CIBC`s agreement, last updated in 2016, raised concerns about the clarity of the language. But like all agreements, BMO`s terms are weighted in favour of the bank, Daimsis said. “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. TD Disputes responsibility for each claim and asserts that the overdraft practices attacked were consistent with customer agreements and applicable laws. The Court did not rule on which party is right. “They call them agreements,” Daimsis said. “I don`t know if I really agree if I don`t have a choice.” 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.” “The purpose of communication is not just to pass on information. It is about ensuring that the information is received correctly and in accordance with what this agreement is. “You made this clause that is free of liability,” said the North Vancouver contractor, referring to a section of his agreement that RBC refused after losing $1,500 in the event of electronic transfer fraud last May. In a statement, a CIBC spokesperson said the agreement “reflects the best practices and regulatory requirements of the industry that protect our customers every day. It is regularly reviewed to ensure that customers in terms of protection and warranty follow the changing banking landscape. Daimsis, which has studied hundreds of contracts, spent hours analyzing the agreements of the big five banks.
“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. The agreement also limits all refunds to direct damages. Most of the terms of the Scotia agreement are not numbered, and some of it is related to the fact that consumer protection is subject to Section 13 – but Daimsis found Section 13 nowhere. Everyone says that banks have the right to change agreements at any time, and most say they will determine how customers are informed.