If you use a financial institution please read
Rolling out digital ID.
Apr 13.23 expanded ‘Have you been notified?’ and questions inserted.
Important to know
When an account is opened at a financial institution [FI], your consent to the Agreement and future changes is implied. Unless you refuse changes you agree to them. Maxim: Silence is tacit or implied consent.
One bank in particular doing business internationally, effective April 24, 2023 in Canada, has a new Access Agreement and a new Digital Banking Agreement. Their access card is also a debit card.
A customer who refuses these changes won’t be able to use online banking, the bank’s app or their Access Card.
After April 24.23 if you do not refuse:
“Use of your Card or any Electronic Financial Service means that you agree to the terms of this Agreement.”
Have you been notified?
With little advertising and little time to respond, financial institutions are implementing digital banking [digital ID] by changing terms in their Agreement [s] and incorporating services that have their own Agreements.
At your financial institution
You may wish to contact your branch to ask
(a) Are terms of the Agreement changing?
(b) What are the most significant changes?
(c) Are you implementing digital banking?
(d) What is the effective date of the changes?
(e) Ask for a copy of the new Agreement.
Read the Agreement [s]
Read the new Agreement carefully and thoroughly b/c there may be more than one Agreement in it, each of which may require you to agree or refuse the changes by a certain date.
Customer Care at the one particular bank mentioned above made it clear;
Online banking is disabled the ‘same’ day the Digital Banking Agreement is refused. Access cards are closed the ‘same’ day the Access Agreement is refused.
In a new Agreements look for words like credentials and the extent of what they are. Credentials may include use of biometrics.
Read carefully the ‘Security’ Section.
Questions to ask
A list of questions is provided in the following link to assist anyone who plans to ask their branch manager and/or a knowledgeable financial institution agent about changes to their Agreement [s] if refused.
This information is for educational purposes only. It is not intended to provide legal or lawful advice. If you use the information you agree to be fully responsible for all outcomes.
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Doreen A Agostino
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