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Some New Banking Rules Implemented to Protect Consumers in Canada

CTV News | Pat Foran | Jul 7, 2022

New banking rules by Rodrigo - Some New Banking Rules Implemented to Protect Consumers in Canada

New rules came into effect late last month to create stronger consumer protections when it comes to Canada’s banking system, but some advocates said the new regulations don't go far enough.

  • "These rule changes are baby steps to improving things a little bit," said Duff Conacher, with Democracy Watch, a corporate responsibility advocacy group.
  • The rule changes have been 10 years in the making and even though the federal government adopted legislation to modernize the new rules in 2018, they only took affect three and a half years later on June 30, 2022.
  • There are more than 60 changes to Canada’s Bank Act, which includes things like shorter wait times for resolving complaints, electronic alerts warning of low bank balances and limits in place as to how much you’re responsible for if your credit card is lost or stolen.

See:  Open Banking is Coming to Canada…Are you Ready for Change?

Example rule changes

  • Some of the new changes to help benefit Canada’s 30 million banking customers include a bank must deal with customer complaints within 56 days instead of 90 days.
  • Banks must limit liability on lost or stolen credit cards to $50 and warn customers if they go into overdraft or over their credit limit, which could incur them added fees.
  • After complaints that banks were pitching expensive and unneeded products to their clients, they can now only sell products and services that are appropriate for their customers needs.

"Reports by whistle blowers revealed that banks were upselling, essentially selling consumers things they didn't need in order to make more money and that is going to be prohibited," said Conacher.

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