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Frequently Asked Questions
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There are currently 152 questions and answers in our searchable database. Please click on a question below to view its answer.
- Can a bank refuse to cash a federal government cheque?
- Can a financial institution charge service fees to non-clients who use its ABMs?
- What is a tax-free savings account?
- How will my prepayment charge be calculated if I break my mortgage before the end of my current term?
- Why should I look closely at prepayment privileges and penalty charges when shopping for a mortgage?
- What should I consider when choosing between a short-term or a longer-term mortgage?
- What is an “assumable” mortgage?
- What is a “portable” mortgage?
- How long can a bank place a hold on cheques deposited to my account?
- Can a financial institution charge me for an optional product or service that I did not sign up for?
- Does my bank have a right to hold the funds I deposited by cheque?
- I didn’t sign up for credit card balance insurance, but I am being charged premiums. What can I do?
- How does the amortization period affect the interest cost I pay on my mortgage?
- My credit card issuer has offered me a "payment holiday." If I take advantage of this offer, will I have to pay interest?
- What is the Canadian Code of Practice for Consumer Debit Card Services?
- I received blank cheques in the mail from my credit card issuer for me to use. What can I do to protect myself from fraud?
- What if my financial institution cashed one of my postdated cheques early?
- How can I cancel my insurance policy?
- How can I make a complaint about my insurer?
- Does my home insurance cover my home-based business?
- Can an insurance company charge me higher premiums based on my credit rating?
- Why won’t my home, auto or business insurer reimburse me for the full cost of replacing my damaged or stolen items?
- How can I find out if an insurance company is licensed to do business in my province or territory?
- How is mortgage life insurance different from term or permanent life insurance?
- Can a life insurance company cancel my life insurance or disability insurance policy even though I have paid all of my premiums?
- Do I have to list the mortgage lender or finance company as a beneficiary on my home or auto insurance policy?
- Can a life insurance company refuse to provide me with life insurance? If so, for what reasons?
- Is there a minimum amount of money I have to put into a Registered Education Savings Plan (RESP)?
- I've been contacted by a collection agency about repaying a debt that I didn't even know I had. What can I do?
- Is my account insured by CDIC?
- How do I know if my financial institution is a member of the Canada Deposit Insurance Corporation (CDIC)?
- What is a Management Expense Ratio?
- What is a reverse mortgage?
- If a financial institution is required to send me information in writing, can the financial institution provide it to me electronically rather than on paper?
- Do credit card issuers have to disclose what their grace period is?
- I've heard about new credit card and loan regulations. What are they?
- When can my financial institution add new fees, or increase existing fees?
- Can a financial institution refuse to provide a business loan?
- What types of new products and services require merchants' express consent under Element 10 of the Code?
- What types of applications from different networks could be permitted on the same debit card?
- Bank legislation refers to both retail deposit accounts and personal deposit accounts. Are these the same?
- What happens if I make a late credit card payment?
- What information must my financial institution give me when it grants me a loan?
- How do I make a complaint about a prepaid card?
- Can prepaid cards have an expiry date?
- What is a payment card network operator?
- What is the difference between the Code of Conduct and the Payment Card Networks Act?
- If merchants have a complaint, where can they report it?
- How is FCAC monitoring the Code of Conduct for the Credit and Debit Industry?
- If a merchant accepts some credit cards from a payment card network, does the merchant have to accept all credit cards bearing the brand of that network?
- What is considered a premium debit or credit card defined in the context of Element 9 of the Code of Conduct?
- Does the Code of Conduct apply to payments made using a mobile phone or other means of accessing a credit card account or debiting your bank account?
- Are merchants required to provide discounts to customers for payment methods that cost them less?
- When does the Code of Conduct for the Credit and Debit Industry come into effect?
- What is an acquirer?
- I've heard about the credit card interchange fee in the media. What is it?
- How is the interest on my credit card calculated?
- Can my bank force me to open an RRSP account with them or transfer my existing RRSP account as a condition for receiving an RRSP loan (coercive tied selling)?
- What interest rate will apply on my credit card?
- What's the difference between coercive tied selling and beneficial tied selling?
- How can I dispute a charge on my account statement?
- Can a financial institution refuse to open a personal bank account for me?
- Can my financial institution change its business hours without consulting the community?
- How was the interest rate on my loan calculated?
- My insurance company has refused to pay my claim, or is delaying payment of the claim. What can FCAC do?
- Can my financial institution make me take out insurance when I apply for a loan or a mortgage?
- If my credit or debit card is lost or stolen, am I liable for any unauthorized transactions that appear on my statement after that?
- Does a financial institution have the right to take a transfer fee directly from an RRSP?
- Do I have to purchase credit card insurance from my credit card issuer?
- How can I get an error corrected on my credit file?
- I never used to pay any service fees, so why are they now being charged on my account?
- Can a financial institution refuse to open a business account for me because I have a poor credit rating?
- What should I do if a debit I didn't authorize goes through my account?
- Does my financial institution have the right to withdraw funds from my bank account to pay my overdue credit card bill?
- What if my prepaid card is lost or stolen?
- What is an activation fee on a prepaid card?
- Can I use my prepaid card to pay for recurring bills?
- Where can I find information about fees and conditions of use of prepaid cards?
- How are prepaid cards different from credit cards and debit cards?
- How do I track my prepaid card balance?
- What types of prepaid cards are there?
- What kinds of fees apply to prepaid cards?
- How can I protect myself from prepaid card fraud?
- Can my prepaid card be declined?
- Are merchants allowed to put a hold on the money on my prepaid card?
- Who must comply with the Code of Conduct for the Credit and Debit Industry?
- Does the Code of Conduct for the Credit and Debit Industry apply to arrangements that merchants put in place with acquirers before it came into effect?
- How can I make sure my credit card payment isn't late?
- Can a merchant charge a fee when I use my credit card to pay for a purchase?
- I have a problem with my Registered Education Savings Plan (RESP) provider. Who can help me?
- What is the role of the Ombudsman for Banking Services and Investments?
- What is a chip card?
- Can a Canadian apply for a credit card that is issued by a financial institution in the United States or any other country?
- Where can I find information on old or lost life insurance policies that I may have forgotten about or that may have belonged to family members who are now deceased?
- Can I open a bank account in Canada even though I am not a citizen and I reside in another country?
- What is the difference between the "statement date" and the "payment due date" on my credit card statement?
- How do I cancel a credit card account?
- Where can I find information on old stock certificates?
- I have a complaint about a credit reporting agency. Who can help me?
- What is a Registered Disability Savings Plan?
- Can a bank refuse to cash a personal cheque for me if I am not a customer of that bank?
- Can a bank close a branch without any advance notice?
- How can I get more information about my credit report?
- Is there any limit on how often you can get a free copy of your credit report?
- Can my credit history from another country be recognized in Canada?
- Can something be charged to my credit card after I have cancelled it?
- What's the difference between an Education Savings Plan (ESP) and a Registered Education Savings Plan (RESP)?
- Where can I get information about the Common Experience Payment (CEP) from the Indian Residential Schools Resolution?
- Where should I invest my money?
- Who can help me decide the best way for me to use or invest my money?
- I am expecting to receive some money from a government department or a company. Should I have the sum of money deposited directly into my bank account, or should I ask for a cheque that I can deposit myself?
- How much would it cost to cash my Government of Canada cheque at a payday loan company or another cheque-cashing outlet?
- I expect to receive a lump-sum payment. How can I protect myself from becoming a victim of fraud?
- What happens to my mortgage life insurance when I renew my mortgage?
- What is the Canada Learning Bond?
- Am I protected if I use Interac Online?
- What is a Registered Education Savings Plan (RESP)?
- What do I need to open a Registered Education Savings Plan (RESP)?
- What is a Canada Savings Bond (CSB)?
- How can I get the lowest interest rate on my mortgage?
- What is a "balance transfer"?
- Is it common for a financial institution to charge fees for issuing chequebooks to clients?
- Can my financial institution refuse to cash my paycheque?
- Can a financial institution refuse to give me a loan?
- Why does a financial institution always ask for so much personal information before it makes a decision about granting a loan or a mortgage, or issuing a credit card, or increasing the limit on a card?
- My son recently had an overdraft on a joint account with me. Can the financial institution use its "right-to-offset" on an account I share with another party at the same branch?
- I can't afford expensive service fees, but I still need a bank account. What are my options?
- How long does a financial institution have to complete an RRSP transfer request?
- Can I refuse to provide my financial institution with information about my income when I renew or apply for a mortgage?
- Can my financial institution refuse to provide me with a copy of my mortgage appraisal, even though I've paid for it?
- How can financial institutions justify increasing their service fees and charging new ones when they are reporting record profits?
- My financial institution either refuses to accept coins or charges a fee for doing so. Is that allowed?
- There is a discrepancy between the amount of money I received from an ABM and the amount that the transaction receipt shows I've withdrawn. Who should I speak to?
- What should I do if an ABM keeps my debit card?
- Does my financial institution have the right to impose a penalty when I renegotiate my mortgage?
- If I co-sign a loan, am I responsible for the debt if the primary borrower can't repay the loan, even if my relationship with the primary borrower has changed?
- How can I get more information on student loans?
- What types of investment products are available within a Registered Education Savings Plan (RESP)?
- My property and casualty insurance company didn't renew my insurance policy. What can I do?
- My property and casualty insurance provider recently increased my auto insurance premiums by a substantial amount when I renewed my policy. Is that allowed?
- How can I check if my insurance company still exists?
- How do I know if a particular financial institution is legitimate?
- Can a financial institution ask for my social insurance number when I open an account?
- If my debit card is stolen, will I be reimbursed if funds are taken from my account?
- When I paid for my purchase with a debit card at a point-of-service (POS) terminal, I was charged a fee. Is that allowed?
- How can I stop a credit card issuer from sending me a credit card application by mail?
- How can I protect myself against unauthorized transactions being made with my credit card?
- How can I improve my credit rating?
- Can I cash a federal government cheque if it is more than six months old?
- How can I get information about my bank account that appears to have been closed because it was inactive for a number of years?
- If I haven't changed the address on my driver's licence to my new address, is it still considered to be a valid piece of identification for opening an account?
- How can I cancel a pre-authorized debit?
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