Frequently asked questions
Q. What is happening to my accounts?
You do not need to take any immediate action; however, you will need to transfer some of your financial products to another financial institution over the coming months. Loans will be transferred for you. All existing deposits remain safe and secure. Eligible deposits, up to a maximum of $100,000, continue to be insured by the Canada Deposit Insurance Corporation.
Starting today and over the following few weeks, we will be sending you more information about your options. We also encourage you to review our Member Information Centre, which contains more details about this transition and will be kept up to date with the latest information. Our Member Service Centre is also available 24 hours a day, seven days a week at 1.888.708.7800.
- Residential mortgages, personal loans and real estate secured lines of credit. The Toronto-Dominion Bank (TD Canada Trust) has purchased most of these loans as of August 5, 2009. Citizens Bank will continue to service these loans, on behalf of TD Canada Trust, until the conversion, which is expected in early 2010. These loans will be serviced by TD.
- B.C. members who have deposit products can choose comparable products at Vancity, or another financial institution of their choice. Members outside of B.C. can choose a TD Canada Trust EasySwitch™ option that makes it simple for members to move their Citizens Bank accounts and all associated pre-authorized payments and direct deposits to a new or existing TD Canada Trust account. Members are also free to move their accounts to another financial institution.
- Non-registered term deposits. Citizens Bank will service term deposits not in RRSPs or other registered accounts until maturity. At that point, Citizens Bank will issue the member a cheque for the full value of the investment.
- Registered term deposits. Members will need to make arrangements to transfer their registered products to another financial institution of their choice using the T2033 transfer form provided by their new financial institution. All Citizens Bank transfer fees will be waived. For registered savings, Citizens Bank will process the transfer form immediately upon receipt and commits to sending the member's registered funds to their new financial institution as soon as possible. For registered term products, Citizens Bank will accept transfer forms in advance and will process them immediately upon maturity to ensure registered funds continue to earn interest without disruption.
Q. Are my deposits with Citizens Bank safe?
Eligible deposits, up to a maximum of $100,000, continue to be insured by the Canada Deposit Insurance Corporation.
Q. Where can I get more information about how this affects me?
Starting on the day of the announcement, we will be sending members information about their options. We also encourage members to review our Member Information Centre, which contains more details about this transition and will be kept up to date with the latest information. Our Member Service Centre is also at 1.888.708.7800.
Q. What is going to happen to the Citizens Bank Boutique Branches?
Citizens Bank's three storefront Boutique Branches in Vancouver, Calgary and Toronto will close on December 8, 2009.
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