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 bank machines, 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.
Canadian Code of Practice for Consumer Debit Card Services (PDF, 40 KB) Opens a new window in your browser.
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:
- To ensure that merchants are fully aware of the costs associated with accepting credit and debit card payments
- To provide merchants with increased pricing flexibility to encourage consumers to choose the lowest-cost payment option
- To allow merchants to choose freely which payment options they will accept
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 the Credit and Debit Card Industry in Canada (PDF, 75 KB) Opens a new window in your browser.
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
CBA Code of Conduct for Authorized Insurance Activities Opens a new window in your browser.(PDF, 120 KB) Opens a new window in your browser.
A code of conduct that sets out principles that apply to banks to guide them when they deliver banking products and services to Canada’s seniors.
Code of conduct for the delivery of banking services to seniors (PDF, 315 KB) Opens a new window in your browser.
Code of Conduct for Federally Regulated Financial Institutions – Mortgage Prepayment Information
The Code of Conduct is designed to ensure that enhanced information is available to assist borrowers in making decisions about mortgage prepayment.
Code of Conduct for Federally Regulated Financial Institutions – Mortgage Prepayment Information (PDF, 25 KB) Opens a new window in your browser.
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.
Commitment on Modification or Replacement of Existing Products or Services (PDF, 15 KB) Opens a new window in your browser.
Commitment on Powers of Attorney and Joint Deposit Accounts
CIBC has agreed to make general information available — in branches and on our website — for clients who want to give someone else authority to do banking for them. This information will help clients understand possible risks associated with using a Power of Attorney. CIBC will also make information available about possible risks of holding a deposit account jointly with another person.
Commitment on Powers of Attorney and Joint Deposit Accounts (PDF, 220 KB)
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Commitment to Provide Information on Mortgage Security
This commitment by CIBC is to provide information about mortgage security so consumers have enough information to understand their choice of product when shopping for a mortgage loan.
Commitment to Provide Information on Mortgage Security (PDF, 150 KB)
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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.
Contact FCAC. Opens a new window in your browser
These commitments outline consumer's liability in relation to fraudulent/unauthorized transactions on credit and debit cards.
View Visa E-PromiseView Visa E-Promise. Opens a new window in your browser.
View Visa Zero Liability PolicyView Visa Zero Liability Policy. Opens a new window in your browser.
View MasterCard Zero Liability PolicyView MasterCard Zero Liability Policy. Opens a new window in your browser.
View Interac Zero Liability Policy
View Interac Zero Liability Policy. Opens a new window in your browser.
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.
Guidelines for Transfers of Registered Plans (PDF, 40 KB) Opens a new window in your browser.
Low Cost and No Cost Bank Accounts
CIBC has made a commitment to provide a low-cost retail deposit account that meets the following guidelines:
- A minimum of 12 debit transactions per month, at least two of which can be done in-branch1
- Cheque writing privileges1
- No extra charge for deposits, debit card, pre-authorized payment forms, monthly printed statements and cheque image return or on-line cheque viewing1
- Other services are available for a reasonable fee1*
- A maximum monthly fee of $4.00
CIBC has also committed to provide these same services at no cost to youths, students, Guaranteed Income Supplement (GIS) recipient seniors and Registered Disability Savings Plan (RDSP) beneficiaries.
The CIBC accounts offered under this commitment are:
For more information on how the FCAC ensures consumer awareness, visit the FCAC’s financial tools and calculatorsFACA’s financial tools and calculators. Opens a new window in your browser..
Free Credit Card Printed Statements
CIBC has made a commitment to provide credit card clients with a monthly paper copy of their credit card statement, free of charge.
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.
Model Code of Conduct for Bank Relations with Small and Medium-Sized Businesses (PDF, 60 KB) Opens a new window in your browser.
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.
View our service commitment
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.
Plain Language Mortgage Documents CBA Commitment (PDF, 85 KB)
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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
- Security of Payment and Personal Information
- Unsolicited Commercial E-mail
- Consumer Awareness
Principles of Consumer Protection for Electronic Commerce (PDF, 160 KB) Opens a new window in your browser.
Commitment to Online Payments
CIBC commits to applying the principles and provisions of the Canadian Code of Practice for Consumer Debit Card Services to online payment items in respect of customer deposit accounts.
Online Payments (PDF, 210 KB) Opens a new window in your browser.
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.
View commitment on principal protected notes