The Financial Consumer Agency of Canada (FCAC) is an independent body established in 2001 by the federal government to strengthen oversight of consumer issues and expand consumer education in the financial sector.
As a federal regulatory agency, the FCAC is responsible for enforcing many of the federal laws that protect consumers in their dealings with financial institutions.
- By ensuring that federally regulated financial institutions comply with federal consumer protection laws and regulations.
- By monitoring financial institutions’ business practices (known as voluntary codes of conduct) concerning small business lending and the use of debit cards.
- By educating consumers about their rights and responsibilities.
- By helping individuals to become more informed consumer of financial products and services.
General Bank is subject to oversight by the FCAC, and as such, we have voluntarily put in place processes and programs to comply with the various provisions of the agency. To learn more about the FCAC visit their web site or call the FCAC toll-free at: 1-866-461-3222.
Following is a summary of the provisions of the FCAC, and General Bank of Canada’s position in respect of these provisions:
|FCAC Provision||General Bank of Canada Position|
|Requirement to disclose interest and charges relative to deposit accounts||GBC only offers Guaranteed Investment Certificates. We do not operate transactional bank accounts. All
interest payments on GIC’s are calculated either annually or semi-annually, and are either paid by Cheque or EFT to the depositor, or added to the original principal deposit amount and compounded. There are no transactional fees associated with our GIC’s. Some nominal fees may apply for changes made to GIC accounts.
|Requirement to disclose cost of borrowing||GBC only finances new and used vehicles and recreational vehicles, via Conditional Sales Contracts discounted from franchised automotive and RV dealerships. The Conditional Sales Contracts are GBC authored forms, and are fully compliant with cost of borrowing disclosure legislation. GBC does not charge any fees for its loans. There are no hidden costs.|
|Requirement to put in place a complaints procedure and to file a copy of the procedure with the FCAC||Go to “GBC” complaint procedure page on our web site.
A copy of the procedure has been filed with the FCAC.
|Requirement to join a complaints resolution organization||GBC is a member of the Ombudsman for Banking Services and Investments (OBSI). In the event that a customer complaint cannot be resolved through the normal process, a customer may escalate his or her concern. There is no cost for this service.
Visit OBSI web site.
|Prohibition on using coercion in selling and linking sales of products and services||Banks in Canada are not allowed to engage in “coercive tied selling” or “forced purchases”. This means that banks are not allowed to unduly pressure or coerce you into obtaining a product or service from them or from their affiliates, as a condition for obtaining another product or service from them. This practice, called coercive tied selling, is illegal in Canada. If you apply for a loan at General Bank, we cannot make you buy another product or service from us or any of our affiliates as a condition for obtaining the loan.|
|Requirement to make information available regarding Power of Attorney and Joint Deposit Accounts||Many Canadians are concerned about how to manage their money, property, and finances as they age or as life changes take place. They may worry about what will happen if they become unable to deal with their own finances. It is a good idea to plan ahead for a time when you may need help managing your affairs.
Two tools often used for managing financial affairs are powers of attorney and joint bank accounts. Please read the full guidance from the Government of Canada, click here.
|Consumer right to prepay loans||All GBC loans are fully open for prepayment without penalty or bonus at any time.|
|Requirements relative to the use of debit cards||GBC does not issue debit cards|
|Requirements regarding dealing with small and medium sized businesses||GBC is a consumer lending bank. All Conditional Sales Contracts must have an individual borrower. We do not offer specific financial products to small business. On occasion, a small business will be considered as a co-applicant on a vehicle loan, however the primary reliance for repayment is always the individual.|
|Requirement to open Retail Deposit accounts||GBC is a special purpose bank, offering only GIC deposit products. GBC does not have a retail presence, and does not offer retail deposit accounts.|
|Requirement to offer a standard low fee account||GBC does not offer retail deposit accounts.|
|Right to close an account within 14 days without charge||GBC does not offer retail deposit accounts|
|Obligation to cash federal government cheques. Prohibition on charging for cashing federal government
|GBC does not offer cheque cashing services. We do not have a branch network or a public presence.|
|Minimum notice requirements before closing a retail branch||GBC does not have a retail branch network.|
|Requirement to establish policies and procedures pertaining to the delivery of banking services to Seniors.||Canadians are living longer, which can bring health, mobility, or cognitive changes that may impact their ability to bank. GBC has adopted the Canadian Bankers Association Code of Conduct for the Delivery of Banking Services to Seniors. The Code recognizes that while not all seniors will be affected by the same issues, certain issues may affect a higher proportion of seniors than individuals in other age groups.|