“They are so one-sided and benefit the banks so much that there is no way I can call these negotiated agreements,” said Anthony Daimsis, professor of contract law at the University of Ottawa. 35. Termination by the company: the company may terminate this contract at any time after notification (and stop accessing the online bank or Wealth Management Online), effective at an appropriate time after we have received the notification. “You made this clause that frees itself from liability,” said the North Vancouver contractor, referring to a section of its agreement that RBC refused after losing $1,500 in the event of electronic transfer fraud last May. You agree that you are responsible for losses resulting from your own use of your electronic device to access the Services or as a result of a third party`s use of access to the Services. If you think someone else is using your electronic device to access the Services, you should contact us in accordance with Section 8 of this Agreement. 6. Use: You must use your credit card and password to access the online bank and your user ID and password to access Wealth Management Online. You may also need to answer your personal verification questions when you access Online Banking or Wealth Management Online. “No one who can contradict such a mandate would accept such a mandate,” Daimsis said.

“I wouldn`t agree with anyone to say, “This is my agreement with you. I can change it and tell you how I want to warn you.¬†Scotiabank did not respond to criticism of its online agreement with Go Public, but said in a statement: “We regularly review our policies and procedures to ensure they are in line with good practice.” CIBC`s agreement, last updated in 2016, raised concerns about the clarity of the language. “We strive to provide superior data, quality and security through the Finicity open banking platform and to change the way consumers interact with and benefit from their own financial data,” said Steve Smith, CEO of Finicity. “With TD, we help consumers make better use of their financial data and use it to improve their financial lives.” Everyone says that banks have the right to change agreements at any time, and most say they will determine how customers are informed. The agreement also limits all refunds to direct damages. 34. Access to personal accounts: the company may require us to enter the user`s personal account or accounts on the user`s bank card used to access the online bank on behalf of the company. If we take note of this request, deimsis was also concerned that important information that will describe a customer`s responsibilities – such as online non-wifi – is in smaller characters than the rest of the agreement. “The bank has said that [in accordance with its agreement] it can pay an electronic transfer to anyone it accepts – as long as they answer the security issue,” Harney said. Instead, a spokesperson wrote that the bank was focused “on providing a large customer experience around our banking services” and that BMO “has an electronic bank guarantee and customers pay back all losses resulting from unauthorized transactions.” For example, the old contract stipulated that customers are responsible for losses as soon as they are “aware” that a bank card or device has been lost, stolen or abused.

The new one says they are responsible as soon as they “suspect” it. 24. Mobile Banking: You acknowledge that access to online banking and/or online management via mobile banking or an electronic device, which may not have all the features, features, information or content available through other websites, and you agree to regular access to Online Banking and/or Wealth Management Online via a website other than mobile banking or an electronic device that has no restrictions on viewing content.