Canadians now have new protections when it comes to dealing with their bank thanks to the new Financial Consumer Protection Framework which came into effect June 30^th of 2022.

Among the more than 60 changes that came into effect are:

1. Banks now must deal with customer complaints within 56 days, reduced from the previous 90 days.
2. Liability for lost or stolen credit cards is now limited to $50.
3. Banks must now send electronic alerts to help customers avoid going into overdraft or spending over their credit limit, which can result in fees.
4. They must provide advance notice so customers can decide whether to renew or cancel products or services.
5. Banks are obligated to provide separate agreements for each product and service provided to ensure the customers are informed of their options.
6. Banks will now be required to create a whistleblowing program to encourage employees to come forward if they see anything happening in the bank that they feel is wrong, knowing their job will not be at risk.

The alerts required, and notices of renewal, are areas of welcome improvement, and can help save consumers money.  Alerts to avoid unintended overdraft charges, should decrease fees and charges.  Getting warned about an upcoming mortgage renewal should give consumers time to look at alternatives, perhaps reaching out to an independent mortgage broker for all of the options.  In this competitive market, with increasing interest rates, this is certainly a positive change.