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Legal (updated)
THE FINE PRINT
Keeping your banking simple is important to us, and so is making sure you have
the information you need. Find details on Simplii Financial products and
services below.
* Products and Services Agreement
* Online Security
* E-mail fraud and identity theft
* Coercive tied selling and other prohibited conduct
PRODUCTS AND SERVICES AGREEMENT
--------------------------------------------------------------------------------
Effective January 31, 2023
The Product and Services Agreement may include reference to products and/or
services which are not currently available.
WHO THIS APPLIES TO
This Products and Services Agreement includes information for all clients of
Simplii Financial. For clients with any Simplii Financial product, other than a
Simplii Financial credit card, you are bound by this entire document. If you
have a Simplii Financial credit card account, this document applies to your use
of online and mobile banking. In addition, the following public commitments and
disclosures contained in this document apply to all Simplii Financial clients,
including credit card holders:
* Consent to electronic delivery of documents
* Privacy
* Voluntary Codes of Conduct and Public Commitments
* Need to contact us?
* Your right to being treated fairly and to having your concerns heard
* Our process for resolving your complaint
* Information about coercive tied selling and other prohibited conduct"
The terms in this document are in addition to any other agreements you have with
us for Simplii Financial products or services.
SOME BASIC TERMINOLOGY
* "Account" means all or any of your Simplii Financial accounts provided by the
direct banking division of CIBC, including but not limited to the chequing
account, line of credit, loan, GIC account, savings accounts, TFSA and RRSP.
* “Available Balance” means the amount of funds in your Eligible Deposit
Account less Funds on Hold (if applicable). This is the amount of money in
your account that is available for immediate use, but does not include any
overdraft (if applicable).
* "Bank account" refers to all or any of your Simplii Financial chequing and
savings accounts.
* "Bank machines" refer to automated banking machines.
* "Bank-to-bank transfers" refers to debiting or crediting your Simplii
Financial account(s) using an account you have at another financial
institution.
* "Card" means your Simplii Financial debit card and any replacement cards.
* “Card details” means the card number, expiry date and CVC (the three-digit
code on the back of the card).
* “Card not present transaction” means a transaction involving the purchase of
goods and or services without the physical presentation of your card to the
merchant (for example, online, by electronic device or mail).
* "CIBC" means Canadian Imperial Bank of Commerce.
* "CIBC group of companies" means CIBC and its affiliated companies.
* "Electronic device" means any electronic device that we allow you to use to
access online banking including, a personal computer, cellular phone,
telephone, smart phone, or personal digital assistant.
* “Eligible Deposit Account” means a personal deposit account that is
automatically enrolled to receive balance alerts.
* “Foreing currency account” means a savings account denominated in a currency
other than Canadian dollars.
* “Funds on Hold” means cheques deposited to your bank account which are
subject to a waiting period or “hold” before you are able to withdraw the
funds.
* "GIC" means all or any of your Simplii Financial Guaranteed Investment
Certificates provided by CIBC.
* "GIC account" refers specifically to your Simplii Financial GIC account which
holds your GIC.
* "Images" has the meaning given in the definition of “mobile deposit service”.
* "Interac Flash" means the contactless payment feature that allows you to make
purchases at select merchants, without having to swipe or insert your card
and enter a PIN.
* "Line of Credit" refers specifically to your Simplii Financial Personal Line
of Credit, and Secured Line of Credit
* "Loan" refers specifically to your Simplii Financial Personal Loan
* "Mobile banking" means any website or mobile application, specifically
designed by us or a third party service provider, through which you may sign
on to online banking for use through an electronic device, including a
personal computer or cellular phone.
* "Mobile deposit service" means the mobile banking service that allows you to
make deposits to your account(s) by taking a picture of the front and back of
cheques and other items ("images") with an electronic device.
* "NSF" means non-sufficient funds.
* "Online banking" means access to Simplii Financial products and services
through the Simplii Financial website at: simplii.com and includes access
through mobile banking.
* "Password" means any password you use to identify yourself as a Simplii
Financial client, including your memorable information and your passwords for
telephone and online banking. If you have enabled Touch ID or other biometric
recognition (e.g. fingerprint) features to sign-in to online banking or to
access any Services, your password includes any biometric stored on your
electronic device and your electronic device password.
* "PIN" means your personal identification number for your card.
* "Prime" means the interest rate declared by CIBC to be its prime rate for
Canadian dollar loans in Canada.
* "RRSP" refers to your Retirement Savings Plan offered by Simplii Financial
(which may include your Simplii Financial RRSP Savings Account, Simplii
Financial Daily Interest RRSP Account or Simplii Financial RRSP GIC).
* "Savings account" refers to any and all of your Simplii Financial savings
accounts.
* “Security Alerts” refers to One Time Verification Codes or Fraud Alerts.
* "TFSA" refers to your Simplii Financial Tax-Free Savings Account
* "We", "us" and "our" mean Canadian Imperial Bank of Commerce, and any member
of the CIBC group of companies that provide you with a Simplii Financial
product or service.
* "You" and "your" mean the Simplii Financial client.
* The branch of account address for your accounts is: 305 Milner Avenue, 5th
floor, Scarborough, ON M1B 3V4.
YOUR AGREEMENT WITH THE PROVIDER OF SIMPLII FINANCIAL PRODUCTS AND SERVICES
* Simplii Financial products and services are provided by CIBC.
* The information you give CIBC will be used to establish and maintain a
relationship with you, and offer you any products or services related to
Simplii Financial and permitted by law. This information will also be
transmitted to the appropriate member of the CIBC group of companies and
other companies to provide you with Simplii Financial products and services.
(Refer to the section of this page on “Privacy” for details.)
* These terms and conditions apply to all Simplii Financial products and
services provided by us that you have now and in the future.
* If you obtain another Simplii Financial product or service in the future and
it has additional terms, they will be sent to you. Your use of that product
or service will show you received the additional terms and agree to be bound
by them as well. If any additional term conflicts with a provision in these
terms and conditions, the additional term will apply in relation to that
product or service.
* You agree that your account will only be used for personal purposes. You
agree that you will not use your account for any business that you own or in
which you have any interest.
YOUR CREDIT INFORMATION
You may have agreed to let us obtain your credit report information so that your
application could be assessed. We receive reports from Equifax Canada Inc. and
Trans Union of Canada Inc.
Equifax Canada Inc., Consumer Relations,
P.O. Box 190, STN Jean Talon,
Anjou, QC H1S 2Z2
Phone: 1-800-465-7166 Opens your phone app.
and
Trans Union of Canada Inc., Consumer Relations Centre,
3115 Harvester Rd, Burlington, ON L7N 3N8
For Quebec: 1-877-713-3393 Opens your phone app.
All other provinces: 1-800-663-9980 Opens your phone app.
If you agreed to let us obtain credit report information about you:
* To maintain our relationship with you and enable us to offer you other
products and services in the future, you agree to let us, from time to time,
obtain credit and other information about you from various sources including
credit reporting agencies; and
* You also authorize us to give any credit or other information about you to
credit reporting agencies and similar agencies and people with whom you have
or propose to have financial dealings.
YOUR ACCOUNTS AND YOUR DEALINGS WITH US
We will provide you with access to account statements regularly as specified in
the product features of each account. You agree to review each account statement
regularly (at least once every 30 days) and your savings account transactions at
least once every 90 days. If you elect to receive account statements
electronically, you agree to remain enrolled in online banking and to access and
review your statements and account activity regularly in online banking.
You will write, phone or contact us via online banking within 90 days of any
savings account transaction date (or the date the transaction should have
occurred) and within 30 days after the statement date for any other account if
you believe the statement or transaction history is wrong. If you don't contact
us, then with the exception of incorrect credits made by us to your account:
* All entries and balances will be taken as correct
* All cheques and other items will be assumed authorized and properly signed
* All debits to your bank account, TFSA or RRSP, and all credits to your line
of credit will be taken as correct
* You will not be entitled to any amount not shown on the statement or
transaction history
* We are released from all claims regarding your account(s), including claims
for negligence but not gross negligence or willful misconduct
In the case of gross negligence or willful misconduct, our liability will be no
greater than the amount of the item or the direct damages you have suffered. We
are not liable for any indirect, special or consequential damages.
You may not be held responsible for cheques that you signed and which have
forged or unauthorized endorsements but only if you notify us within 30 days
after you learn about the problem and you prove to our satisfaction that you
took all reasonable steps to prevent the situation.
You agree to accept these terms and conditions even if a statement is delayed or
never received for any reason, such as if it is lost in transmission, if there
is a postal strike, or if you do not review your statement regularly.
ADDITIONAL TERMS FOR FOREIGN CURRENCY ACCOUNTS
Transactions with your foreign currency account
You may perform the following transactions with your foreign currency account:
* Transfer funds between your foreign currency account and any other Simplii
Financial bank account (excluding TFSA and RRSP accounts) or line of credit.
* Send a Global Money Transfer (GMT) or wire transfer to select countries. GMTs
and wire transfers are subject to additional terms and conditions.
* Receive wire transfers.
* For the Simplii Financial USD Savings Account, you may also order US dollar
bank drafts and money orders and deposit cheques, denominated in US dollars.
To deposit cheques, you must write your name and account number on the back
of the cheque and mail it to us at: Simplii Financial, P.O. Box 603, Station
Agincourt, Scarborough, Ontario M1S 5K9.
Unless otherwise expressly permitted by us, you cannot make deposits or
withdrawals through a bank machine or use your card to make purchases or access
funds from your foreign currency account. Cheques are not issued for foreign
currency accounts. Depending on the currency of the foreign currency account,
other conditions and restrictions may apply to the management of foreign
currency accounts.
REGULATORY RESTRICTIONS
Your foreign currency account is subject to all laws and regulations applicable
to the relevant currency and regulatory restrictions may limit certain
conversions and transfers. These foreign laws and regulations vary by country,
are subject to change and are not determined by Simplii Financial. The foreign
currency account is also subject to the conditions governing corresponding
assets held by us with our foreign correspondent. We are not responsible for (i)
any increase or decrease in the value of your foreign currency account due to
changes in foreign currency exchange rates, or (ii) the unavailability of funds
or inability to complete a transaction due to any legal or regulatory
restrictions.
YOUR INSTRUCTIONS TO US
* Alternatives to writing: Your instructions given to us by phone, online
banking or other electronic means will be treated as if they were written and
signed instructions.
* You acknowledge that email sent over the internet is not secure and may be
lost, intercepted or altered. You agree that we are under no obligation to
accept or act on any instructions you provide to us by email. If you send us
confidential information by email, we will not be liable if it is lost or
intercepted, altered or misused by someone else. If you send us an email, you
agree that we may (at our sole discretion) respond to you by email, and
provide by email any confidential information that you have requested; you
also agree that we will not be liable if the information we provide to you by
email, as contemplated in this section, is lost or intercepted, altered or
misused by someone else.
* Fax: We will accept signed instructions from, or purporting to be from, you
by fax and you are legally responsible for them just as if they were original
documents. We are only considered to have received fax instructions when they
are brought to the attention of the Simplii Financial representative to whom
they are addressed.
* Our ability to act on phone or fax instructions depends on the normal
functioning of communication facilities. We are not responsible for any delay
or failure to receive phone or fax instructions or information.
* You acknowledge that we may choose to record some or all of your telephone
calls to us.
* When your Password or PIN is used together with your card or card number,
your card is used for an Interac Flash transaction, or you give some or all
of your card details to a merchant and indicate your authorization of the
transaction in a manner acceptable to us (whether in person, by electronic
device, by mail, online, or for the purpose of establishing transaction(s)
directly from your account), you are deemed to have authorized the
transaction and you are responsible for it.
* We may deal with your legal representative (for example, by way of power of
attorney or if deceased, your estate representative). We have the right to
require your legal representative to prove to our satisfaction, which may
include requiring court documents, the legal authority to act as your legal
representative generally and for any particular transaction and to refuse to
deal with your legal representative without such proof. Any power of attorney
appointing an attorney must be duly executed and in a form satisfactory to
us. Any attorney or legal representative of yours must provide us with
required information and sign required documentation before being able to act
on the account. We have no obligation to inform any other account holder of
any such appointment or actions by such attorney or other legal
representative of yours. You release us from any claim or liability when
acting upon the instructions of such attorney or other legal representative.
PROTECTING YOUR CARD, PIN AND PASSWORD
* Your card allows you to access your accounts as specified by the product
features of each account; by bank machine, Interac Debit, Interac Flash,
Debit Mastercard, phone, and online banking. You agree that you will not let
anyone else use your card.
* In order to keep all dealings confidential, you will not disclose your PIN or
password to anyone else. You should be aware that communication by cellular
phone or other non-secure methods may be intercepted. We can't guarantee
confidentiality if you choose to communicate to us by these means.
* You will memorize your PIN or password and not record them anywhere. If you
think someone else may know your PIN or password you will change it and
notify us immediately.
* When choosing a PIN and password, you must not use the same for both. Also,
when choosing a PIN and password, do not use all or any part of: a password
or code you use for any other service; your name, or a close relative’s;
birth date, telephone number or address; a card or account number; or any
other word or number which can be easily obtained or guessed by someone else.
* You will take other precautionary measures to protect your account, including
always shielding your transactions from the view of others, and ensuring your
card is returned to you after each transaction.
* The electronic device you use may be vulnerable to viruses or online attacks
that seek to intercept or alter information including sensitive information
that you provide through the internet. To reduce the chances of harm, you
should take all reasonable precautions, including ensuring that any
electronic device you use to access online banking has an up-to-date
anti-virus program, anti-spyware program and a firewall, if such security
measures are available for your electronic device. We will not under any
circumstances be liable to you for any losses resulting from your failure to
use up-to-date anti-virus software, anti-spyware software and a firewall on
the electronic device you use to access online banking, if such security
measures are available for the electronic device you used.
* To prevent unauthorized access to your accounts, you must sign off of online
banking, close your browser, or sign off of the mobile banking applications
used by you for mobile banking, as soon as you finish using them. We will not
under any circumstances be liable to you for any losses resulting from your
failure to sign off of online banking after you have finished using it,
regardless of how online banking was accessed.
LOST OR STOLEN CARD
If your card is lost or stolen, call 1-888-723-8881 Opens your phone app. right
away or chat with us through online banking and we will cancel and replace your
card. A charge for a replacement card may apply.
LIABILITY FOR LOSSES FROM YOUR ACCOUNT
If losses occur by bank machine, Debit Mastercard, Interac Debit, or Interac
Flash
You will be responsible for all losses if:
* You authorize anyone else to use your card, PIN password, or card details
* You make an entry error at a bank machine or card reading terminal
* You make fraudulent or worthless transactions
* You unintentionally contribute to someone else's use of your card, PIN or
password and you do not fully cooperate in an investigation
* You fail to remove your card from a bank machine during a deposit
transaction. The transaction may be cancelled and any deposits (including
cash) may be ejected from the bank machine without credit to your account.
You will not be responsible for losses which are beyond your control or, in
other words if there was nothing you could have done to prevent loss.
This includes:
* Losses due to technical problems, system malfunctions or our errors
* Losses which occur after your card has been cancelled, or after you have
notified us that your card was lost or stolen or notified us that someone
else knows or may know your PIN or password
* Losses which occur when you unintentionally contribute to someone else’s use
of your card, PIN or password. However, for this to apply, what you did (or
did not do) must have been beyond your control and you must cooperate fully
in the investigation.
You will be responsible for losses, if you contribute to someone else using your
card, PIN or password, but only up to your daily bank machine withdrawal, Debit
Mastercard and Interac Debit purchase limits (your daily withdrawal limit is in
Canadian dollars for all countries, with the exception of the US where your
limits are expressed in US dollars), and Interac Flash purchase limits. Examples
of how you would contribute to someone else’s use include (but aren’t limited
to):
* Disclosing your PIN or password to someone without actually authorizing them
to use it to access your account
* Not notifying us within a reasonable time after your card is lost or stolen
or you realize that someone else may be using your card or may know your PIN
or password
* Recording your PIN or password anywhere
* Forgetting to remove your card or money from the bank machine
* Choosing a PIN or password which do not comply with these terms and
conditions. (Refer to the section on “Protecting your card, PIN and password”
for details.)
* Providing your electronic device password to a third party, or allowing a
third party to add their fingerprint to your electronic device, may provide
them access to your mobile banking. If you have enabled Touch ID or other
biometric fingerprint recognition feature as your Password to sign-in to
mobile banking, any fingerprints stored on your electronic device will be
able to access your mobile banking. You are not able to assign or restrict
which fingerprint(s) can access mobile banking. If any fingerprint(s) in
addition to yours are stored on your electronic device, you should not set up
Touch ID.
If losses occur by telephone or online banking
You will be responsible for all losses that result from your own use of your
card or PIN and your password. You will also be responsible for any losses that
result from any use by a third party of your card, PIN or passwords, including,
without limitation, use by a service provider that provides an online account
aggregation service, which retrieves, consolidates and presents your accounts
for the sole purpose of allowing you to view your accounts in one place, that
you authorized to use your card, PIN, or passwords. You will not be responsible
for losses which occur after you advise us that:
* An unauthorized person may be using your card
* Your card has been lost or stolen
* Due to circumstances beyond your control, someone else knows or may know your
password or PIN
Under this Section, losses from your account may not be limited to your account
balance if the account has overdraft protection or a credit limit. You may be
liable for the entire amount borrowed, plus interest and charges. Similarly, if
you are held responsible for transactions such as fraudulent or worthless
deposits, your liability will include (but not be limited to) the amount of the
transaction.
YOUR TRANSACTIONS
Debit card transactions
* In Canada: Where Interac Debit is accepted, transactions are processed
through the Interac network.
* Outside of Canada: Where Mastercards are accepted, transactions are processed
through the Mastercard network (or any other network Mastercard makes
available for use).
* Card not present transactions: Where Debit Mastercard is accepted,
transactions are processed through the Mastercard network.
* Foreign currency accounts: Unless otherwise expressly permitted by us, you
cannot use your card to make withdrawals or deposits to or from a foreign
currency account at a bank machine, or to make Interac Debit (including
Interac Flash) or Debit Mastercard transactions from your foreign currency
account.
Your disputes with merchants
* You agree to settle any disputes or claims that arise directly with the
merchant. We have no responsibility for merchant problems or disputes.
Bank machine, Debit Mastercard, Interac Debit or Interac Flash purchase
transaction disputes
* If you wish to dispute a transaction, call 1-888-723-8881 Opens your phone
app.. If at that time it cannot be resolved to your satisfaction, it will be
referred to a more senior level within the organization. During the dispute,
your funds will not be unreasonably restricted.
Disputes with merchants for Mastercard network transactions
* If you have a dispute with a merchant about a purchase processed through the
Mastercard network and you have been unsuccessful in first resolving the
dispute with the merchant, you may contact us. In this case, you must notify
us of the dispute within 60 days of the later of the date of purchase and the
expected date of delivery. In some circumstances, such as where the merchant
has not provided you with the goods or services you purchased or the goods or
services are not as described, we may be able to assist you (but not in the
case of disputes about quality or suitability, nor can we assist you with
PIN-authorized transactions). If the transaction is reversed you assign us
all the rights you have against the merchant concerning the transaction.
* If you request that we initiate an arbitration with Mastercard on your
behalf, you agree to pay any fee charged by Mastercard for such arbitration
and authorize us to debit your account for the amount of such fee or to
deduct such fee from any amounts awarded by Mastercard.
Interac Flash
* Select cards are enabled with Interac Flash. Interac Flash may not be used to
perform a cashback transaction, which is an option available at some
merchants, where you request to add an extra amount to the purchase price and
receive the added amount in cash from the merchant. Your pre-selected account
in the chequing position of your card for the Interac Flash feature will be
enabled and you will be asked to insert your card and enter your PIN in order
to complete a purchase if you exceed the Interac Flash transaction limits set
by us from time to time. Interac Flash purchases will default to the
pre-selected account. Interac Flash functionality must be activated by
conducting a successful PIN transaction at a card reading terminal. You can
have Interac Flash disabled or re-enabled on your card by calling
1-888-723-8881 Opens your phone app..
Authorizing purchase transactions
* Some merchants may process an authorizing transaction (which may exceed the
amount of your purchase). This authorizing transaction will either remove the
funds from your account or place a hold on the funds for up to 2 business
days. The reversal or hold removal may occur after the purchase transaction
is processed.
Advance payment transactions
* When you conduct a transaction using your card in advance of the actual
consumption of the good and/or service, including reserving goods and/or
services such as hotel reservations or car rentals, the funds will be debited
immediately from your account by the merchant and the amount may be different
from the final purchase amount.
Restricted transactions
* Your Debit Mastercard cannot be used to receive credits for online gambling
transactions, wire transfers, money transfers or gains / dividends from
investment instruments.
Your transaction limits
* You agree to allow us to set and change with or without notice to you, daily
limits on bank machines, card, phone or banking transactions.
Effective time for transactions
* Transactions you do on a non-business day, or after the cut-off time on a
business day, will be reflected in your account as having been done on the
next business day. We call Saturdays, Sundays, and national holidays
non-business days.
Purchases, refunds and adjustments
* Debits and credits for transaction(s) using your card may not appear in your
account on or effective the same day as the purchase or return/adjustment.
Your deposit transactions
* You agree to only deposit cheques and other instruments where the name of the
payee matches the name of the account holder or, if the account is a joint
account, the name of one of the account holders.
* If the cheque or instrument is payable to more than one payee, the names of
all payees must match the names of all account holders.
Your foreign currency transactions
* If you withdraw or deposit foreign currency from or to your Canadian dollar
account through a CIBC bank machine, we will debit or credit your account in
Canadian funds at the exchange rate set by us. Exchange rates will be set by
us on a date determined by us, which date may be different from the date you
made the withdrawal or deposit.
* For debit purchases (and credits/returns) made with merchants outside Canada,
card not present transactions in foreign currency or foreign currency
withdrawals through bank machines outside Canada, depending on which currency
is being converted, the amount of the withdrawal, purchase, return or credit,
including any surcharge imposed by a third party for using the bank machine,
network or other service, is converted to the currency of your account at an
exchange rate, either:
(i) listed at simplii.com/debitcard as the rate in effect on the date of
conversion for the applicable currency; or
(ii) which CIBC is required to pay on the date of conversion, plus an
administrative fee of 2.5% of the converted amount, for any currencies which
are not subject to the exchange rate noted in (i) above.
You acknowledge that currency conversion may not happen on the date of your
transaction or withdrawal. Other applicable fees are indicated in the “costs for
special requests and additional products and services” section of this
agreement.
* We may, in our discretion, permit transactions on your account in a different
currency than the currency of the account. The transaction amount will be
converted to the currency of your account at the exchange rate selected by us
and on a date determined by CIBC. This date may be different from the date
you performed the transaction. An item transferred or deposited to your
account in a different currency than the currency of the account which is
returned unpaid for any reason will be converted to the currency of your
account at the exchange rate selected by us and on a date determined by CIBC.
The converted amount will be charged back to your account. CIBC is not
responsible for any losses you may incur due to changes in foreign exchange
rates or the unavailability of funds due to foreign currency restrictions.
You agree that any claims We may have against you, and any service or other
charges related to your account, can be deducted from your account in the
same currency as your account.
* We earn money on the difference (the spread) between the bid and ask prices
of the cost of currency, which is in addition to any fee you pay us on a
foreign currency transaction. Any exchange rate selected by us will include a
spread to compensate us for providing foreign exchange services to you.
* Extended holds, on the Canadian dollar equivalent amount may be placed on
foreign currency deposits (cheques and cash).
* Your daily withdrawal limit for all accounts, including foreign currency
accounts, is in Canadian dollars or the Canadian dollar equivalent.
Responsibility for errors or service interruptions
* Our errors: We will be responsible for only the amount of any error we make
and nothing else. If you benefit from our error, you will be responsible for
the difference between the error and the correct amount; you will not claim
for any losses, including lost profit, lost business or any other
consequence.
* Service interruptions: We may cancel or change any of our services and your
ability to access them at any time, without notice to you. We will not be
responsible for any inconvenience or loss, which may result. Although we do
not expect any service interruptions or other communication malfunctions, we
are not responsible for any loss of any kind you may experience as a result,
unless we are grossly negligent (in which event we will be liable only for
the item or the direct damages you have suffered; we will not be liable for
any indirect, special or consequential damages).
* Your errors: We are not responsible for any errors that you make during a
transaction, including when installing/downloading software for online
banking access.
No warranties
* Other than the commitments made in the Simplii Financial Personal Banking
Online Security Guarantee, we disclaim any warranties and conditions
(including any oral, implied or statutory warranties and conditions)
regarding the nature, quality or character of online banking, including any
warranties and conditions as to merchantability, operation, currency,
timeliness, merchantable quality, fitness for a particular purpose, title,
non-infringement, security and accuracy.
TERMINATION OF AGREEMENT AND WITHDRAWAL OF ACCESS
* We may terminate this agreement with you or withdraw your access to online
banking at any time, without notice to you, in which case this agreement will
continue to apply in respect of your past access. We will not be liable for
any losses or inconvenience that result from our withdrawal of your access.
MOBILE DEPOSIT SERVICE
General
* These terms and conditions apply when you use the mobile deposit service in
mobile banking, and are in addition to the other terms and conditions set out
in this booklet.
* We appoint you as our agent to act on our behalf in the creation and
transmission of images to us. You may not further delegate the role as agent.
Qualification requirements may apply to the mobile deposit service and we
reserve the right to change the qualifications at any time without prior
notice.
Hardware and software
* In order to use the mobile deposit service, you must obtain and maintain, at
your expense, compatible hardware and software as specified by us from time
to time. We are not responsible for any third party hardware or software you
may need to use the mobile deposit service. Any such hardware or software is
accepted by you as is and is subject to the terms and conditions of use you
enter into directly with the third party provider at time of download and/or
installation.
Eligible items
* You may image and deposit any of these original Canadian currency paper items
issued by a financial institution located in Canada: cheques, bank money
orders, bank drafts, convenience cheques and certified cheques. You agree you
will not image and deposit any of the following:
* Items payable to any person or entity other than the person or entity that
owns the account that the item is being deposited into.
* Items which have been altered on the front, or which you know or suspect,
or should know or suspect, are fraudulent.
* Items which are known or suspected to be sourced from or for any illegal or
improper purposes.
* Items payable jointly, unless deposited into an account in the name of all
payees.
* Items drawn on a financial institution located outside Canada.
* Photocopies, PDFs or other printouts of items (including electronic
items).
* Items which are postdated or dated more than 6 months prior to the date of
deposit.
* Items with any endorsement on the back other than that specified in these
terms and conditions.
* Items which have been already deposited through the mobile deposit service,
a remote deposit capture service offered at any other financial
institution, or any other means.
Endorsements and procedures
* You agree to endorse any item transmitted through the mobile deposit service
by signing your name and writing "For deposit only" on the back of the item
or as we may otherwise instruct. Immediately after transmission of an image,
you agree to mark the front of the item as "paid" or "void" or cross it with
parallel lines to indicate that the item has been imaged and transmitted. You
agree to follow any other procedures and instructions for use of the mobile
deposit service as we may establish from time to time.
Receipt of items
* We reserve the right to reject any item transmitted through the mobile
deposit service at our discretion. An item may be returned to us by the
paying financial institution because, among other reasons, the paying
financial institution determines that the item cannot be processed, is
illegible, or is otherwise unacceptable. We are not responsible for items we
do not receive or for images that are corrupted or not fully received during
transmission. We may charge back to your account at any time, any item that
we subsequently determine was not eligible for deposit. If the deposit amount
does not match the amount of the image, we may adjust your account to reflect
the amount on the image received. You agree that we are not liable for any
loss, costs, or fees you may incur as a result of our charge back or
adjustment.
Availability of funds
* The day of deposit will be considered to be the day we receive the image in
the province where your account is located. Funds will be credited to your
account immediately upon receipt of the image but availability and access to
the funds will be subject to our hold policy and your access to funds limit.
Transaction and processing times
* Deposits made up to and including 12:00 a.m. EST (midnight) will have a
current day transaction date. Deposits made on national holidays, Saturdays
and Sundays will have a next business day transaction date.
Destruction and replacement of transmitted items
* You agree to retain the item for at least 5 calendar days from the date of
deposit and destroy it within 120 calendar days of deposit by shredding,
pulping, burning, crushing, erasing or any other means that ensures that the
item cannot be reused.
* During the time you retain the item, you agree to promptly provide the item
to us upon request. You are responsible for any and all costs associated with
obtaining a replacement negotiable item in the event that we request you
re-transmit an image, and the original item was destroyed or otherwise lost.
If you do not comply with such a request, then we can place a hold on or
reverse any credit made to your account in relation to the item, even if this
creates an overdraft on your account.
Deposit limits
* We may establish limits on the dollar amount of items and/or number of items
which can be deposited. These limits may change from time to time without
prior notice to you. If you attempt to make a deposit in excess of these
limits, we may reject your deposit. If we permit you to make a deposit in
excess of these limits, such deposit will still be subject to these terms and
conditions, and we will not be obligated to allow such a deposit at other
times.
Presentment
* The manner in which the items are cleared, presented (or represented) for
payment, and collected is determined in our sole discretion.
Errors in transmission
* By using the mobile deposit service, you accept the risk that an item may be
intercepted or misdirected during transmission. We have no liability to you
or others for any such intercepted or misdirected item or information
disclosed through such errors.
Image quality
* The image transmitted to us using the mobile deposit service must be legible,
as determined in our sole discretion and include, among other things, clearly
legible and unaltered magnetic ink character recognition (“MICR”)
information. The image quality of items must also comply with the
requirements established from time to time by us, the Canadian Payments
Association, or any other regulatory agency or association. You agree that we
shall not be liable for any damages resulting from an item’s poor image
quality, including those related to rejection of or the delayed or improper
crediting of such an item, or from any inaccurate information you supply
regarding the item.
Your promises to us and indemnification
* You warrant to us that:
* You will only transmit eligible items.
* You have not already deposited or cashed the item.
* You will not re-deposit or re-present the original item.
* You will comply with these terms and conditions and all applicable rules,
laws and regulations.
* You will take all necessary precautions to prevent any other person from
purporting to create or transmit an image to the credit of your account.
* You agree to indemnify and hold harmless us from any losses we may incur
(other than due to our own gross negligence or misconduct) for breach of
this warranty provision.
Cooperation with investigations
* You agree to cooperate with us in the investigation of unusual transactions,
poor quality transmissions, and resolution of client claims, including by
providing, upon request and without further cost, any originals or copies of
items deposited through the mobile deposit service in your possession and
your records relating to such items and transmissions.
Limitation of liability
Except as provided in this agreement or as required by applicable law, we will
not be liable to you for any losses arising from the mobile deposit service
which include, but are not limited to: (a) a delay in processing a deposit; (b)
requiring you to obtain another negotiable item; (c) technical difficulties or
interruptions in service; or (d) your use or inability to use this service,
regardless of the cause of action, including negligence, even if we are advised
of the possibility of such damages.
MANAGING YOUR ACCOUNTS/SERVICES
If you hold an account or any other service jointly with another person, these
terms apply:
* "You" and "your" mean each person who holds your account.
* For each jointly held account or other service, you are individually and
jointly responsible for any and all outstanding unpaid amounts on your
account. This means that we will be entitled to recover from either one of
you (or if one of you dies, from your estate) the full amount outstanding.
* Each of you can make transactions on your account (whether by cheque,
personal computer, telephone, pre-authorized debit, bank machine or any other
means of accessing your account) without the signature, authorization or
consent of the other(s), and in most cases, we will complete all transactions
based on one authorized signature.
* You authorize us to deposit to your account, any cheques or other negotiable
instruments that are payable to, or for the credit of, either one of you,
even if they are not endorsed by either one of you.
* You agree that requested paper account statements, notices and other
correspondence for each jointly held bank, savings or GIC account, and
notices and other correspondence for jointly held lines of credit, shall be
sent to the person designated as the primary account holder.
* You authorize us to communicate with any one of you in respect of matters
relating to the joint account and any one of you may provide any instructions
regarding the operation of the joint account including, but not limited to,
changing the joint account address in our records, renewal and redemption of
GICs, and disposition of funds.
* You acknowledge that each joint account holder may be provided account
information, including transactions and account related information, of other
joint account holders. This includes information about the account prior to
it becoming a joint account.
* If one joint bank account holder is declared mentally incompetent or
incapable of managing their affairs, all of you agree that the legally
appointed representative of the incapacitated joint bank account holder has
the same right of access to the joint account as did the incapacitated joint
account holder. We may rely on a legally appointed representative who is
acting for any one joint bank account holder.
* All money that is now or may later be credited to your bank or GIC account
(including any interest) is your joint property with the right of
survivorship. This means that upon the death of a joint bank or GIC account
holder, the balance of the bank or GIC account belongs to the survivor(s). To
make this effective, you hereby assign the balance of any jointly held bank
or GIC account to the surviving account holder(s) in the event of your death.
After your death, in the event your estate representative or anyone other
than the survivor(s) (any and all referred to as your estate) has or makes a
claim against the assets in the joint account, we will have no obligation to
your estate and your estate must deal with the survivor(s). We are not
required to act in accordance with any trust intended or granted by you with
respect to the account or any monies in it, even if we are aware of such
trust, and this is binding on your estate and any beneficiary of such trust.
(This provision will not apply if any one of the account holders is domiciled
in Quebec at the time of their death.)
OVERDRAFT PROTECTION ON YOUR BANK ACCOUNT
Overdraft protection is an optional service available as a supplement to your
bank account that allows you to temporarily overdraw your bank account. These
terms and conditions for overdraft protection apply in addition to the terms and
conditions applicable to your bank account. Overdraft protection is only
available on select bank accounts, which includes the No Fee Chequing Account.
Using your overdraft protection
* If you request it, your overdraft protection is available after we have
approved you and received all documentation necessary for its activation.
* Overdraft protection will continue until either of us cancel it in accordance
with the “Cancellation of overdraft protection” section below.
* You agree not to exceed the overdraft limit set for your bank account(s). If
there is no overdraft limit on your bank account(s), we may, if we wish,
allow your account to be overdrawn. We will have no obligation to process
withdrawals (debits of any kind) that result in your bank account(s) being
overdrawn, that exceed the overdraft limit, or that would further exceed the
overdraft limit, even if we have done so in the past.
* You will be charged an overdraft protection fee if your bank account is
overdrawn on any day in a given month, based on your account activity and the
final daily balance of the account. The overdraft protection fee will only be
charged once in any month in which you use overdraft protection, for your
first use of the overdraft protection service. We will not charge a further
fee if the overdraft protection service is used again in the same month. The
overdraft protection fee will be posted to your bank account at the end of
the month.
* If you no longer want overdraft protection on your bank account, you can
cancel your overdraft protection, effective immediately, at any time as
outlined in the cancellation section below.
Interest on overdue amounts
* Interest rate: You will be charged interest on any overdraft amounts at a
fixed annual rate equal to the percentage rate we disclosed to you in your
welcome kit or otherwise in writing. See the “costs for special requests and
additional products and services” section of this page for details.
* How we calculate and charge interest: Interest is calculated on the final
daily overdraft balance throughout the month and will be charged monthly to
your bank account. Even in a leap year, interest is calculated by multiplying
the overdraft balance by the overdraft interest rate, dividing the product by
365 and multiplying the result by the number of days in the month during
which such interest rate was chargeable.
Repayment of overdue amounts
* You agree to bring your account into a positive balance for one full business
day (24 hours) once per calendar month. If your bank account becomes
overdrawn, or you exceed your overdraft limit, you must repay that excess
amount immediately. We will apply deposits first to any overdraft or
overlimit amounts on your bank account.
* You agree to pay all amounts owing immediately if and when we ask.
Cancellation of overdraft protection
* We may at any time cancel your overdraft protection and refuse to process any
further withdrawals, including those that you issued before we cancelled your
overdraft protection.
* In order for you to cancel your overdraft protection, any overdraft amount
owing must be paid in full. If your overdraft balance is $0, you can remove
the overdraft protection by giving us a call and your overdraft protection
will be cancelled, effective immediately. While we process your request to
cancel, your overdraft balance must remain $0.
* The interest rate in effect at the date of cancellation will still apply
after your overdraft protection is cancelled and after any judgments that we
obtain against you. Any outstanding interest will be deducted from your
account at the end of the current month.
GENERAL TERMS
Your notices and statements
* Each statement for your bank account and your line of credit will be provided
electronically or by mail each month, unless (in the case of a line of
credit) there is no balance and no account activity in the month. Any items
not processed by the time the statement is issued will be reflected on the
next scheduled statement.
* If you have elected to receive paper statements, and or notices, we will send
paper statements and notices by regular mail to the current mailing address
we have in our records. Five business days after they have been sent, you
will be deemed to have received them.
* Notices for jointly held accounts will be sent to the primary account holder.
* If requested, Security Alerts will be sent to the email address you provide
to us as your primary email address for online banking. You can change your
email address online through online banking or telephone banking.
Balance alerts for Eligible Deposit Accounts
* If you provide the necessary contact information to us (e-mail address,
Canadian mobile number or registration for online banking or mobile banking),
and haven’t opted out, then for each Eligible Deposit Account you open, we
will send you an electronic alert when the Available Balance falls below an
amount set by you, or $100 by default if you do not set an amount. This means
that for Eligible Deposit Accounts denominated in dollars, the default alert
amount is $100 in the currency of the account. For Eligible Deposit Accounts
not denominated in dollars, the default alert amount is the foreign currency
equivalent of Canadian $100 (which amount is an approximation based on the
exchange rate and conversion date determined by CIBC). You may opt out of
these alerts by following the instructions in the alert message (or otherwise
provided by us), or through online banking or mobile banking. You may change
alert preferences through online banking, mobile banking or contacting us by
telephone. Due to their nature, alerts may be intercepted, reviewed or
altered by others with access to your Eligible Deposit Account or device(s).
We will not be liable for any losses arising out of your use of or inability
to use the alerts, or if alerts are delayed or not delivered due to factors
beyond our reasonable control except as may be required by applicable law.
* The above information only relates to Eligible Deposit Accounts. For
information about balance alerts sent for Simplii Financial credit card and
line of credit accounts, please refer to the Simplii Financial Summary of
Rates and Fees and the Simplii Financial Statement of Disclosure
respectively.
Inactive (dormant accounts)
* A chequing account will be considered inactive (dormant) if you have not
initiated any transactions for a 1-year period. A savings account will be
considered inactive (dormant) if you have not initiated any transactions for
a 2-year period. There may be restrictions on your use of inactive (dormant)
accounts.
Your records
* Your information, including recorded or electronic records and
communications, may be recorded and stored on any media and in a format that
we consider appropriate. These records, along with any bank machine
transactions records, will be binding, conclusive, and admissible in any
legal proceedings as the best evidence.
Processing and verifying transactions and our hold funds policy
* A transaction may not be accepted until we have taken such steps as we deem
necessary to verify its details and authenticity.
* A hold may be placed on your account for the total amount of any deposits as
follows:
* For Canadian dollar deposits, no more than 5 business days after the day of
the deposit.
* For US dollar cheques drawn on Canadian or US banks, up to 30 business
days.
* For cheques in currencies other than Canadian or US dollars drawn on a
Canadian or US bank, up to 30 business days.
* For cheques in other currencies drawn on foreign banks for which we have an
exchange rate, up to 60 business days.
* Some foreign currency items may be required to be sent for collection to
another financial institution. Funds will be deposited to your account only
when received from another financial institution.
* A hold may also be placed on your account for the total amount of
bank-to-bank transfers for no more than 5 business days.
* Despite these hold periods, you understand that we do not and cannot confirm
when an item will clear, or whether an item has cleared. Items may be
returned at any time, and you are solely responsible for returned items.
* We may extend the maximum hold period in the following circumstances,
including (but not limited to) where:
* We have reasonable grounds to believe there may be illegal, fraudulent or
improper activity in relation to an account; or
* The deposited cheque is not encoded with magnetic ink character recognition
or is not readable by operational systems (for example, if damaged or
mutilated); or
* An account has been open for less than 90 days; or
* A cheque or other instrument has been endorsed more than once; or
* A cheque or instrument has been deposited at least six months after the
date of the cheque.
* The extended hold period under these circumstances is estimated to be 30
business days. The extended hold period is an estimate, in some cases, it may
be longer; or it may be extended as a result of the exceptional circumstances
described above.
Your responsibility for unpaid items
* You are responsible for any deposits to your account if they are unpaid. We
may charge these items back to your account and if necessary we may debit any
of your other accounts without taking any further action.
NSF items (i.e. cheques, transfers, pre-authorized payments, post-dated bill
payments)
* When there is not enough money in your account and you have not arranged the
appropriate credit, then the cheque or other item will be returned unpaid and
an NSF charge will be applied to your account. The merchant may present the
same payment item multiple times which can result in additional NSF fees
being charged to your account.
Charges and right to offset
* You authorize us to review and, if required, debit your account(s) or any of
your funds on deposit with us or any member of the CIBC group of companies,
regardless of whether the account(s) or funds are held individually or
jointly, with our charges (interest and non-interest) or for any other money
that is owed for your financial products or services. These charges may be
changed from time to time and will be disclosed to you in accordance with
applicable laws. You authorize us to review and debit your individual or
joint account for any other money that is owed by you to us or any member of
the CIBC group of companies.
Lost or stolen cheques
* You agree to inform us immediately if any cheques are lost or stolen. If you
do not, you will be responsible for any improper use of the cheques.
Certified cheques
* We cannot certify cheques; however, you may obtain money orders, bank drafts
and wire transfers instead.
Approved cheques
* You agree to use only the types of cheques and drafts approved by us.
Stop payments
* You can place a stop payment on any cheque or other pre-authorized payment
order, if it has not already been paid, by giving us the required details and
paying the charge as indicated in the “costs for special requests and
additional products and services” section of this page.
* We will do our best to stop payment; however, the cheque/order must match
exactly the details you have provided. If it does not, we are not responsible
if the cheque/order is paid. If payment occurs for any other reason, we will
reimburse you unless the cheque/order is paid for a legitimate debt.
* Your stop payment request will be logged into our system within a reasonable
time after it has been received.
Interest rates on your bank, savings, TFSA and RRSP accounts
* Interest rates are expressed annually and may vary from time to time. You
acknowledge that, from time to time, we may change interest rates and how we
calculate interest.
* Obtain current rates by visiting simplii.com or giving us a call.
Changes to your terms and conditions
* All accounts other than the line of credit and the loan: We may propose to
change, either permanently or temporarily, any terms and conditions
(including fees, charges, other amounts required to be paid by you, if any,
in respect of your account) or replace these terms and conditions with
another agreement, at any time. We will give you advance written notice of a
proposed change as required by applicable law, in accordance with this
section. You may refuse the change by terminating these terms and conditions
and closing your account before the change is stated to come into effect in
the notice.
* The line of credit and the loan: We may permanently or temporarily change any
terms and conditions applicable to your line of credit or loan (including
changes to your credit limit, interest rate, term, regular payments, payment
frequency, amortization period, fees and other charges), or replace these
terms and conditions with another agreement, at any time. If we provide you
with notice or if we are required by law to provide you with prior notice, we
will do so in accordance with this section. You will be considered to accept
any changes made to these terms and conditions if there are any outstanding
unpaid amounts under the line of credit or loan, as applicable, after the
effective date of the change. Changes to any terms of your line of credit or
loan will apply to all amounts owing on or arising under your line of credit
or loan, as applicable.
* We will notify you of changes to these terms and conditions by any method
allowed by applicable law, including:
* Placing a notice on your statement
* Sending you a notice (written or electronic)
* Posting a notice on the Simplii homepage
The method may depend on the type of change being made.
* You can obtain a copy of the current terms and conditions by visiting
simplii.com or giving us a call.
Payment into court
* If there is a dispute or uncertainty about who is entitled to or to instruct
on your account due to your alleged or actual incapacity or any
marriage/common-law partnership breakdown, or who is legally entitled to
apply for and accept payment on your death, we are entitled to either apply
to the court for directions or pay the account proceeds or portion thereof
into court and be fully discharged. In either case, we can recover any legal
and other costs we incur in this regard from the account.
Set-off debts against account
* We may apply monies in any of your accounts against any debt or liability any
of you may owe to us no matter how long it has been owed. We may do so in any
manner we consider necessary without first giving you notice and regardless
of whether the accounts are individual or joint accounts. This right operates
despite any demands that may have been made by a third party. You acknowledge
that in the event we receive notice of the bankruptcy, insolvency or similar
arrangement of any of you, we can immediately exercise this right of set-off
without prior notice to you. This right is in addition to any rights which we
may have at law or in equity in respect to set-off or consolidation of
accounts.
Closing or freezing your accounts
* We can close or freeze your account(s) at our discretion, including if there
are concerns of illegal, fraudulent, or improper activity in relation to the
account.
* If there are no deposits within 120 days of opening, or if there is no money
in your bank account, savings account, GIC account, TFSA or RRSP, and there
are no transactions for four months, we have the option, where applicable, of
closing your accounts.
* You are responsible for all transactions on your account(s), even if it has
been closed.
If your bank account is closed for any reason, we will return the remaining
balance to you, less any amounts that you owe to us, as follows:
* If the account is a Canadian dollar account, we will issue a bank draft or
money order in Canadian dollars or, at your request, transfer funds to
another Simplii Financial bank account which is open and in good standing.
* If the account is a US dollar account, we will issue a US dollar bank draft
or money order or, at your request, transfer funds to another Simplii
Financial bank account which is open and in good standing. If the account
receiving funds is in a different currency, the funds will be converted at
the exchange rate and on a date determined by CIBC.
* If the account is in any other foreign currency, we will convert the balance
of the account to Canadian dollars and either issue a bank draft or money
order in Canadian dollars or, at your request, transfer funds to another
Simplii Financial bank account which is open and good standing. The balance
will be converted at the exchange rate and on a date determined by CIBC.
In the event of your death
* Your legal representative needs to inform us as soon as possible of your
death so that any balances can be transferred to your estate. If this does
not happen, we are not responsible for any improper transaction that may
occur. On request of the estate representative of a deceased account holder,
we will provide the estate representative with any documents and other
information about the account that the deceased account holder would have
been entitled to while alive, up to and including the date of death, as long
as the estate representative has rights to the account. This includes, among
other things, account forms, correspondence, transactions, statements,
vouchers and balances.
Governing law
* These terms and conditions are subject to the laws of Canada and the
applicable laws of the Canadian province or territory of the primary address
of residence that you have given us (and the courts in that
province/territory will have jurisdiction over all disputes between you and
us). If you have given us a primary address of residence in a province or
jurisdiction in which accounts are not offered, these terms and conditions
are subject to the laws of Canada and the applicable laws of Ontario (and the
courts in that province will have jurisdiction over all disputes between you
and us).
* We have the right to comply with any third party demand (such as Requirements
to Pay issued under federal or provincial legislation) or court order that we
receive in respect of your accounts, including holding funds in those
accounts to satisfy any demand or court order, regardless of the province or
territory where such demand or court order is issued.
* You agree that we will not be liable to you in any way for complying with, or
otherwise acting upon any third party demand or court order issued on your
accounts. You agree that if we comply with a third party demand, we may
charge our reasonable costs to do so against your account.
Severability
* If any term of this agreement shall be held to be illegal, invalid or
unenforceable by a court of competent jurisdiction, the remaining terms shall
remain in full force and effect.
Accessing website from other jurisdictions
* You acknowledge and agree that while you may access the Simplii Financial
website from other jurisdictions outside of Canada, some aspects of the
services or some information on the website may not be available to you in
those jurisdictions. We are only offering to you services that are legally
permitted in the jurisdictions from which you access the website or the
services, whether through mobile banking or otherwise. If you access or use
the services or the website outside of Canada, you do so at your own risk,
and you bear all responsibility for compliance with any local, provincial,
national or international laws that are applicable to such access or use of
the services or the website by you.
Moving out of Canada
If you move out of Canada, you agree:
* To pay us all that you owe us without any deductions for any taxes and
withholdings that your new country may impose.
* To close all of your product holdings with us prior to moving.
Changing your tax residency
As required by Canadian law, you declare that you are a Canadian resident for
tax purposes and the residency information and United States person status you
provided to us, including any tax identification number, are correct and
complete. If your tax residency information or United States person status
changes, you must provide us with updated information within 30 days. Failure to
provide satisfactory self-certification of tax residency or United States person
status may result in your account information being reported to the relevant tax
authority and you may be subject to penalty under the Income Tax Act (Canada).
Banking centres
* Although CIBC provides Simplii Financial products and services, you cannot
access your Simplii Financial accounts or other services through any CIBC
banking centre.
Language
* You acknowledge and agree that all services, agreements and related documents
pertaining to your accounts will be in English.
TERMS AND CONDITIONS SPECIFIC TO OUR HOLD FUNDS POLICY
Terms with special meaning
* "Canadian dollar deposits" refers to cheques or other instruments that are
drawn on an institution's branch located in Canada and are issued in Canadian
dollars.
* "Cheques" also includes certified cheques, bank drafts, money orders and
other instruments.
COSTS FOR SPECIAL REQUESTS AND ADDITIONAL PRODUCTS AND SERVICES
Beyond any day-to-day banking requirements, you may occasionally require special
banking services. The cost of these special requests as well as any other
additional charges are as follows:
The below tables outline the costs applicable to Canadian dollar bank accounts
and foreign currency accounts, respectively. The applicable cost is disclosed
and charged in the currency of the relevant account.
Special requests
Cost
(Canadian Dollar accounts)
Cost
(Foreign Currency accounts)
Stop Interac e-Transfer®
$3.50
Not applicable
Stop payments requests:
* when full details are provided (date, payee, cheque no., and amount)
* when full details are not provided
$10
$16.50
Not applicable
Debit card replacement
One free card replacement per year. One fee charged for each card over and above
that.
This charge does not apply to replace returned or damaged cards. A separate
courier charge will apply if you request courier delivery.
$4.97
CNH 25.00
EUR 3.00
GBP 3.00
INR 300.00
PHP 200.00
USD 4.97
Money orders and bank drafts
A separate courier charge will apply if you request courier delivery.
$7.50
Applies to USD Savings Account only:
USD 7.50
Notice of caution (when a money order or bank draft drawn in US currency or
another foreign currency is halted)
$25
Applies to USD Savings Account only:
USD 7.50
Negotiate US/foreign currency cheques
$7.50 for $1,000 or less
$15 for over $1,000
Not applicable
Outgoing wire transfers
Fee is charged per wire transfer
Wire transfer equivalent to CAD $10,000 or less:
$30
Wire transfer equivalent to CAD $10,000 or less:
CNH 150.00
EUR 20.00
GBP 20.00
INR 1750.00
PHP 1250.00
USD 30.00
Wire transfer equivalent to CAD $10,000.01 - $50,000:
$50
Wire transfer equivalent to CAD
$10,000.01 - $50,000:
CNH 250.00
EUR 35.00
GBP 30.00
INR 2900.00
PHP 2000.00
USD 50.00
Wire transfer equivalent to CAD greater than $50,000:
$80
Wire transfer equivalent to greater than CAD $50,000:
CNH 400.00
EUR 55.00
GBP 50.00
INR 4650.00
PHP 3250.00
USD 80.00
Wire Payment Investigation
* Recall
* Trace
* Amends (fee may apply to both incoming and outgoing wire payments)
Fee charged per investigation
Correspondent bank may levy additional charges, in addition to the
investigation fee
$35
CNH 175
EUR 25
GBP 20
INR 2100.00
PHP 1500.00
USD 35.00
Wire transfer from another financial institution
Correspondent bank may levy additional charges
$10
CNH 50.00
EUR 7.00
GBP 6.00
INR 600.00
PHP 400.00
USD 10.00
CIBC Inter-Branch Payments (lBPs):
Fee charged per payment. Additional out-of-pocket expenses may apply
$20
Applies to USD Savings Account only:
USD 20.00
Transfer of RRSP or TFSA to another financial institution
$50 per transfer
Not applicable
Transfer of account other than RRSP or TFSA to another financial institution (by
means of a Balance of Account form)
$19.50 per account
Not applicable
Retrieval of cheque images requested through telephone banking (cheques drawn on
a Simplii Financial account, where applicable)
$5.00 per item
Not applicable
Request current or future paper statements for the no fee chequing account
$1.00 per statement, per month
Not applicable
Retrieval of past statements
Fee charged per statement
$5.00
CNH 25.00
EUR 3.00
GBP 3.00
INR 300.00
PHP 200.00
USD 5.00
Customized account confirmation letters as requested
Fee charged per letter
$16.50
CNH 75.00
EUR 10.00
GBP 10.00
INR 1000.00
PHP 750.00
USD 16.50
Client-initiated bank machine and Point of Sale investigations
There is no charge to initiate investigation of unauthorized transactions.
However, a charge may apply if we determine that the transaction resulted from
client error.
$10 per investigation.
Not applicable
Voucher search fee
Excludes electronic cheque presentment
$5.00 for 90 days or less
Applies to USD Savings Account only:
USD 5.00 for 90 days or less
$15 for over 90 days
USD 15.00 for over 90 days
Bill payment trace/refund
$10 per payment trace/refund
Not applicable
Additional products and services Cost
(Canadian Dollar accounts)
Cost
(Foreign Currency accounts)
Dishonoured cheque deposit fee (a cheque deposited into your Simplii Financial
account and subsequently returned dishonoured by the drawing bank)
$7.50
Applies to USD Savings Account only:
USD 7.50
Withdrawals through bank machines not displaying the CIBC name or logo:
* In Canada (Interac network): $1.50*
* Outside Canada (foreign bank machine charge) $3.00* *Some bank machines may
levy additional surcharges which will be added directly to the amount of your
withdrawal.
Not applicable
Foreign currency withdrawals, purchases, and returns/credits (including any
third-party surcharges) made at bank machines or merchants outside Canada:
See section “Your foreing currency transactions” above for further details.
* The transaction is converted at the exchange rate described in the section
“Your foreign currency transactions” above, which may include a spread, and
* Administrative fee of 2.5% of the converted amount, if applicable
Not applicable
Overdraft protection
$4.97 per month , only charged if your account is in overdraft on any day during
the month.
A fixed interest rate of 19% per annum will also apply on any overdraft
balances. Rate subject to change.
Not applicable
NSF charge (cheques, transfers, pre-authorized payments, post-dated bill
payments)
Note: Merchants may present the same payment item multiple times, which can
result in an NSF fee being charged each time
$45
Not applicable
Chequing and savings accounts that have had no client-initiated activity for 2
years or greater
Charged yearly starting the next year after 2 years of inactivity and each year
thereafter up to 9 years
$20
CNH 100.00
EUR 14.00
GBP 12.00
INR 1150.00
PHP 800.00
USD 20.00
* Any additional charges relating to a specific product are disclosed
separately.
TERMS AND CONDITIONS SPECIFIC TO WIRE TRANSFERS
Terms with special meaning
* “Beneficiary” means the person you have identified as the recipient of your
wire transfer.
* “Charges” means all charges that we incur in carrying out your instructions,
and includes among other things all taxes (other than income taxes), duties
and charges levied or collected by any correspondent.
* “Correspondent” means each person receiving or handling funds for us, and
includes each person any correspondent engages to carry out your
instructions.
* “Person” includes individuals, partnerships, companies and corporations.
General terms
* We will act as a principal, not as your agent, to transfer the funds you have
requested to the beneficiary. We may at our own discretion use one or more
correspondents and fund transfer systems, in accordance with applicable laws,
to carry out your instructions.
* We will not be responsible for any delay, error or loss that may occur in
connection with the transfer, including any delay, error or loss from or by
any correspondent, unless these terms and conditions provide otherwise.
* We will not be responsible for any delay, error or loss which is beyond our
control or, any error or inconsistency in the information that you provide
relating to the requested transfer. Neither we nor any correspondent will be
responsible for verifying the information you have provided. We, any
correspondent, and the beneficiary’s bank will rely on any account number you
have provided even if the account is not in the beneficiary’s name. If you
instruct us to credit a specific account, you will confirm that you are
authorized by the account holder(s) to credit that account.
* You will prepay the amount of your wire transfer instructions. You agree to
pay any associated costs, whether or not the requested transfer can be
completed. Unless you designate the transfer as “free and clear of all
charges”, then we and any correspondents will be authorized to deduct unpaid
fees and charges before crediting the beneficiary.
* You will indemnify us and any correspondents for any claims or expenses made
or incurred as a result of complying with your wire transfer instructions.
* If we or the correspondent are unable to credit the beneficiary in the funds
of a specific currency that you requested in your instructions, you authorize
us to make payment to the beneficiary in local currency, at the rate of
exchange in effect at that time. You agree to accept any risk of currency
fluctuation in that event.
* If we are unable to carry out your instructions within a reasonable time, we
will refund to the account the amount you have prepaid, less any fees,
charges or other unpaid amount, but only if and to the extent that we have in
the meantime been reimbursed by any correspondent for funds forwarded by us.
The amount deposited to your account will be in the currency of the account
and, if applicable, such amount will be converted to the currency of your
account at the exchange rate and on a date determined by CIBC. This date may
be different from the date you performed the transaction. We may earn money
on the difference between the bid and ask prices of the cost of the currency,
which is in addition to any fee you pay us on the foreign currency
transaction or any fees you pay us for your account. CIBC is not responsible
for any losses you may incur due to changes in foreign exchange rates or the
unavailability of funds due to foreign currency restrictions.
TERMS AND CONDITIONS SPECIFIC TO GICS
General:
* All of our GICs are issued by CIBC and are not transferable, assignable or
negotiable by the registered holder(s) without our consent.
* For RRSP GICs, additional contributions cannot be made to the same RRSP GIC;
a new RRSP GIC must be opened. Multiple RRSP GICs can be held within each RSP
Plan Type.
* A newly purchased GIC cannot be redeemed or cancelled prior to maturity.
* When you purchase a GIC, you will receive the interest rate and the annual
percentage yield (APY) applicable to the GIC. The interest rate is guaranteed
and fixed for the duration of the investment term. For non-registered GICs,
interest is calculated daily based on the simple annual interest rate
provided to you and is paid or compounded monthly (depending on the interest
option chosen). For RRSP GICs, interest is calculated daily (based on the
simple annual interest rate), compounded monthly and paid at maturity. APY is
the effective interest rate of the GIC. It illustrates the effect of
compounding, or the earning of interest on interest. The APY is dependent on
the interest rate of the GIC.
* Principal and interest will be repaid according to the instructions you
provide to us. Please call us to discuss your repayment options. For
non-registered GICs repayment options include: depositing your GIC funds into
your Simplii Financial deposit account or, if you do not have a Simplii
Financial deposit account, issuing you a bank draft. For RRSP GICs repayment
options include: depositing your RRSP funds into a Simplii Financial RRSP
savings account, issuing you a bank draft (subject to withholding tax as
required by applicable law) or transferring your RRSP funds to an RRSP at
another financial institution.
* If you have questions about your GIC, please give us a call.
Renewal terms:
* If you have elected to have your non-registered GIC renew automatically at
maturity, or no maturity instructions have been received, your GIC will
automatically be renewed at maturity without further agreement into the same
GIC type for the same term at the prevailing posted fixed rate of interest.
If the same type of GIC is not available, we will renew the GIC into a GIC
which we consider to be comparable, in our sole opinion. In either case, the
new terms and conditions will be set out on the renewal confirmation. On
renewal, we may change the GIC’s terms and conditions in accordance with
applicable law. For RRSP GICs, your GIC (including principal and accrued
interest) will automatically renew at maturity without further agreement in
accordance with the above terms.
* For RRSP GICs, if you will reach 71 years of age (or such other age as
specified by applicable law for RRSPs) before your GIC matures, we may reduce
the term length so that the renewed GIC will mature before you turn that age,
in accordance with applicable law.
* If you have elected to open a laddered GIC, at maturity, each GIC will
automatically be reinvested for a 5-year term at the prevailing fixed rate of
interest.
* After each renewal, a renewal confirmation will be provided to you
electronically at simplii.com or sent to the mailing or email address
currently on our records. If there is more than one registered holder,
notices sent to one mailing or email address will bind all registered
holders. If you do not wish to receive your renewal confirmation at
simplii.com or by email, sign on to online banking and select the chat
feature, or give us a call.
* If your renewed GIC does not meet your investment needs, you have the option
to cancel the GIC within 10 business days after the day it is renewed and we
will repay you the original principal amount invested and any accrued
interest up to the date of maturity that has not been previously paid to you.
To cancel your renewed GIC, call 1-888-723-8881.
POWERS OF ATTORNEY AND JOINT BANK ACCOUNTS: IMPORTANT INFORMATION
Many clients are concerned about how to manage their money, property, and
finances as they age or as life changes take place. It is a good idea to plan
ahead for a time when you may need help managing your affairs if you are unable
to carry out these tasks.
Two tools often used for managing financial affairs in situations like these are
Powers of Attorney and joint bank accounts.
There are risks and advantages to both, so it’s important to know how these
things work before you use them.
Power of attorney
A Power of Attorney (POA) is a legal document you make that gives someone the
authority to manage your affairs on your behalf. This person is called your
“attorney” but does not need to be a lawyer.
On certain Simplii Financial accounts you can set up a POA and your attorney
will be able to carry out certain banking-related transactions with us. You can
use our POA form, but it is not mandatory to use it. You can also use a POA form
prepared by a lawyer or other third party. You may change or cancel your POA at
any time as long as you are mentally capable. Whatever form of POA you use,
seeking advice of a legal professional may be beneficial, especially if you have
an existing POA, to ensure there are no conflicts with it and our POA form, if
you choose to use it.
Before your attorney can operate your account on your behalf, you or your
attorney must give us a call at 1-888-723-8881. Opens your phone app. We’ll ask
you for some information about your attorney, including his or her home phone
number, address, occupation and date of birth. If you would like to use our POA
form, we’ll mail one to you and ask you to complete and return it. If you would
like to use your own POA document, we’ll ask you to mail us an original or
notarized copy. Finally, your attorney will need to have their identity verified
to complete this request.
On occasion, your attorney’s instructions or the POA document itself may require
further review. In these cases, except where prohibited by law, we will inform
you or your attorney that a review is required. Certain reviews require more
time, but we’ll tell you or your attorney how long we expect the review to take.
If we aren’t able to act on the POA or your attorney’s instructions, you or your
attorney may contact us with any concerns. If you remain unsatisfied, see your
account Terms and Conditions “How to resolve concerns with Simplii Financial”
section in the Simplii Financial Products and Services Agreement for information
on how to further escalate your concerns.
For more information about Powers of Attorney generally, including their risks,
the government of Canada has created an online brochure, a copy of which can be
accessed on the Government of Canada’s website Opens in a new window..
Joint bank accounts
With Simplii Financial, you can open a joint bank account with another person.
Joint bank accounts allow both account holders equal access to the account and
both are equally responsible for all transactions on the account, including, but
not limited to, deposits and withdrawals. We will require only the signature,
authorization or consent of one of you to carry out transactions on the account.
Some of the risks associated with operating a joint bank account are as follows:
* All money deposited to the account is joint property with the right of
survivorship. This means that if one of you dies, all money in your account
automatically becomes the property of the other account holder regardless of
your estate plan.
* Because we will act on the instructions of either account holder, your joint
account holder could withdraw money from the account without your permission,
even if you made some or all of the deposits.
* You and your joint account holder will be both individually and jointly
responsible for unpaid amounts on the account. This means that we will be
entitled to recover the full outstanding amount from either one of you or, if
one of you dies, from your estate.
* The money in the account may be subject to claims by the other account
holder’s creditors, even if you made some or all of the deposits.
For more details on the terms applicable to Simplii Financial joint accounts
refer to the “Managing your accounts/services” section in the Products and
Services Agreement.
For more information about joint bank accounts generally, including their risks,
the government of Canada has created an online brochure, a copy of which can be
accessed on the Government of Canada’s website Opens in a new window..
CONSENT TO ELECTRONIC DELIVERY OF DOCUMENTS
Consent
You consent to receive the following documents by electronic means through
Simplii online banking (which can be accessed at simplii.com) and/or the email
address we have in our records:
* Your account statements
* Disclosure documents
* Notices of any changes to the Simplii Financial Products and Services
Agreement, interest rates, fees or charges
* Any other documents we are required by the Bank Act or other regulation to
provide in writing
* Account administration and servicing documents
When Consent is effective
* Unless you revoke your consent, this Consent applies to all of your accounts
and will take effect for each new account when you open it.
Availability of electronic documents
* eStatements (and notices included in your eStatement) are accessible for 7
years after they are posted in Simplii online banking. You are responsible
for retaining a copy of these electronic documents, as well as documents sent
to you by email.
Reviewing electronic documents
* You are required to review your electronic documents. This means that you
must access Simplii online banking regularly to review your electronic
documents and account activity. You must also check your email regularly.
Changes to your email address
* You agree to provide us with a correct and operational email address for you
and to notify us promptly of any changes to your email address. We will not
be responsible for any failure to communicate with you because of an
incorrect or inoperative email address.
Document delivery preferences
* You may cancel this Consent at any time or notify us of changes to your email
address by signing on to Simplii online banking and using the chat feature or
by calling us. We may also offer you the option to select whether you wish to
receive certain types of documents electronically or by paper, such as
statements for your credit card or line of credit account.
Paper delivery
* We may provide you with documents by paper delivery if we are unable to
provide electronic delivery, have reason to believe you may not have received
the document, are legally required to send a paper version or we otherwise
deem it appropriate. Any paper delivery will be provided to you at the
current mailing address we have in our records.
Changes to this Consent
We may change the terms and conditions of this Consent from time to time by any
method allowed by applicable law, including (the method may depend on the type
of change being made):
* Placing a notice on your statement
* Sending you a paper or electronic notice
* Posting a notice at simplii.com
If you use Simplii online banking or other Simplii products or services after
the effective date of the change, it means you agree to and accept the revised
terms and conditions. You can obtain a copy of the current version of this
Consent by calling us or visiting simplii.com.
PRIVACY
Simplii Financial is a division of CIBC, and its collection, use and sharing of
personal information is governed by the CIBC privacy policy, “Your Privacy is
Protected”, available on the CIBC Privacy and Security page Opens in a new
window.. Or you can call Opens your phone app.1-888-723-8881 Opens your phone
app..
You consent to the collection, use and sharing of your information as set out in
the CIBC privacy policy. This policy may be updated from time to time. We will
post our most up-to-date policy on our website.
For your convenience, the following are some highlights of the CIBC privacy
policy:
What is personal information?
* Personal information means any information about an identifiable individual.
* It can be in any form including paper, electronic, audio, video or biometric
such as voiceprints, photographs and signatures. This information can also
include information collected through digital activities such as the device
model, browser type and IP address.
What information do we collect?
* We may collect the following types of information: contact, identity,
financial, transactional, and other information that helps us to understand
more about you, to be able to serve you better.
* Much of the information comes from you but we may also collect information
from third parties such as credit bureaus, public records, or government
agencies and registries.
* We may also collect information by monitoring or recording your interactions
with us (e.g. telephone calls, video conferencing, online chats or other
interactions with Simplii Financial websites and mobile sites, email, text
(SMS), telephone, fax, or other telecommunication channels). We use
surveillance, including video recording, in and around our CIBC banking
centres, bank machines, and other locations.
How do we use and share information?
* We use and share your personal information to provide you with products or
services, to communicate with you, to offer you additional products or
services including targeted promotions, to personalize your experience with
us (including by reviewing and analyzing your information) and to manage our
business including our credit and other risks.
* Specifically, we may also use and share information within CIBC, with credit
bureaus and with other parties in order to protect you and us from error, to
prevent and detect criminal activity, and to meet our legal and regulatory
obligations.
* Depending on your products or services with us, we may share information with
our program partners or with your joint account holders.
How do we protect your information?
* We take appropriate steps to protect your personal information from
unauthorized use, sharing, loss, or theft and we audit our security measures
and assess that they remain effective and appropriate.
* Our employees who have access to your information are made aware of the
importance of keeping it secure and confidential.
* We use contracts and other measures with our service providers to maintain
the confidentiality and security of your information and to prevent it from
being used for any other purpose other than that for which it was intended.
What are your privacy choices?
You have control on how your personal information is collected, used, or shared.
For example, you may:
* Subject to legal, business or contractual requirements, withdraw your consent
to our collection, use or sharing of information at any time upon giving us
reasonable notice. However, withdrawing your consent may limit or prevent us
from providing you with, or being able to continue to provide you with,
specific products and services. For example, if you choose not to provide us
with your Social Insurance Number (SIN), we will not be able to provide you
with any product where the collection of SIN is required under tax law (e.g.,
a registered product like an RRSP — Registered Retirement Savings Plan).
* Request that we do not use your Social Insurance Number (SIN) to assist in
accurately identifying you when conducting credit bureau inquiries. This by
itself will not prevent you from qualifying for products and services.
* Withdraw your consent to receive certain marketing communications for
products and services.
Upon request and subject to certain exceptions, we will provide you with access
to any personal information we hold about you.
Contact us through any one of the options listed under the “Need to contact us?”
section to exercise your privacy choices or request access to your information.
VOLUNTARY CODES OF CONDUCT AND PUBLIC COMMITMENTS
As part of our commitment to protect you, our customer, we have adopted a number
of "Voluntary Codes of Conduct and Public Commitments". These guidelines and
commitments establish the standards you can expect when you do business with us.
Canadian Code of Practice for Consumer Debit Card Services (PDF, 655 KB) Opens
in a new window.
Code of Conduct for the Credit and Debit Card Industry in Canada (PDF, 75 KB)
Opens in a new window.
Code of Conduct for Authorized Insurance Activities (PDF, 160 KB) Opens in a new
window.
Code of Conduct for the Delivery of Banking Services to Seniors (PDF, 315 KB)
Opens in a new window.
Code of Conduct for Federally Regulated Financial Institutions — Mortgage
Prepayment Information (PDF, 25 KB) Opens in a new window.
Commitment on Modification or Replacement of Existing Products or Services (PDF,
10 KB) Opens in a new window.
Commitment on Powers of Attorney and joint deposit accounts (PDF, 220 KB) Opens
in a new window.
Commitment to Provide Information on Mortgage Security (PDF, 220 KB) Opens in a
new window.
Free credit card printed statements
Guidelines for Transfers of Registered Plans (PDF, 280 KB) Opens in a new
window.
Online Payments (PDF, 210 KB) Opens in a new window.
Plain Language Mortgage Documents (PDF, 65 KB) Opens in a new window.
Principles of Consumer Protection for Electronic Commerce (PDF, 155 KB) Opens in
a new window.
Fraud Protection and Liability (Visa E-Promise, Visa Zero Liability Policy,
MasterCard Zero Liability Policy, Interac Zero Liability Policy)
Visa e-promise Opens in a new window.
Visa zero liability policy Opens in a new window.
MasterCard zero liability policy Opens in a new window.
Interac zero liability policy Opens in a new window.
NEED TO CONTACT US?
If you require any clarification about your rights to privacy or wish to
exercise any of your rights above, please contact us by:
* Chatting with us at simplii.com
* Emailing us at talktous@simplii.com Opens your email app.
* Calling 1-888-723-8881 Opens your phone app.
* For TTY Service, call 1-888-632-9022 Opens your phone app.
* Writing to:
Simplii Financial
P.O. Box 603, Stn. Agincourt
Scarborough, ON
M1S 5K9
The above mailing address can only receive mail sent through regular post.
Couriers cannot deliver to a PO Box.
* Courier delivery address:
CIBC, Attention: Simplii Financial
305 Milner Avenue, 5th Floor
Scarborough, ON
M1B 3V4
YOUR RIGHT TO BEING TREATED FAIRLY AND TO HAVING YOUR CONCERNS HEARD
We are committed to our customers and your feedback is very important in
ensuring we are meeting your expectations and continuously improving your
experience with us. If at any time you have any concerns, please let us know
right away.
We'll make every effort to resolve the issue within a time period that's
agreeable to you.
OUR PROCESS FOR RESOLVING YOUR COMPLAINT
We have an effective and accessible process for handling and resolving your
complaint. Our team members have the power to resolve your complaint to make
things right. And we will resolve it as quickly as possible. Here’s how to
engage our team:
Step 1: Voice your complaint
Our team is here to help. As a first step in the complaint process, please
choose any of the following options:
* Call 1-888-723-8881 Opens your phone app. and discuss with one of our
Personal Banking Representatives or with a Team Leader
* Call Simplii Financial Mortgages: 1-888-866-0866 Opens your phone app.
* Connect at simplii.com by selecting “Contact Us”
* Mail: Simplii Financial P.O. Box 603, Stn. Agincourt Scarborough, ON M1S 5K9
The above mailing address can only receive mail sent through regular post.
Couriers can’t deliver to a PO Box.
Courier delivery address:
CIBC, Attention: Simplii Financial
305 Milner Avenue, 5th Floor
Scarborough, ON M1B 3V4
Step 2: Escalate your complaint
You may choose to escalate your complaint to our Client Care team. You have two
ways to escalate your concern:
* Ask the person you spoke with in Step 1 to escalate your complaint for you;
or
* You can contact the Client Care team directly at the number given below.
If your complaint isn’t resolved by the team member you spoke with in Step 1
within 14 days from the day you voiced it to us, we automatically escalate your
complaint to our Client Care team. We assign your complaint to a Client Care
team member who will review your complaint and respond to you directly.
* You can contact our Client Care team at Opens your phone app.1-866-447-4490
Opens your phone app.;
* Email: customercare@simplii.com Opens your email app.; or Opens your email
app.
* Write to the attention of our Client Care Centre at the address indicated
above.
Step 3: Appeal the decision
If you don’t accept the response you get from the team member in Step 2, you can
appeal the decision. You can ask to have your complaint escalated to the CIBC
Client Complaint Appeals Office (CCAO). You may also contact the CCAO directly.
The CCAO is part of CIBC. Its mandate is to review your complaint and provide a
response that’s objective and unbiased to resolve matters with you. The CCAO is
not an independent dispute resolution service. However, in an effort to be
impartial, they do not report directly to any business area at CIBC or Simplii
Financial. It can take the CCAO 3 to 5 weeks to complete an investigation
depending on the nature and complexity of your complaint. Any statutory
limitation periods that apply to your case will continue to run while the CCAO
reviews your complaint, which may impact your ability to begin a civil action.
You can contact the CCAO by:
* Phone: 1-888-947-5207 Opens your phone app.
* Email: Opens your email app.clientcomplaintappeals@cibc.com Opens your email
app.
* Online: CCAO web page
* Mail: CIBC Client Complaint Appeals Office P.O. Box 342, Commerce Court
Toronto, ON M5L 1G2
If you do not accept the decision of the CCAO, or when 56 days have elapsed
after CIBC received your complaint, you can contact the Ombudsman for Banking
Services and Investments (OBSI) whose purpose is to review your complaint.
Independent consumer support agencies
In addition to our service commitment to you, there are a number of external
agencies that monitor Canada’s financial industry to ensure compliance and
reliable access to financial services. You can raise your complaint to these
agencies.
Ombudsman for Banking Services and Investments (OBSI)
OBSI is independent from CIBC and Simplii Financial. You have the right to ask
OBSI to review your complaint about banking products and services or
investments. After the CCAO investigation, you have up to six months after the
date of CIBC’s or Simplii’s response to you to contact OBSI. OBSI reserves the
right to decline requests for investigations after six months have passed since
we responded to your complaint.
Where appropriate, OBSI may ask the CCAO to help them find the earliest possible
resolution of your complaint. You can reach the OBSI by:
* Phone: 1-888-451-4519 Opens your phone app.
* Fax: 1-888-422-2865
* Email: Opens your email app.ombudsman@obsi.ca Opens your email app.
* OBSI website Opens in a new window.
* Mail: Ombudsman for Banking Services and Investments 20 Queen Street West,
Suite 2400, P.O. Box 8, Toronto, Ontario M5H 3R3
The Financial Consumer Agency of Canada (FCAC)
The FCAC supervises federally regulated financial institutions, including CIBC.
The FCAC ensures compliance with federal financial consumer protection measures.
For example, financial institutions must give consumers information about their
fees, interest rates and complaint handling procedures. The FCAC also helps
educate consumers and monitors voluntary codes of conduct and public commitments
designed to protect consumers’ interests. If you have a regulatory complaint or
a complaint concerning a voluntary code of conduct or public commitment, you can
reach the FCAC by:
* Phone: 1-866-461-3222 Opens your phone app. (English) or 1-866-461-2232 Opens
your phone app. (French)
* FCAC website Opens in a new window.
* Mail: Financial Consumer Agency of Canada 427 Laurier Ave West, 6th floor,
Ottawa, Ontario K1R 1B9
The FCAC will find out whether the financial institution is in compliance with
regulations, voluntary codes of conduct or public commitments. However, the FCAC
will not resolve individual consumer complaints.
Privacy Commissioner of Canada
If your concern involves a privacy issue you may contact the Office of the
Privacy Commissioner of Canada by:
* Phone: 1-800-282-1376 Opens your phone app.
* Office of the Privacy Commissioner of Canada website Opens in a new window.
* Mail: 30 Victoria Street, Gatineau, Quebec K1A 1H3
TRADEMARK INFORMATION
Trademarks
VOICE VERIFICATION
Voice verification is a security feature that helps us identify you by your
voice. Just like your fingerprint, your voice is unique to you. We use the same
recording for voice verification as we use for quality assurance and training
purposes. The recording is stored as a mathematical representation of your
voice, so it only works with our system. This feature helps protect you from
fraud and saves you time with faster verification. For more information, visit
voice verification.
ONLINE SECURITY
--------------------------------------------------------------------------------
SIMPLII FINANCIAL PERSONAL BANKING ONLINE SECURITY GUARANTEE
The security of our customers' financial information is important to us. That's
why we offer the Simplii Financial Personal Banking Online Security Guarantee.
In the unlikely event that someone gains unauthorized access to your Simplii
Financial bank accounts through Simplii Financial Online Banking or your
transaction is not completed as you instructed, we will reimburse you 100% of
the money lost from your bank accounts provided you have met your
responsibilities to us.
Help us protect your information
To benefit from the security of the Simplii Financial Personal Banking Online
Security Guarantee, you need to do your part to help us protect your information
and finances. This means meeting your responsibilities under your agreements
with us, including:
* Carefully selecting your password and never disclosing it to anyone.
* Using up-to-date anti-virus/anti-spyware software and a firewall.
* Reviewing your statements and reporting errors within the time periods set
out in your account agreement.
* Assisting us in any investigation into improper access to your bank accounts.
* For full information, refer to the Simplii Financial Products and Services
Agreement and the other agreements for your products and services. The
guarantee is governed by the terms of these agreements.
We're committed to protecting your privacy and security
One of our most important priorities is to protect the privacy and security of
your personal information and your financial transactions you conduct through
Simplii Financial online banking. We use multiple layers of protection when you
access your online banking, including:
* Web browser encryption
All the browsers supported by Simplii Financial online banking offer 128-bit
encryption. This provides a high level of protection for transmitting
confidential data over the Internet.
* Firewalls
We have secure firewalls to prevent unauthorized access to our systems
* Monitoring
We monitor activity on Simplii Financial online banking to enhance your security
and to protect your financial information
WHAT IS 128-BIT ENCRYPTION TECHNOLOGY?
Encryption scrambles all information between your personal computer and our
computers, protecting the information you provide to us as it travels over the
Internet. Your banking information and transactions are kept secure by using one
of the best, most commonly used encryption technologies available: 128 bit
encryption.
WHAT HAPPENS WHEN I SIGN IN AND SIGN OUT?
For your protection, you have to provide your card number and password when you
sign in to any secure area of our web sites. If you are unable to provide the
correct password, you will not be granted access.
When you sign in successfully, your web browser will establish a secure
connection between your computer and our web server. This allows you to
communicate with us and to conduct online transactions safely. To make sure your
browser has established a secure connection, look for a lock symbol at the
bottom left or right hand corner of your browser. If you hold the cursor over
the lock symbol, it will display the level of encryption that is currently being
used. For the Simplii Financial web site, this should read 128-SSL. You can also
check the address bar of your browser; if the address starts with "https://"
rather than the standard "http://", then your session is secure.
To protect you against unauthorized access to your accounts, your session will
time out after 15 minutes of inactivity. When this happens, you will have to
sign in again to continue your banking.
We recommend that you clear your browser cache after you sign out, or close your
browser and re-open it before browsing the Internet.
HOW DOES SIMPLII FINANCIAL USE MY INFORMATION?
Online surveys
Simplii Financial may randomly present surveys to visitors of our web site. The
survey data is collected anonymously and is used to help improve our services.
We do not use the survey data for marketing purposes, and you are not required
to complete online surveys.
Online offers
Simplii Financial may present product and service offers to you when visiting
our web site. You can choose to accept these offers, decline them, or view them
at a later time. You are not required to accept online offers.
Online advertising
Simplii Financial sometimes places online ads on web sites that are not
affiliated with Simplii Financial. If you select one of these ads, Simplii
Financial may track the response rate and the web site activity associated with
each ad. The response rate data is collected anonymously, and is used to help us
plan future online advertising campaigns.
Web site activity
Simplii Financial monitors web site activity using persistent cookies to better
understand the needs of our visitors and to improve our services. For more
information on how Simplii Financial tracks web site activity, please see our
section about cookies.
Planning calculators and tools
Simplii Financial's web site includes planning and selection tools and
calculators. Tools offered as part of our web site may save your data for your
future use so you don't have to enter it each time you use the tool; however,
Simplii Financial will not use this data. Tools offered before you sign in to
online banking do not save data.
Your information is obtained or used only with your consent
We obtain your consent before we:
* Obtain a credit report.
* Offer you other products and services.
* Send you information about products and services by means of direct
marketing.
* Provided it is legally permitted, share your information in confidence within
the Simplii Financial services group.
* Obtain, use or disclose to other persons, information about you unless we are
obliged to do so by law or to protect our interests.
* Use your information in any way we didn't tell you about previously.
Your consent can be express or implied
Express consent can be verbal or written. For example, when you sign a credit
application you are giving your written consent for us to obtain a credit
report.
You imply consent when we can reasonably conclude you have given consent by some
action you've taken, or when you decide not to take action. For example, if we
offer a credit card with attached conditions and if you use the credit card, we
can conclude that you have consented to the conditions. If we give you an
opportunity to tell us you don't want direct marketing material and you don't
tell us that you don't want us to send it, we can conclude that you have no
objection.
We will rely on your implied consent to use and disclose identifying information
about you, such as your name and address.
HOW DO I CLEAR MY BROWSER CACHE?
If you share a computer and Internet connection with someone, that other person
could view your confidential financial information by hitting the "Back" button
on your web browser after you have used it to bank online. You can keep your
private information secure by closing your web browser after your banking
session or by clearing your browser's cache. The cache maintains a copy of web
pages that have been viewed recently. Refer to your browser's help menu
(commonly available by pressing F1) for instructions on how to clear your cache.
HOW DO I SET MY BROWSER TO ACCEPT OR DISABLE COOKIES?
Refer to your browser's help menu (commonly available by pressing F1) for
instructions on how to accept or disable your cookies.
WHAT IS JAVASCRIPT AND WHY DO I NEED IT?
JavaScript is a small program that enhances web pages and servers. Simplii
Financial uses JavaScript to make our web sites easier to use. You must have
JavaScript enabled on your browser to use the Simplii Financial web site.
WHAT ARE COOKIES AND HOW DO YOU USE THEM?
A cookie is a small file created by a web server on your computer that can be
referenced when the website is visited or when a page on the site is visited.
Cookies cannot access files or other information stored on your computer. We use
2 types of cookies: persistent cookies and session cookies.
WHAT IS THE DIFFERENCE BETWEEN A SESSION COOKIE AND A PERSISTENT COOKIE?
Session cookies are used during a single website visit and are automatically
deleted from your computer when you leave the site. Persistent cookies are used
to track website activity over a longer period and remain on your computer until
either you choose to delete them or they expire.
Session cookies perform several critical functions on our website. For example,
they protect your security while you are using our Online Banking by ensuring
that nobody else can view your data while you are signed on. They are also used
to ensure that you don't pay the same bill twice during a single banking
session. Your web browser must allow session cookies in order for you to use
Simplii Financial Online Banking.
Persistent cookies are also used for a number of purposes on our website. They
are used for your convenience to save your Simplii Financial Online Banking
personal preferences. For example, you must allow persistent cookies if you want
your browser to remember your card number, your language preference and your
default home page each time you sign on to Online Banking.
We also use persistent cookies to collect analytical information about how
visitors use our websites. For example, we may measure website usage, access to
online services, and the level of interest in particular products. We use this
information to improve our service and provide a better experience for visitors
to our websites.
To gather this information, we use persistent cookies that track how a computer
uses our websites and whether the computer has been used to sign on to Online
Banking. Currently, we don't use cookies to collect information about
identifiable individuals or use cookie information to offer products and
services to individuals. If this changes in the future, we will update this
section.
Another type of persistent cookie, known as a locally shared object, may be
created by software applications running on your computer when viewing material,
such as Flash enabled videos, on our website. These files contain configuration
information used by the software to present rich media on our websites. Simplii
Financial does not use the information in locally shared objects for analytical
or other purposes.
Simplii Financial never stores your personal financial information (such as
name, email address, or Social Insurance Number) in cookies or uses cookies to
track your internet use after you leave our website.
DO I HAVE TO ACCEPT COOKIES?
Simplii Financial Online Banking cannot be used without session cookies enabled
in your web browser. Session cookies are used for added security and convenience
when banking on our website.
Depending on the web browser you use, you may be able to configure it to accept
session cookies but disable persistent cookies (with the exception of locally
shared objects). If you do this, you will be able to use our website but your
browser will not remember your personal preferences when you return to the site
including your card number, language preference and default home page.
E-MAIL FRAUD AND IDENTITY THEFT
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Learn more about how you can protect yourself from banking fraud and scams.
Visit Preventing Fraud.
E-MAIL FRAUD ALERT
Fraudulent e-mails generally ask customers to select a link, leading them to a
fraudulent web site that looks like a legitimate financial institution's web
site — even duplicating logos and text. Customers are asked to enter personal
banking information, which the fraudsters can use to withdraw money, make
purchases or open new accounts and credit card accounts in the customer's name.
Fraudulent e-mail messages may imply a sense of urgency or immediate risk to
bank accounts or credit cards if you fail to answer. Special offers and prizes
may also be promoted as incentives.
What to do if you receive this type of e-mail and have not yet responded to it
* Do not respond to the e-mail — some phishing sites distribute malicious
software; do not click on the links provided in the e-mail — visiting these
sites could place your computer at risk
* E-mail: fraud@simplii.comOpens your email app. so we can investigate —
describe the fraudulent incident, making sure to attach or include any
fraudulent e-mails you received and any anti-virus/anti-spyware scan logs (if
applicable)
* Permanently delete the e-mail from both your inbox and your deleted items /
trash folders
* Take precautions to protect yourself against e-mail fraud and identity theft
* If you have any questions, contact Simplii Financial directly at
1-888-723-8881Opens your phone app.
What to do if you receive this type of e-mail and have responded to it
* Contact Simplii Financial services directly at 1-888-723-8881 Opens your
phone app. to cancel your bank card and change your online banking password
* E-mail: fraud@simplii.comOpens your email app. so we can investigate —
describe the fraudulent incident, making sure to attach or include any
fraudulent e-mails you received and any anti-virus/anti-spyware scan logs (if
applicable)
* Permanently delete the e-mail from both your inbox and your deleted items /
trash folders
* Take precautions to jump to protect yourself against e-mail fraud and
identity theft
As a precaution, we recommend you check your deposit accounts and credit card
statements regularly to ensure all transactions are legitimate.
E-MAIL FRAUD (PHISHING)
Simplii Financial will never ask you to respond via e-mail to any requests for
private or personal information including passwords, personal information
numbers or sign in information. If you receive an e-mail that appears to be from
Simplii Financial and the e-mail requests that you select a link and re-enter
your personal information or password, do not reply to the e-mail — please
contact us at fraud@simplii.com or call 1-888-723-8881 to let us know about the
e-mail, then delete it immediately. Describe the fraudulent incident, making
sure to attach or include any fraudulent e-mails you received and any
anti-virus/anti-spyware scan logs (if applicable).
If you have any doubts about any other types of e-mails you receive from any
Simplii Financial provider, please check the Simplii Financial web site (by
typing www.simplii.com directly into your browser instead of selecting the link
in the e-mail), or contact us at 1-888-723-8881. If you think you have been the
target of an attempted e-mail fraud, do not reply to the e-mail — please contact
us at fraud@simplii.com or call 1-888-723-8881 to let us know about the e-mail,
then delete it immediately. Describe the fraudulent incident, making sure to
attach or include any fraudulent e-mails you received and any
anti-virus/anti-spyware scan logs (if applicable).
E-MAIL COMMUNICATIONS
From time to time you may receive e-mails from us about the Simplii Financial
program. We may send you e-mails about a variety of subjects, from financial
articles to special promotions. When you provide your e-mail address, you
consent to the sharing of this information with other providers of Simplii
Financial products and services. If you no longer wish to receive e-mail news
from us, just let us know.
It is important not to include confidential information in any e-mails you send.
In addition, do not provide your e-mail address to third party web sites without
reading their privacy and security policies — you should understand the
circumstances in which your e-mail address will be used.
SIMPLII FINANCIAL E-MAIL POLICY
What we do:
What we don't do:
* Send you e-mails based on your e-mail permissioning
* Send you unsolicited e-mails
* Address you by the name you have provided
* Send you e-mails that are from, redirect to or link to a third-party web site
* Send you e-mails with information about products, services or promotions we
think would interest you
* Send you e-mails with fields that ask you to enter confidential* information
* Send you e-mails that ask you to provide, confirm or update sensitive or
personal information in a time sensitive or urgent manner
* Link directly to Simplii Financial non-transactional or marketing web site
pages only including "your guided tour" (our online banking demo)
* Only include written URLs (non-live links) to other web sites
* Link directly to pages that:
a) ask you to enter confidential information (including account information,
balances and passwords)
b) require you to urgently sign on to verify or update your banking
information
* Always provide an opportunity for you to unsubscribe or provide directions
for how to change your e-mail preferences
* Always provide a way to contact Simplii Financial
N/A
* Always provide a link to the Simplii Financial privacy policy for banking
e-mails
N/A
*confidential = personally identifying information such as name address,
telephone number, date of birth, social insurance number, account number, etc.
IDENTITY THEFT
Electronic identity theft is a growing concern in Canada and around the world.
If you participate in Internet file sharing or download music or software, your
computer is a potential target for thieves who seek to steal your identity by
learning your passwords and taking over your online accounts. Your computer is
also vulnerable to viruses, adware and spyware - applications that can capture
information from your browser, including passwords, or re- direct you to
fraudulent web sites. To reduce the risk of identity theft, please ensure your
computer uses a good firewall program, plus up-to-date anti- virus and
anti-spyware software.
UNINTENTIONALLY MOVING MONEY FOR STRANGERS
Criminals want you to do their banking for them. If they earn your trust,
they'll use your account to cash phony cheques, collect funds from other
accounts, and move stolen money offshore. They use a variety of schemes to
convince you that they're legitimate. Some will even give you money to earn your
trust. By accepting and re-directing electronic deposits (such as wire
transfers), you could be participating in a money-laundering scheme if those
deposits were proceeds of a fraud or other criminal activity.
HOW TO PROTECT YOURSELF
There are various forms of computer viruses existing on the Internet today that
are targeting online financial services. It is important for you to protect the
privacy of your information by installing the appropriate programs on your
personal computer.
Update your computer and software
* Install up-to-date anti-virus software on your computer to help guard against
computer viruses.
* Install a personal firewall and disable file-sharing software to prevent
unauthorized access to your computer and its data.
* Keep your browsers up-to-date with current versions and security enhancements
Browse securely
* When you are using public computers (for example, at libraries and Internet
cafes), sign off after your online banking session and close the browser when
you leave the computer.
* Electronic forms which you submit online should be securely encrypted. If
you're not sure if a web site is secure, look for the letters "https://" at
the beginning of your web site address in your web browser. The "s" means
that the web connection is secure.
* Look for the "lock" icon on the bottom bar of your browser. This indicates
you are running in secure mode prior to entering any personal information.
* Double-check the web address (URL) of your bank site before entering any
confidential information (such as your bank card number and password).
* Keep an eye out for fraudulent e-mail scams. These are designed to trick you
into downloading a virus or jumping to a fake web site where you will
disclose personal information.
Do not respond to unsolicited e-mails
* We will never ask you to respond via e-mail to any requests for private or
personal information including passwords, personal information numbers or
sign in information.
* Be cautious of e-mails that ask for personal information. If you are unsure
of the authenticity of an e-mail do not reply - simply delete it.
* Be cautious when selecting a link to an unknown web site or in an unfamiliar
e-mail. The link may appear to be taking you to a reputable web site but may
actually be taking you to a fraudulent web site.
Carefully select and manage your online user names and passwords
* Make it difficult for others to guess your password by ensuring it contains
letters and numbers. If you think someone knows one of your passwords, change
all your passwords right away.
* Memorize your passwords and PIN numbers, and do not disclose them to anyone.
When entering your password or PIN at a bank machine or paying by INTERAC®,
position yourself to block others from observing you entering your
information. Stay alert when you are using a bank machine by yourself.
Never conduct financial transactions on behalf of strangers
* Be wary of any offer that sounds too good to refuse.
* Be aware that cheques and other funds deposited into your account can be
reversed long after the funds have cleared
* Never wire funds until the legitimacy of the cheque or electronic deposit is
confirmed.
* If you suspect a cheque may be fraudulent, contact the issuing bank and
verify its authenticity. If you have already deposited the cheque into your
Simplii Financial account, call us immediately at 1-888-723-8881.
Protect your account and card information
* Do not give your account or credit card information to anybody, whether in
person, over the telephone, or online, unless you are confident that you are
sure who you are dealing with. Do not carry your Social Insurance Number card
in your wallet unless it is necessary.
* Sign credit cards as soon as you receive them. Cancel inactive cards and
don't lend your credit cards to anybody.
* Shred or tear up junk mail and statements. If you don't want a pre-approved
credit card offer, tear it up or shred it. Identity theft often occurs when
thieves go through trash looking for these offers. As well, tear up or shred
any personal information you are going to throw away, such as receipts that
show your Simplii Financial bank statements.
* Arrange to have your salary deposited directly into your Simplii Financial
account so you can prevent lost or stolen cheques. You can also set up
recurring transfers and payments through online banking so your obligations
are met automatically.
* Report thefts and losses immediately. If your wallet or purse is lost or
stolen, contact us immediately at 1-888-723-8881 to block your accounts.
* Review all transactions on your account statement to ensure they are genuine.
Report suspicious transactions immediately to Simplii Financial services at
1-888-723-8881.
* Review your credit report. At least once each year, contact a credit bureau
to check the accuracy of your credit report.
Banking online is a great way to actively monitor your accounts. If you ever
have a question about a transaction, remember we† are here to help - just call
us at 1-888-723-8881.
For further information, contact Phonebusters, Canada's national call centre for
fraud, at 1-888-495-8501, or visit the Phonebusters web site.
COERCIVE TIED SELLING AND OTHER PROHIBITED CONDUCT
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The Bank Act requires banks to inform clients and the public that we will not
impose undue pressure on a person, or coerce a person, for any purpose,
including to obtain a product or service from a particular person, as a
condition for obtaining another product or service from the bank (coercive tied
selling), or take advantage of a person. All of these practices are prohibited
conduct and are against the law. To comply with the law, we have created this
page to help you understand prohibited conduct, including coercive tied selling.
WHAT IS PROHIBITED CONDUCT?
Simply put, prohibited conduct refers to a bank imposing undue pressure on a
person, or coercing a person, for any purpose, or taking advantage of a person,
in its dealings with customers and the public.
Coercive tied selling is one example of prohibited conduct that involves a bank
imposing undue pressure on, or coercing, a person to obtain a product or service
from a particular person — including the bank or any of its affiliates — as a
condition for obtaining another product or service from the bank.
Making these practices illegal means you get the product or service you want
without being unduly pressured, coerced, or taken advantage of.
The following examples will help you understand prohibited conduct:
* You have been a loyal client dealing with the bank for several years. One of
our call centre agents tells you that she is behind on her monthly targets
and asks you to apply for a new credit card even though you do not need or
want one.
* You call into telephone banking for a servicing request. The call centre
agent offers you a credit card; you decline, saying you don’t need one. The
agent proceeds to continue to offer you a credit card. Each time you provide
a reason for not needing it, the agent counters your response. You relent and
agree to the credit card.
Examples of prohibited conduct involving coercive tied selling:
* Your bank’s mortgage specialist tells you that you qualify for a home
mortgage. However, you are also told that the bank will approve your mortgage
only if you transfer your investments to the bank or its affiliates. You want
the mortgage, but you do not want to move your investments.
* You are advised that you qualify for a Registered Retirement Savings Plan
(RRSP) loan. However, you are also told that the bank will approve the loan
only if you use the money to buy the bank’s mutual funds. You want the loan,
but you want to invest the money elsewhere.
All of these practices are against the law. You should not be pressured or
coerced to purchase a product or service you neither want nor need. A bank
employee should never take advantage of you, your relationship with the bank or
your situation to sell you a product or service you do not need or want. If you
qualify for a product, a banking representative is not allowed to unduly
pressure you into buying an unwanted product or service as a condition of
obtaining the product you want.
WHAT IS NOT COERCIVE TIED SELLING?
Most businesses, including Simplii, look for tangible ways to show their
interest in your business and appreciation for your loyalty. Sales practices,
such as preferential pricing and bundling of products and services, can offer
you better prices or more favourable terms and are not examples of prohibited
conduct.
PREFERENTIAL PRICING
Preferential pricing means offering customers a better price or rate on all or
part of their business. For example, a printer offers a lower price for each
business card if you buy a thousand cards instead of a hundred. A shoe store
offers a second pair of shoes at half price.
Similarly, a bank may be able to offer you preferential pricing - a higher
interest rate on investments or a lower interest rate on loans - if you use more
of its products or services.
The following two examples will help you understand preferential pricing in
banks.
After approving your application for a home mortgage, your bank's mortgage
specialist tells you that this mortgage would be available at a lower interest
rate if you transferred your investments to the bank or its affiliates.
After approving your application for an RRSP loan, you are offered a lower
interest rate if you use the loan to buy the bank's mutual funds.
The above practices are acceptable. The approval of your mortgage and RRSP loan
is not conditional on your taking another bank product or service. Rather you
are offered preferential pricing to encourage you to give the bank more
business.
BUNDLING OF PRODUCTS AND SERVICES
Products or services are often combined to give consumers better prices,
incentives or more favourable terms than if you bought each product on its own.
For example, a fast-food chain advertises a meal combination that includes a
hamburger, fries and a drink. The overall price is lower than if you bought the
three items separately.
Similarly, banks may offer you bundled financial services or products so that
you can take advantage of package prices that are less than the sum of the
individual items.
The following example will help you understand the bundling of bank products and
services.
You plan to open a bank account that charges you a monthly fee. You are offered
a package of services that includes a comparable bank account, a savings
account, overdraft protection and a credit card. The total fees for the package
are less than if you purchased each part of the package separately.
Bundling products in this way is permitted because you have the choice of buying
the items individually or in a package.
RISK MANAGEMENT
To ensure the safety of their depositors, creditors and shareholders, banks must
carefully manage the risk on the loans and credit cards they approve. The law
allows them to impose certain requirements on borrowers as a condition for
granting a loan — but only to the extent necessary for us to manage their risk.
The following example will help you understand how banks manage such risk.
You apply for an operating loan for your business. To manage the risk associated
with the loan, your bank requires your business to have an operating account
with the bank as a condition for obtaining the loan.
Requiring your business's operating account to be at the bank is permitted
because it allows your bank to assess possible risks associated with your
business's cash flow and manage the risk associated with the loan.
WHAT CAN YOU EXPECT FROM US?
You can expect all Simplii employees to comply with the law by not engaging in
prohibited conduct, including coercive tied selling. To that end, we provide
training programs on acceptable sales practices. We urge you to let us know if
you believe that you have experienced any prohibited conduct, including coercive
tied selling in any dealings with us.
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