Voluntary Codes of Conduct and Public Commitments
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
- Debit and Credit Cards Code of Conduct
- Code of Conduct for Authorized Insurance Activities
- Financial Consumer Agency of Canada
- Guidelines for Transfers of Registered Plans
- Low Cost Bank Account
- Model Code of Conduct for Bank Relations with Small and Medium Sized Businesses
- Plain Language Mortgage Documents
- Principles of Consumer Protection for Electronic Commerce
- Reduced Cheque Hold Periods
- Undertaking on Principal Protected Notes
- Undertaking on Unsolicited Services
- Visa E-Promise and Visa Zero Liability Promise
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.
CIBC committed to maintaining market leadership in offering clients debit and credit card choice
Adoption of federal government’s code of conduct for debit and credit cards will be seamless to clients
CIBC is committed to maintaining its market leadership in providing its clients with the greatest amount of choice and flexibility and that its adoption of the voluntary code of conduct for the credit and debit card industry will be seamless to clients who will be able to use their CIBC credit and debit cards as they have previously.
CIBC has been the leading credit card issuer in Canada for many years as a result of a consistent focus on providing clients with outstanding service, choice and flexibility in the cards we offer. We intend to seek out additional opportunities to introduce further benefits for both our credit card and debit card clients as we implement the code of conduct.
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:
- Providing clear and understandable product disclosures
- Not imposing undue pressure to obtain a product or service
- Protecting the customer's privacy with respect to the gathering and use of health information
- Providing prompt investigation of any problems customers may experience and advising the customer of the complaint handling process
- Ensuring bank representatives are properly trained, qualified and knowledgeable on the authorized insurance products that they offer
- Making reasonable efforts to ensure that the insurance policy or coverage being promoted is appropriate for the credit product or the needs as expressed by the customer
- Making reasonable efforts to ensure that the customer understands the coverage
- Providing clear continuity of coverage requirements where customer-initiated changes in the financing or other terms and conditions of a banking arrangement could result in the need to apply for new insurance coverage
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.
Guidelines for Transfers of Registered Plans
Registered savings products 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 bank to another. The specific guidelines depend on the type of instrument in the 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:
- At least 8-15 debit transactions* per month (including CIBC Internet, ABM, and telephone banking), at least two of which can be done in-branch for the monthly fee
- Maximum monthly fee of $4.00 - the fee will be commensurate with the number of in-branch and overall debit transactions (i.e., an account with a low number of in-branch and overall debit transactions must have an accordingly low monthly fee)
- Charges for extra debit transactions above the monthly limit will be reasonable and not out of line with charges for "extra" debits on other comparable accounts at CIBC
- No charge for deposits
- Debit card included
- Free monthly statement or bankbook record keeping
- Cheque writing privileges
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 an Interac direct payment 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 (SME's) play in Canada's economy. This code sets minimum standards for bank dealings with SME's, 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:
- The Mortgage Disclosure Statement. This document sets out the financial terms of the mortgage, including the amount of the loan, the interest rate, the schedule for repaying the loan, etc.
- The Mortgage Approval (also called the Commitment) and the Standard Charge Terms. These documents set out the terms and conditions of the mortgage, including the obligations of the borrower and the lender. For example, the Standard Charge Terms describe what will happen if the borrower does not make mortgage payments when due.
- The Mortgage Renewal documents. These documents set out the interest rate and the other terms that apply if a mortgage is renewed when it reaches its maturity date.
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:
- Information Provision
- Contract Formation
- Privacy
- Security of Payment and Personal Information
- Redress
- Liability
- Unsolicited Commercial E-mail
- Consumer Awareness
Reduced Cheque Hold Periods
All members of the Canadian Bankers Association committed to reducing the normal maximum cheque hold period from 10 to 7 business days by April 2007.
The voluntary commitment applies to Canadian dollar cheques drawn on a financial institution's branch located in Canada when the cheque is deposited into a personal deposit account operated by an individual or a commercial account operated by a small- or medium-sized business (SME).
The voluntary commitment does not apply where a bank has reasonable grounds to believe there may be illegal, fraudulent or improper activity in relation to an account, where there exists a material increased credit risk in respect of a SME's account, where the deposited cheque is not encoded with magnetic ink character recognition, or where the cheque cannot be read by the operational systems (for example, if damaged or mutilated).
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.
Undertaking on Unsolicited Services
This commitment by CIBC applies to all personal banking products and services, and sets standards, concerning the offering of unsolicited products or services to our customers. These standards include both the offer of new products or services as well as a modification or replacement of existing products or services.
Visa E-Promise and Visa Zero Liability Promise
The Visa E-Promise offers Cardholders another avenue to settle disputes encountered while shopping online, by mail or by phone. The Visa Zero Liability Policy protects Cardholders who experience fraud through unauthorized use of their card after it is stolen or lost, provided they have complied with this Agreement (other conditions and restrictions may apply).
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