New Rules for Credit Card Cheques Now in Effect
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 06/21/13 -- Consumers can now decide whether they want to receive credit card cheques from their financial institutions. These cheques, sometimes called "promotional" or "convenience" cheques, can be used by consumers to pay bills or to transfer a balance from a higher interest credit card or loan to a credit card which may be offering a promotional low interest rate for a specific period of time.
Federally regulated financial institutions (FRFIs) can no longer send these cheques to their customers in an unsolicited manner thanks to new requirements, which form part of the existing Credit Business Practices Regulations. FRFIs must now get express consent from their credit card clients before providing them with credit card cheques. Simply using the credit card or any other service related to the credit card account does not count as express consent to receive credit card cheques. These regulations, which fulfill an Economic Action Plan 2011 commitment to assist consumers in managing credit indebtedness, come into force today.
Consumers can continue to request and use credit card cheques, but they should ensure they are aware of their terms and conditions, especially:
More information is available on the website of the Financial Consumer Agency of Canada at .
Other resources
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About FCAC
With and , the (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: .
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Contacts:
Media relations:
Julie Hauser
Media Relations Officer
613-941-4168
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Datum: 21.06.2013 - 15:11 Uhr
Sprache: Deutsch
News-ID 272115
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Town:
OTTAWA, ONTARIO
Kategorie:
Government & Administration
Diese Pressemitteilung wurde bisher 230 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"New Rules for Credit Card Cheques Now in Effect"
steht unter der journalistisch-redaktionellen Verantwortung von
Financial Consumer Agency of Canada (Nachricht senden)
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