Your Bank Account - Revision history

Drew Jackson at 01:34, 7 November 2023

2023-11-07T01:34:58Z

← Older revision		Revision as of 01:34, 7 November 2023
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	{{REVIEWEDPLS \| reviewer = [http://creaseharman.com/r-bruce-e-hallsor/ Bruce Hallsor QC], Crease Harman\|date= July 2018}} {{Dial-A-Law TOC\|expanded = money}}		{{REVIEWEDPLS \| reviewer = [http://creaseharman.com/r-bruce-e-hallsor/ Bruce Hallsor KC], Crease Harman\|date= July 2018}} {{Dial-A-Law TOC\|expanded = money}}
	Most of us open a bank account at some point in our lives. Learn the rights and responsibilities that come with having a bank account, and practical tips to avoid problems.		Most of us open a bank account at some point in our lives. Learn the rights and responsibilities that come with having a bank account, and practical tips to avoid problems.

Drew Jackson: /* If someone uses your PIN or bank card */

2023-11-07T01:14:40Z

If someone uses your PIN or bank card

← Older revision		Revision as of 01:14, 7 November 2023
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	You normally won’t be responsible for the unauthorized use of your card or PIN after you’ve told the bank about the loss or theft. But you must not have “knowingly contributed” to the unauthorized use — for example, by lending your card to a friend to withdraw money. And you must have been careful to keep your PIN separate from your card.		You normally won’t be responsible for the unauthorized use of your card or PIN after you’ve told the bank about the loss or theft. But you must not have “knowingly contributed” to the unauthorized use — for example, by lending your card to a friend to withdraw money. And you must have been careful to keep your PIN separate from your card.

	For more information about bank cards, see our information on [[credit-cards\|credit cards]].		For more information about bank cards, see our information on [https://dialalaw.peopleslawschool.ca/category/money-consumer/money-debt/credit-cards/ credit cards].

	===If you sign up for a joint bank account===		===If you sign up for a joint bank account===

Drew Jackson: /* Overdraft services can avoid unexpected charges */

2023-11-07T01:12:58Z

Overdraft services can avoid unexpected charges

← Older revision		Revision as of 01:12, 7 November 2023
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	{\| class="wikitable"		{\| class="wikitable"
	\|align="left"\|'''Tip'''		\|align="left"\|'''Tip'''
	Overdraft protection helps not only with avoiding unexpected charges. If you pay for something and your bank doesn’t honour your cheque because there’s not enough money in your account, your [https://~~staging-dialalaw~~.~~plsinnovates~~.ca/improving~~-your~~-credit-score/ credit rating] will suffer.		Overdraft protection helps not only with avoiding unexpected charges. If you pay for something and your bank doesn’t honour your cheque because there’s not enough money in your account, your [https://www.peopleslawschool.ca/improving-credit-score/ credit rating] will suffer.
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	===If you deposit an NSF cheque to your account===		===If you deposit an NSF cheque to your account===
	When someone pays you with a cheque, you deposit the cheque in your bank account. Your bank will typically credit the money to your account, and present the cheque to the cheque writer’s bank for payment. This process ideally ends with the cheque being “cleared”. But sometimes a cheque bounces. That means there’s not enough money in the cheque writer’s account to cover the cheque. The cheque is returned to your bank stamped '''NSF''' (standing for '''non-sufficient funds''').		When someone pays you with a cheque, you deposit the cheque in your bank account. Your bank will typically credit the money to your account, and present the cheque to the cheque writer’s bank for payment. This process ideally ends with the cheque being “cleared”. But sometimes a cheque bounces. That means there’s not enough money in the cheque writer’s account to cover the cheque. The cheque is returned to your bank stamped '''NSF''' (standing for '''non-sufficient funds''').

Elena Renderos at 06:23, 17 October 2020

2020-10-17T06:23:24Z

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Elena Renderos: Elena Renderos moved page Your Bank Account (No. 245) to Your Bank Account: Removing recording numbers from page names

2020-09-12T04:35:32Z

Elena Renderos moved page Your Bank Account (No. 245) to Your Bank Account: Removing recording numbers from page names

← Older revision		Revision as of 04:35, 12 September 2020
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Drew Jackson at 22:11, 29 March 2019

2019-03-29T22:11:10Z

← Older revision		Revision as of 22:11, 29 March 2019
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	{{REVIEWEDPLS \| reviewer = [http://creaseharman.com/r-bruce-e-hallsor/ Bruce Hallsor QC], Crease Harman\|date= July 2018}} {{Dial-A-Law TOC\|expanded = money}}		{{REVIEWEDPLS \| reviewer = [http://creaseharman.com/r-bruce-e-hallsor/ Bruce Hallsor QC], Crease Harman\|date= July 2018}} {{Dial-A-Law TOC\|expanded = money}}
	Most of us open a bank account at some point in our lives. Learn the rights and responsibilities that come with having a bank account, and practical tips to avoid problems.		Most of us open a '''bank account''' at some point in our lives. Learn the rights and responsibilities that come with having a bank account, and practical tips to avoid problems.

	==Understand your legal rights==		==Understand your legal rights==
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	If you’re still not satisfied, you can contact the [https://www.obsi.ca/ Ombudsman for Banking Services and Investments] at 1-888-451-4519.		If you’re still not satisfied, you can contact the [https://www.obsi.ca/ Ombudsman for Banking Services and Investments] at 1-888-451-4519.



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	{{Dial-A-Law_Navbox\|type=consumer}}		{{Dial-A-Law_Navbox\|type=consumer}}
	{{Dial-A-Law Copyright}}		{{Dial-A-Law Copyright}}

Elena Renderos at 08:12, 28 March 2019

2019-03-28T08:12:15Z

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	{{~~Dial~~-A-~~Law Blurb~~}}		{{REVIEWEDPLS \| reviewer = [http://creaseharman.com/r-bruce-e-hallsor/ Bruce Hallsor QC], Crease Harman\|date= July 2018}} {{Dial-A-Law TOC\|expanded = money}}

	{{Dial-A-Law TOC\|expanded = ~~credit~~}}
	Most of us open a bank account at some point in our lives. Learn the rights and responsibilities that come with having a bank account, and practical tips to avoid problems.		Most of us open a bank account at some point in our lives. Learn the rights and responsibilities that come with having a bank account, and practical tips to avoid problems.

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	{\| class="wikitable"		{\| class="wikitable"
	\|align="left"\|'''Tip'''		\|align="left"\|'''Tip'''
	Overdraft protection helps not only with avoiding unexpected charges. If you pay for something and your bank doesn’t honour your cheque because there’s not enough money in your account, your [[Credit Reports (~~Script~~ 249)\|credit rating]] will suffer.		Overdraft protection helps not only with avoiding unexpected charges. If you pay for something and your bank doesn’t honour your cheque because there’s not enough money in your account, your [[Credit Reports (No. 249)\|credit rating]] will suffer.
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	You normally won’t be responsible for the unauthorized use of your card or PIN after you’ve told the bank about the loss or theft. But you must not have “knowingly contributed” to the unauthorized use — for example, by lending your card to a friend to withdraw money. And you must have been careful to keep your PIN separate from your card.		You normally won’t be responsible for the unauthorized use of your card or PIN after you’ve told the bank about the loss or theft. But you must not have “knowingly contributed” to the unauthorized use — for example, by lending your card to a friend to withdraw money. And you must have been careful to keep your PIN separate from your card.

	For more information about bank cards, see our information on [[Credit Cards (~~Script~~ 247)\|credit cards (no. 247)]].		For more information about bank cards, see our information on [[Credit Cards (No. 247)\|credit cards (no. 247)]].

	===If you sign up for a joint bank account===		===If you sign up for a joint bank account===
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	~~[updated July 2018]~~

	~~'''The above was last reviewed for legal accuracy by [http://creaseharman.com/r-bruce-e-hallsor/ Bruce Hallsor QC], Crease Harman.'''~~

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			{{Dial-A-Law_Navbox\|type=consumer}}
	{{Dial-A-Law Copyright}}		{{Dial-A-Law Copyright}}

	~~{{Dial-A-Law_Navbox\|type=credit}}~~

Drew Jackson: Drew Jackson moved page Your Bank Account (Script 245) to Your Bank Account (No. 245): Aligning title to new website

2019-03-13T01:25:40Z

Drew Jackson moved page Your Bank Account (Script 245) to Your Bank Account (No. 245): Aligning title to new website

← Older revision		Revision as of 01:25, 13 March 2019
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Dial-A-Law at 23:45, 17 February 2019

2019-02-17T23:45:48Z

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Dial-A-Law at 20:50, 27 July 2018

2018-07-27T20:50:57Z

← Older revision		Revision as of 20:50, 27 July 2018
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	Most of the agreements have similar terms, but the only way to find out exactly what you’ve agreed to is to get a copy of the document from your bank and read it.		Most of the agreements have similar terms, but the only way to find out exactly what you’ve agreed to is to get a copy of the document from your bank and read it.

	==~~Do you automatically get overdraft~~ privileges?==		==Overdraft privileges==
	No. If you have a personal chequing account, you expect your bank to honour your cheques when you write them. But unless you’ve arranged for overdraft privileges (where the bank will honour your cheque even if you don’t have enough money in your account to cover it) your agreement likely says that the bank must honour a cheque only if there’s enough money in your account. And if the bank lets you go into overdraft, they can charge you interest at a rate they set. If you’ve arranged for overdraft privileges, make sure this is recorded in writing. If you pay for goods or services and your bank doesn’t honour your cheque because you don’t have enough funds in your account, it could hurt your credit rating.		Overdraft privileges are not automatic. If you have a personal chequing account, you expect your bank to honour your cheques when you write them. But unless you’ve arranged for overdraft privileges (where the bank will honour your cheque even if you don’t have enough money in your account to cover it) your agreement likely says that the bank must honour a cheque only if there’s enough money in your account. And if the bank lets you go into overdraft, they can charge you interest at a rate they set. If you’ve arranged for overdraft privileges, make sure this is recorded in writing. If you pay for goods or services and your bank doesn’t honour your cheque because you don’t have enough funds in your account, it could hurt your credit rating.

	==~~Are there rules on service~~ charges?==		==Service charges==
	Service charges vary a lot between banks and accounts. Depending on your account, you may be charged for the cheques you write and for other services that the bank provides. For example, every time you go into overdraft, you may have to pay an overdraft fee, plus interest. Or you may have to pay a service charge every time you use a bank machine or ATM (automated teller machine). Often banks will have package deals with a set monthly charge for a certain number of transactions. They may also waive fees if you keep a minimum balance in your account. While your account agreement likely doesn’t say specifically what cost service charges are, it probably says that you agree to be bound by the bank's general schedule of rates and that the bank may debit your account for any charges that the bank sets from time to time.		Service charges vary a lot between banks and accounts. Depending on your account, you may be charged for the cheques you write and for other services that the bank provides. For example, every time you go into overdraft, you may have to pay an overdraft fee, plus interest. Or you may have to pay a service charge every time you use a bank machine or ATM (automated teller machine). Often banks will have package deals with a set monthly charge for a certain number of transactions. They may also waive fees if you keep a minimum balance in your account. While your account agreement likely doesn’t say specifically what cost service charges are, it probably says that you agree to be bound by the bank's general schedule of rates and that the bank may debit your account for any charges that the bank sets from time to time.

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	==NSF cheques==		==NSF cheques==
	If someone pays you with a cheque written on another bank account, normally you take that cheque to your own bank to cash or deposit it. Or you deposit it using your phone. Your bank will typically accept cheques from other banks, credit the money to your account, and present the cheque to those other banks for payment—or to be cleared. ~~Unfortunately,~~ sometimes a cheque doesn’t clear because there’s not enough money in the account, and it’s returned to your bank stamped ''NSF'' or ''Not Sufficient Funds''.		If someone pays you with a cheque written on another bank account, normally you take that cheque to your own bank to cash or deposit it. Or you deposit it using your phone. Your bank will typically accept cheques from other banks, credit the money to your account, and present the cheque to those other banks for payment—or to be cleared. But sometimes a cheque bounces. That means it doesn’t clear because there’s not enough money in the account, and it’s returned to your bank stamped ''NSF'' or ''Not Sufficient Funds''.

	Your agreement with your bank says that the bank can then debit your account for the amount of an NSF cheque—even if you have not withdrawn the money. That’s true even if your bank is slow and ignores the normal rules about clearing cheques promptly. It’s possible for your bank's delay to cause a cheque not to clear: for example, there was enough money in the account to cover the cheque when it was written but your bank delays in presenting it to the other bank to be cleared. By the time your bank does that, there’s no longer enough money in the account. Rarely, in that case, you may have a claim against your bank, but even this may be limited or denied by your agreement with the bank.		Your agreement with your bank says that the bank can then debit your account for the amount of an NSF cheque—even if you have not withdrawn the money. That’s true even if your bank is slow and ignores the normal rules about clearing cheques promptly. It’s possible for your bank's delay to cause a cheque not to clear: for example, there was enough money in the account to cover the cheque when it was written but your bank delays in presenting it to the other bank to be cleared. By the time your bank does that, there’s no longer enough money in the account. Rarely, in that case, you may have a claim against your bank, but even this may be limited or denied by your agreement with the bank.

	Banks have their own policies on whether you can re-deposit an NSF cheque (and if so, how many times).		Banks have their own policies on whether you can re-deposit an NSF cheque (and if so, how many times).

			==Online banking and electronic funds transfers==
			Online banking and electronic fund transfers (EFTs) are becoming much more common. EFTs are simpler than cheques because they fail immediately if there’s not enough money in an account. So some of the problems with cheques don’t arise. On the other hand, because this is a new area of banking, there is not much case law on it yet, compared to case law on cheques.

	==Check your bank statements carefully==		==Check your bank statements carefully==
	The first that you may learn of a cheque returned NSF may be from your bank statement. Also, in your agreement with the bank, you promise to be responsible for making sure that the statement is true.		The first that you may learn of a cheque returned NSF may be from your bank statement. Also, in your agreement with the bank, you promise to be responsible for making sure that the statement is true.

	==~~What if the~~ bank makes a mistake?==		==If a bank makes a mistake==
	You have a certain time to point out that mistake to the bank—normally 30 days from the date the bank mails you your statement or posts it online. If you don't point out the mistake, you’re considered to have agreed that the balance shown in your statement is correct.		You have a certain time to point out that mistake to the bank—normally 30 days from the date the bank mails you your statement or posts it online. If you don't point out the mistake, you’re considered to have agreed that the balance shown in your statement is correct.

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	ATM receipts aren’t considered proof of actual deposits to your account. But they are better than nothing. Only a bank teller receipt or copies of the actual deposited cheques are accepted as evidence of a deposit.		ATM receipts aren’t considered proof of actual deposits to your account. But they are better than nothing. Only a bank teller receipt or copies of the actual deposited cheques are accepted as evidence of a deposit.

	==~~What if~~ someone uses your PIN or bank machine card?==		==If someone uses your PIN or bank machine card==
	When you have a bank machine card and “personal identification number” or PIN, you’re responsible for all amounts withdrawn from your account through the authorized use of your card. So if you lose your card or find out that someone has stolen your card or PIN, phone the bank immediately. Most agreements require you to phone within 24 hours.		When you have a bank machine card and “personal identification number” or PIN, you’re responsible for all amounts withdrawn from your account through the authorized use of your card. So if you lose your card or find out that someone has stolen your card or PIN, phone the bank immediately. Most agreements require you to phone within 24 hours.

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	For more information about bank cards, check script [[Buying Goods on Credit, Credit Cards and Credit Bureaus (Script 246)\|246]] on “Buying Goods on Credit, Credit Cards and Credit Bureaus.”		For more information about bank cards, check script [[Buying Goods on Credit, Credit Cards and Credit Bureaus (Script 246)\|246]] on “Buying Goods on Credit, Credit Cards and Credit Bureaus.”

	==~~How does a joint account work?~~==		==Joint bank accounts==
	If you have a joint account with someone, depending on how the signature card is signed, you agree that the bank can pay out funds on a cheque or withdrawal signed by any of the account holders. This means that if the account is overdrawn, the bank can demand repayment of the full amount from anyone who has signed the signature card. If you end up paying more than your share of the overdraft, then it’s up to you, not the bank, to get the difference from the other account holders.		If you have a joint account with someone, depending on how the signature card is signed, you agree that the bank can pay out funds on a cheque or withdrawal signed by any of the account holders. This means that if the account is overdrawn, the bank can demand repayment of the full amount from anyone who has signed the signature card. If you end up paying more than your share of the overdraft, then it’s up to you, not the bank, to get the difference from the other account holders.

	==~~What happens if~~ you don’t use your account?==		==If you don’t use your account==
	The federal ''[http://laws-lois.justice.gc.ca/eng/acts/B-1.01/index.html Bank Act]'' says that if you haven’t used your account for 10 years or more, any money left in it must be transferred to the [http://www.bankofcanada.ca/ Bank of Canada]. For more information on this, call 1.800.303.1282 and ask for “unclaimed balances” or click on “[http://www.bankofcanada.ca/unclaimed-balances/ Unclaimed Balances]” or email [mailto:ucbalances@bankofcanada.ca ucbalances@bankofcanada.ca].		The federal ''[http://laws-lois.justice.gc.ca/eng/acts/B-1.01/index.html Bank Act]'' says that if you haven’t used your account for 10 years or more, any money left in it must be transferred to the [http://www.bankofcanada.ca/ Bank of Canada]. For more information on this, call 1.800.303.1282 and ask for “unclaimed balances” or click on “[http://www.bankofcanada.ca/unclaimed-balances/ Unclaimed Balances]” or email [mailto:ucbalances@bankofcanada.ca ucbalances@bankofcanada.ca].

	==~~What if~~ you have a complaint against a bank?==		==If you have a complaint against a bank==
	First, discuss the problem with your bank’s branch manager. If you’re not satisfied with the response, contact the bank’s head office. You can get a contact name and telephone number by calling the [http://www.osfi-bsif.gc.ca/Eng/Pages/default.aspx Office of the Superintendent of Financial Institutions] (OSFI) at 1.800.385.8647. OSFI is the federal government agency that supervises and regulates Canadian banks. If you’re still dissatisfied, you can contact the [https://www.obsi.ca/ Ombudsman for Banking Services and Investments] at 1.888.451.4519. Of course, if you have a legal problem, you may need to see a lawyer.		First, discuss the problem with your bank’s branch manager. If you’re not satisfied with the response, contact the bank’s head office. You can get a contact name and telephone number by calling the [http://www.osfi-bsif.gc.ca/Eng/Pages/default.aspx Office of the Superintendent of Financial Institutions] (OSFI) at 1.800.385.8647. OSFI is the federal government agency that supervises and regulates Canadian banks. If you’re still dissatisfied, you can contact the [https://www.obsi.ca/ Ombudsman for Banking Services and Investments] at 1.888.451.4519. Of course, if you have a legal problem, you may need to see a lawyer.

	~~==More information==~~
	* Check the federal ''[http://laws-lois.justice.gc.ca/eng/acts/B-1.01/index.html Bank Act]''.


	[updated ~~December 2016~~]		[updated July 2018]

	'''The above was last reviewed for accuracy by Bruce Hallsor ~~and Anna Kurt,~~ and edited by John Blois.'''		'''The above was last reviewed for accuracy by Bruce Hallsor and edited by John Blois.'''

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