of the Vancity Group (“The Group”), is responsible for the development and application of AML/ATF compliance policies and procedures to detect and deter Money Laundering and Terrorist Financing activities, to review these policies on a regular basis to test their effectiveness and for the implementation of ongoing AML/ATF training for employees. The Group verifies and ascertains the identity of all individuals who open up an account and requires government issued, recordable identification to satisfy legislative requirements.
Our policies and procedures comply with all requirements under the following legislation; the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), and Regulations, the Anti-Terrorism Act, the United Nations Suppression of Terrorism Regulations and the Canadian Criminal Code.
FINTRAC, the Office of the Superintendent of Financial Institutions (OSFI) Canada, and the Financial Commission of British Columbia (FICOM), have developed guidelines to detect and deter money laundering and terrorist financing. In addition, the Financial Action Task Force (FATF) on Money Laundering and the Basel Committee, on Banking Supervision have issued recommendations related to customer identification and record keeping. Our policies and procedures reflect these guidelines and recommendations.
The Group will not knowingly transact business with sanctioned individuals, entities and/or countries identified by appropriate government agencies, law enforcement, regulators, or United Nations resolutions. Any property held in the name of a listed person or entity is frozen and the disposition is reported to the appropriate agency as required by law.
Our Corporate Policy stipulates that we observe all regulatory requirements in any jurisdiction where we conduct business. We will cooperate with law enforcement agencies to the extent permitted by regulations and our policies and procedures. We do not open any anonymous accounts, nor will we enter into or continue a correspondent banking relationship with a bank incorporated in a jurisdiction that does not have a physical presence and which is not affiliated with a regulated financial group, (shell banks).
We trust the foregoing satisfactorily answers your questions regarding our anti-money laundering and anti-terrorist financing policies and procedures.