Questions for financial institutions about Agreement changes and digital banking
Asking questions steers conversations.
Apr 21.23 questions amended after calling several banks.
Thanks Maria. 09:22 mins
Thank you Maria!
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.
When you are presented with a new Agreement read all the Terms and Conditions closely and thoroughly b/c there may be more than one Agreement in it, each of which may require a response. Digital banking is different from digital ID, which becomes evident in the terms and conditions.
Digital ID is quietly being rolled out through changes in financial institution agreements. If you contact your branch manager and/or a knowledgeable financial institution agent the following questions may assist.
On a scale of 1 to 10, 10 being high implementation, how far has your bank gone to implement digital banking?
If I open an account with your bank, do I need to use a debit card to pay bills in branch?
Is there a fee to pay bills in branch?
Do I need a debit card to access online banking?
Do I need a debit card to use your bank’s cheques and/or credit card?
Do I need a debit card to send and/or receive e-transfers?
Are paper statements available for bank accounts and credit cards?
Is there a fee for paper statements?
May I have a transcript of this conversation?
Views expressed here are for educational purposes only. This information is not intended to provide legal or lawful advice, nor it is intended to provide financial or investment advice.
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