As part of our commitment to protect you, our customer, CIBC has 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 CIBC.
Canadian Code of Practice for Consumer Debit Card Services
This code outlines industry practices as well as consumer and industry responsibilities, which help protect consumers in their use of debit card services in Canada. It establishes standards with respect to cardholder agreements, determining liability if there is a loss and resolving disputes.
This code applies to services that use debit cards and personal identification numbers (PIN) to access point-of-service terminals, such as automated banking machines (ABM), point-of-sale (POS) terminals and debit card terminals in the home.
While transactions that take place outside Canada or that transfer funds into or out of Canada are not covered by this code, we will do our best to protect consumers in such transactions and to resolve problems that may occur.
Code of Conduct for the Credit and Debit Card Industry in Canada
This Code has been adopted by credit and debit card networks (payment card networks) and their participants, which includes card issuers like CIBC.
The Code’s purpose is to demonstrate the payment industry’s commitment:
Payment card network operators have agreed to incorporate requirements of the Code into their networks’ contracts, governing rules and regulations. This will ensure that other participants in the networks, including card issuers and payment processors, also follow its provisions.
Code of Conduct for Authorized Insurance Activities
CIBC is committed to meeting our customers’ insurance needs by providing access to authorized insurance products.
This code outlines standards regarding the sale of authorized insurance products, by CIBC including:
Code of Conduct for Federally Regulated Financial Institutions – Mortgage Prepayment Information
This Code outlines the type of information CIBC will provide to help clients make an informed decision about prepayment of their mortgage. As required under that Code, as of September 4, 2012, additional information on mortgage prepayment will be made available on CIBC’s public websites along with a mortgage prepayment calculator to allow clients to obtain an estimate of the current prepayment charge if they were to partially or fully prepay their mortgage. Further provisions of the Code are to be introduced by March 4, 2013.
Commitment on Modification or Replacement of Existing Products or Services
This commitment by CIBC sets standards concerning the modification or replacement of existing personal products or services.
Financial Consumer Agency of Canada
Our adherence to the voluntary codes of conduct and other public commitments is monitored by the Financial Consumer Agency of Canada (the “FCAC”). As such, the FCAC may investigate and report on a consumer complaint.
Fraud Protection/Liability
These commitments outline consumer’s liability in relation to fraudulent/unauthorized transactions on credit and debit cards.
Guidelines for Transfers of Registered Plans
Registered plans may hold different types of investment instruments, including guaranteed investment certificates (GICs), mutual funds and/or securities. This code provides guidelines for the transfer of a registered plan from one financial institution to another. The specific guidelines depend on the type of plan.
Low Cost Bank Account
CIBC has made a commitment, for an indefinite period of time, to provide a low-fee retail deposit account that meets the following guidelines:
All individuals meeting the conditions of the Access to Basic Banking Services Regulations (ABBS) will be eligible for the CIBC low cost retail deposit account. CIBC’s low cost bank account offered under this commitment is the CIBC Everyday Chequing Account.
*A “debit transaction” includes a cheque, pre-authorized debit, withdrawal or inter-account transfer, bill payment and a debit purchase transaction; the maximum monthly fee does not include INTERAC/PLUS fees, cheque printing costs, fees for drafts, money orders, safety deposit boxes, travellers cheques, overdraft fees, certified cheques, NSF charges, stop payments, foreign currency and other additional services offered from time to time.
Model Code of Conduct for Bank Relations with Small and Medium Sized Businesses
CIBC recognizes the important role that small and medium sized enterprises (SMEs) play in Canada’s economy. This code sets minimum standards for bank dealings with SMEs, and addresses four key elements of bank conduct: openness, accountability, credit process, and complaint handling.
The CIBC standards for dealing with small, medium and agricultural businesses are also explained in the brochure “Our Service Commitment to You.” This brochure is available at your nearest CIBC branch or online.
Plain Language Mortgage Documents
CIBC is committed to using plain language principles to make its residential mortgage documents easier to read.
Borrowers must sign or receive a number of legal documents related to their mortgage. Some of the most important are:
Principles of Consumer Protection for Electronic Commerce
Developed with input from industry, government, and consumer groups, the Principles of Consumer Protection for Electronic Commerce is a guide to protecting customers when conducting transactions over open networks, such as the Internet.
The principles address the following topics:
Undertaking on Principal Protected Notes
This commitment applies to CIBC-issued principal protected notes (PPN) (including index-linked deposits) purchased by telephone or electronic means. These PPN purchases may be cancelled by the investor within two days after the later of i) the date the agreement to purchase the PPN is entered into, and ii) the deemed receipt of the written disclosures describing in detail the terms of the PPN. Upon cancellation, the investor is entitled to a refund of the principal amount deposited as well as any fees relating to the purchase. Telephone purchasers are deemed to have received the written disclosure five business days after the postmark date, if provided by mail.
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