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Every effort has been made to ensure the accuracy of the information provided, however, it may be revised from time to time. Vancity Community Investment Bank reserves the right to revise product information without notice. Current information on all Vancity Community Investment Bank products and services can be obtained through the Client Service Centre at 1-888-708-7800.
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About Coercive Tied Selling
Definition: co*erce [v.] to restrain by force; to compel.
So you know...Why we don't, won't, can't coerce business from you...
Here's a fact: under section 459.1 of the Bank Act it is illegal for a bank to "impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including the bank and any of its affiliates, as a condition for obtaining another product or service from the bank." This tactic has been labeled "coercive tied selling".
What is "coercive tied selling"? And what's not okay?
A bank offers you a loan on the condition that you transfer your RRSPs to that bank. Or, you apply and qualify for a line of credit but are told that you can only have it if you bring your mortgage to the bank.
In both cases, illegal coercive tied selling is afoot. Qualifying is qualifying. If you qualify for a product, it's illegal for the bank to pressure you with a condition of buying something else you don't want to get the product you do want.
What is okay, legal and above board?
- Bundling of products and services
- Preferential pricing
There is a difference between illegal, high-pressure sales tactics and competitive pricing. Many businesses, including banks, often "bundle" a set of products or services together under one attractive rate - a rate that's better than if you bought each of the items separately. Or they may have preferential pricing to recognize loyal, valued customers. A bank that offers a loan with more favourable terms if the borrower agrees to also obtain another product or service is an example of preferential pricing and it's totally above board. Bundling and preferential rates are not illegal. Not doing a deal solely because someone doesn't bring all their business over is.
What we do to manage risk...
At Vancity Community Investment Bank, we believe we are stewards of the money our members place with us. Therefore, we must be responsible about how we use that money. When we approve a loan or a credit card, the law allows us to place certain requirements on borrowers as a condition of granting the loan or issuing the credit card. It is our policy that the requirements for borrowers will be reasonable and consistent with the level of risk.
What's the best way to reach us if you have a concern? As a first step, we ask that you attempt to resolve the problem by discussing it with a Vancity Community Investment Bank client service specialist at 1-888-708-7800.
If that is not acceptable to you, or if the specialist is unable to solve the problem, the next step would be to follow the Vancity Community Investment Bank Complaint Procedure.
© Copyright 2017 Vancouver Community Investment Bank
™Vancity Community Investment Bank™ is a trade-mark of Vancouver City Savings Credit Union, used under license. Credential Direct™ is a trade-mark of Ethical Funds Inc. used under license. Interac® is a registered trade-mark of Interac Inc., used under license. ACCULINK® is a registered trade-mark owned by Credit Union Central of Canada, used under license. THE EXCHANGE® is a registered trade-mark of Fiserv Inv., licensed for use in Canada by FICANEX Services Limited Partnership. VISA is a trade-mark of Visa Int., used under license.
Warranties and Limitation of Liability
Information and documents provided on this website are provided 'as is' without any warranty. Vancity Community Investment Bank uses reasonable efforts to include accurate and up-to-date information on this website; it does not, however, make any representations as to its accuracy or completeness. Your use of this website is at your own risk. Vancity Community Investment Bank and its suppliers and the other parties involved in creating and delivering this website's contents are not liable for any damages arising from use of this site.
Current information on all Vancity Community Investment Bank products and services can be obtained 24 hours a day through the Client Service Centre at 1-888-708-7800.
Links to Third Party Sites
Any dealings that you have with third parties (including advertisers) using any Linked Sites, including the delivery of and the payment for goods and services, and any other terms, conditions, warranties or representations associated with such dealings are solely between you and the third party. Vancity Community Investment Bank shall not be responsible or liable in any way for any part of such dealings.
Vancity Community Investment Bank
Vancity Community Investment Bank is a proud member of the Canada Deposit Insurance Corporation (CDIC).
CDIC is a Federal Crown Corporation created in 1967 to protect the money you deposit in member financial institutions, in case of their failure.
The following instruments and/or products* are eligible for deposit insurance from the Canada Deposit Insurance Corporation, subject always to the maximum coverage limitations outlined in their brochure “Protecting Your Deposits” and provided they are in Canadian funds, are payable in Canada, and have a term of no more than 5 years.
- Short Term Deposits
- Ultimate Savings Account
- Business Chequing/Savings
- RSP Ultimate Savings Account
- Official Cheques
- Outstanding Payment Items
Outstanding payment items include suspense accounts, items in transit, and unclaimed cheques. Outstanding payment items may not be applicable to depositors in the normal course of their banking.
For further information about CDIC, please call 1-800-461-CDIC (2342) or visit their website www.cdic.ca
* Products outstanding as at May 31, 2015
Summary of Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) Policies at the Vancity Group, including Vancity Community Investment Bank
The Director, Enterprise Compliance & Security and Chief Anti-Money Laundering Compliance Officer for Vancity Community Investment Bank, a part of the Vancity Group of Companies (“The Group”), is responsible for the development and application of AML/ATF compliance policies and procedures to detect and deter Money Laundering and Terrorist Financing activities, to review these policies on a regular basis to test their effectiveness and for the implementation of ongoing AML/ATF training for employees. The Group verifies and ascertains the identity of all individuals who open up an account and requires government issued, recordable identification to satisfy legislative requirements.
Our policies and procedures comply with all requirements under the following legislation; the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), and Regulations, the Anti-Terrorism Act, the United Nations Suppression of Terrorism Regulations and the Canadian Criminal Code.
FINTRAC and the Office of the Superintendent of Financial Institutions (OSFI) Canada, and the Financial Institutions Commission of British Columbia (FICOM), have developed guidelines to detect and deter money laundering and terrorist financing. In addition, the Financial Action Task Force (FATF) on Money Laundering and the Basel Committee, on Banking Supervision have issued recommendations related to customer identification and record keeping. Our policies and procedures reflect these guidelines and recommendations.
The Group will not knowingly transact business with sanctioned individuals, entities and/or countries identified by appropriate government agencies, law enforcement, regulators, or United Nations resolutions. Any property held in the name of a listed person or entity is frozen and the disposition is reported to the appropriate agency as required by law.
Our Corporate Policy stipulates that we observe all regulatory requirements in any jurisdiction where we conduct business. We will cooperate with law enforcement agencies to the extent permitted by regulations and our policies and procedures. We do not open any anonymous accounts, nor will we enter into or continue a correspondent banking relationship with a bank incorporated in a jurisdiction that does not have a physical presence and which is not affiliated with a regulated financial group, (shell banks).
We trust the foregoing satisfactorily answers your questions regarding our anti-money laundering and anti-terrorist financing policies and procedures.