If you borrow money or take out a credit card jointly with another person and you are dealing with a federally regulated financial institution, you are entitled to receive disclosure information.
When a federally regulated financial institution agrees to provide a loan or credit card to you and one or more other people, known as joint borrowers, all of you have a right to receive:
If you are a joint borrower on a credit card, for example, you should also receive a monthly statement about the account. From these documents, you can learn about the current status of the loan—whether the other borrower is making payments, or whether the terms and conditions have changed.
You can waive the right to separate disclosure in two ways:
When one or more joint borrowers give verbal consent to the federally regulated financial institution to waive their right to receive the information, the financial institution must give confirmation in writing to those who provided their consent verbally. The financial institution may provide this information to you electronically if you consent to receive required information in electronic format rather than as paper documents.
If you feel that a federally regulated financial institution is not respecting your rights, contact FCAC.