Financial Consumer Agency of Canada
www.fcac-acfc.gc.ca
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Commissioner's Decisions
[ Back ]Decisions grouped by date:
October 1st to December 31st - 2003
32369-58Q403 (HTML)
32369-58Q403 (PDF)
A bank mailed out credit card offers disclosing its interest rate as being "as low as..." but did not disclose the actual interest rate the individual consumer would be charged.
42715-441Q303 (HTML)42715-441Q303 (PDF)
A bank agreed to provide a customer with a line of credit and a mortgage loan. When the customer chose to obtain the mortgage loan at another institution, the bank withdrew approval for the line of credit stating that the approval was conditional upon concluding the mortgage with the bank.
51521-801Q403 (HTML)51521-801Q403 (PDF)
A bank failed to properly disclose the interest rate in one of its French-language direct-mail advertisements, which included an application form for a credit card. The envelope used to promote the offer advertised the rate as "seulement" (only) while the actual offer was for a rate "aussi bas que" (as low as), meaning that the actual interest rate for the individual could be higher.
56328-297Q403 (HTML)56328-297Q403 (PDF)
A bank charged a consumer to cash two federal government cheques.
58529-630Q403 (HTML)58529-630Q403 (PDF)
A bank branch was destroyed due to an electrical fire. Given the significant costs of demolishing the existing structure and rebuilding, the low volume of business and the location of the receiving branch, the bank decided to close the location permanently. Due to circumstances, the branch was unable to provide six months’ advance notice to the customers, the public, the mayor and the Commissioner, as required by the Regulations.
- Bank Act, s 459.2(1)
- Notice of Branch Closure (Banks) Regulations, ss. 4(1)(b), 6(2), 8(1)(b), 8(2)(a)
61410-119Q403 (HTML)61410-119Q403 (PDF)
A customer was charged interest on her credit card account even though the credit card issuer acknowledged that the customer had remitted the payment before the due date.
