New banking rules come into force in Canada
The changes have been ten years in the making.
On June 30, 2022, more than 60 points of change were made to the Canadian Bank Act. Here are the most important ones:
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from now on the bank will be obliged to consider the complaint of the client within 56 days instead of 90 days as before;
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also took note of the numerous appeals from citizens regarding the fact that banks imposed expensive services that increased their revenue, but were useless to customers. This will now be forbidden: only what meets the needs of customers will be offered;
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liability for lost credit cards will range up to $50 CAD, with banks required to warn customers about going into overdraft and exceeding the limit.
Duff Conacher of Democracy Watch, an organization that advocates democratic reform and corporate responsibility, commented cautiously: "These changes in the rules are tiny steps toward a slight improvement.
He was especially skeptical about a small fine for stolen credit cards: Conacher believes that banks will try to prove that the cardholder was negligent and can hold customers responsible for any fraud that occurred.
