One of our goals is to ensure our customers and all Canadians have access to the tools and information they require to make sound financial decisions in their lives. This section of our website provides transparency surrounding concerns such as coercive tied selling, Power of Attorney, protecting your information as well as our Public Commitments.
Canada’s Bank Act requires all banks to inform consumers in plain language that coercive tied selling is an illegal practice. Under section 459.1 of the Bank Act, banks are prohibited from practicing coercive tied selling. In compliance with the Act, we created this information to inform our customers about coercive tied selling.
Coercive tied selling can be defined as imposed undue pressure placed on a consumer to obtain a product or service from a bank or its affiliates as a condition for obtaining another product or service from the bank. This means that as a banking consumer, you cannot be put in a position of undue pressure to purchase a product or service in exchange for being granted approval for another product or service.
An example of coercive tied selling is depicted below to better define this illegal practice:
Your bank’s mortgage lender tells you that you qualify for a residential home mortgage loan. However, you are then told the bank will only approve the mortgage loan providing that you transfer all of your investments to the bank as well. You want the mortgage loan, but you do not want to transfer your investments.
The above scenario illustrates coercive tied selling and is against the law. If you qualify for a product, your banking representative is not allowed to unduly pressure you to buy another unwanted product or service as a condition of obtaining the original product requested.
Managing credit risk and certain sales practices aimed at showing appreciation for continued business may be confused with coercive tied selling. In fact, this practice is legitimate and common in two forms: preferential pricing and bundling of products and services.
Preferential pricing refers to offering customers a better rate on all or a portion of their dealings in appreciation for their ongoing business. For example, a bank may offer a higher rate on investments or a lower rate on loans in exchange for the customer using one or more of their products or services.
An example of preferential pricing is depicted below:
After approving your mortgage application, your bank officer tells you the mortgage would be available at a lower interest rate if you transferred your investments to the bank as well.
The above practice is acceptable. The approval of the mortgage is not conditional on taking another bank product or service.
Products or services are often combined to give consumers better prices, incentives or more favourable terms. By linking or bundling their products or services, businesses are often able to offer them to you at a lower combined price than if you bought each product on its own. For example, a fast-food chain advertises a meal combination that includes a hamburger, fries and a drink. The overall price is lower than if you bought the three items separately.
Similarly, banks may offer you bundled financial services or products so that you can take advantage of package prices that are less than the sum of the individual items.
An example of bundling of products and services is depicted below:
You plan to open a bank account that charges you for individual transactions. You are offered a package of services that includes a comparable bank account, a credit card with no annual fee and a discount on purchasing traveller’s cheques. The total price for the package is less than if you purchased each part of the package separately.
Bundling of products in this way is permitted because you have the choice of buying items individually or in a package.
To ensure the safety of their depositors, creditors and shareholders, banks must carefully manage the risk on the loans and credit cards they approve. The law allows us to impose certain requirements on borrowers as a condition for granting a loan – but only to the extent necessary for us to manage our risk.
An example of managing credit risk is depicted below:
You apply for an operating loan for your business. To manage the risk associated with the loan, your bank requires your business to have an operating account with the bank as a condition for obtaining the loan.
As part of our commitment to uphold the law, we provide all Bridgewater Bank employees with information and training on acceptable sales practices. We expect all Bridgewater Bank employees to comply with the law by not participating in coercive tied selling. We urge you to let us know if you believe that you have experienced coercive tied selling in any of your dealings with us.
Please let us know if you have any questions or concerns about your dealings with Bridgewater Bank:
Bridgewater Bank
Phone: 1.866.243.4301
Email: customer.experience@bridgewaterbank.ca
Privacy inquiries
Phone: 1.866.243.4301
Email: privacy@bridgewaterbank.ca
IMPORTANT: Bridgewater Bank cannot and does not provide legal advice. The following is intended to provide general information on Powers of Attorney and how Bridgewater Bank operates when a customer uses one. Bridgewater Bank recommends that all of its customers consult with a lawyer to obtain advice on how to structure their financial affairs to protect them in the event of unfortunate events.
The possibility of becoming unable to handle your own affairs as a result of illness or a medical emergency is an unpleasant thought. It’s unfortunately something that can happen at any time. You may think that in times of crisis your family or friends will be able to quickly step in and manage your finances on your behalf. This may not always be the case. In fact, if proper preparations aren’t made, they will likely need to resolve time consuming and frustrating red tape before they can access your funds and make decisions for you.
The best way to handle this sort of crisis is to be prepared for it before it happens. You might consider setting up a Power of Attorney so that you’re able to be helped if the need arises.
A Power of Attorney can also be useful in non-emergency situations such as when you are travelling out of country for extended periods of time and you need assistance managing your affairs while you are away.
Please note that Bridgewater Bank cannot provide you with a Power of Attorney form to appoint an attorney. We require you to obtain your own Power of Attorney form.
A Power of Attorney (sometimes referred to as a POA) is a legal document. With it, you give a person (or more than one person) the authority to act on your behalf. This person (known as your attorney) can then serve as your legal representative to do certain things for you.
Please note that even when a Power of Attorney is in place, you can continue to make your own decisions about your finances as long as you are mentally capable.
Minimum requirements for an account to operate under the authority of a Power of Attorney:
Bridgewater Bank will inform you if more time for further review of your Power of Attorney is required and will provide a general timeline for the review.
Please note that Bridgewater Bank has the right to refuse to act on a POA or Attorney’s instructions. If we do so, you have the right to escalate this decision. If you have questions about Powers of Attorneys, please contact us.
For more information about Powers of Attorney, please visit:
Source: Seniors.gc.ca
Bridgewater Bank follows a number of Codes of Conduct and Public Commitments developed within the Canadian banking industry in support of consumer protection. The following list outlines Bridgewater Bank’s commitment to customers:
Commitment to provide information on mortgage security
Commitment on modification or replacement of existing products or services
Plain-language mortgage documents
Commitment on Powers of Attorney and joint deposit accounts
Code of conduct for federally regulated financial institutions – mortgage prepayment information
Code of conduct for authorized insurance activities
Code of Conduct for the Delivery of Banking Services to Seniors
The Financial Consumer Agency of Canada (FCAC) monitors the financial industry’s compliance with several voluntary codes of conduct and public commitments. For a complete list of federal consumer protection laws, voluntary commitments and codes of conduct, visit the FCAC website.
Bridgewater Bank defines fraud as: Any intentional act, omission or false representation designed to mislead or attempt to mislead the bank or its customers for the purpose of injury to the bank, its customers, stakeholders or the AMA.
Every year, more and more Canadians receive phishing and spoofing scams. This is when criminals send authentic-looking emails or post fraudulent websites to gather personal and financial information from consumers. Remember, no reputable financial industry will ever request your personal information via email, Bridgewater Bank included. Make it a general rule to not give out your personal financial information over the Internet.
Bridgewater Bank will never ask for your personal information or login information – such as usernames, passwords, PINs, security questions and answers, or account numbers – through unsolicited email. Download this PDF for a quick list of what your bank won’t ask for, and share it with your friends and family. Let’s stay ahead of fraudsters.
We want to help keep you and those you care about safe from fraudsters. We’ve got some simple tips and strategies to share with you below.
When it comes to protecting your privacy, we are unstoppable. Shielding your personal financial information and respecting your privacy are essential elements in our secure banking environment. Here’s some information on the measures we take and how you can help protect yourself.
Email addresses, phone numbers and mailing addresses are easy to obtain and share on the Internet. You may receive a fraudulent message or telemarketing scam and be victim to theft or fraud simply because your email or phone number has ended up in the hands of a fraudster. They send thousands of messages in order to trick people into revealing their confidential information or sending money.
We’ve prepared some information so you can learn how to protect your personal information and your identity.
Online fraud occurs in chat rooms, through email, on message boards or via websites. Dishonest people often use the Internet to solicit the innocent to conduct fraudulent transactions.
Identity theft is becoming more commonplace, but there are practical ways you can avoid becoming a victim and prevent the long process of restoring your good name and credit rating. Learn more about how to protect your personal information and prevent identity theft.
If you receive any email, phone call or link to a website claiming to be from Bridgewater Bank and you think it may be fraudulent, please contact us or email corporatesecurity@bridgewaterbank.ca. Do not respond to the message, do not open or click on any links or attachments, and do not enter in any personal information to messages that seem suspicious. In addition, please delete the email or message immediately after notifying us.
The following organizations provide security tips, information and instructions on how to report online fraud and identity theft.
Watch for online fraud occurring in chat rooms, via email, message boards or on websites. It may be used to solicit victims to conduct fraudulent transactions, or to transmit the proceeds of fraud to financial institutions or other parties. Protect yourself against getting caught up in any online offers you may suspect as ‘shady’.
If you see any suspicious online activity, please report it and help prevent other people from becoming victims. When you report online fraud, banks and other companies can take steps to shut down fraudsters and their websites.
Protect yourself with information security. Understand what constitutes a phishing email scam and how to spot scams online.
Incidents of unsolicited email messages from supposedly legitimate companies that trick innocent victims into divulging Personal Information are constant in todays world. These incidents or scams are known as “ Phishing” or “Brand Spoofing”.
Usually, the scams were designed to mimic the look and feel of a genuine web site. The contain a web address with “@” symbol or a numeric address (e.g. 123, 456.1.2.) The address may also include the word, phrase, or txt of a company name (e.g. “ABC”) to make it appear authentic.
If, you encounter a suspicious-looking unsolicited email that appears to be from a commonly known company, DO NOT reply or click on the link. (the link may take you to a fraudulent website designed to look genuine)
In order for it to be a secure site it will have https:// at the beginning of the web address (known as the URL). You can also check the security certificate.
Being the victim of identity theft is disturbing enough. The long and difficult task of restoring your good name and credit rating can be even more troublesome. Identity theft is when someone uses your personal information to commit fraud or other crimes. They can use your information to purchase big-ticket items or apply for loans in your name.
Identity thieves may:
With your personal information in hand, thieves can commit various forms of fraud under your name such as:
Signs that you are a victim of identity theft:
If you suspect that your personal information has been used to commit fraud or theft, take immediate action: