On Jun 30th, as part of Canada’s Bank Act, 60+ changes came into effect that provides customers enhanced protection in their dealings with #banks.
A few of them include:
1. Banks will now need to deal with customer complaints within 56 days (instead of 90 days).
2. Banks must limit liability on lost or stolen credit cards to $50 and warn customers (electronic alerts) if they go into overdraft or over their credit limit
3. Provide advance notice so customers can decide if they want to renew or cancel their products or services.
4. Provide separate agreements for each product and service so customers understand what they are buying, how much it will cost, and how to cancel an agreement.