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Questbank has adopted a number of Voluntary Codes of Conduct and Public Commitments that establish the standards you can expect when doing business with us.
Principles that apply to banks when they deliver banking products and services to Canada's seniors.
View Code of Conduct for Seniors
Outlines the payment card industry's commitment to payment card networks and their participants such as Questbank.
View Payment Card Industry Code
The code of conduct ensures that enhanced information is available to assist borrowers in making decisions about mortgage prepayment.
Sets the standards concerning the modification or replacement of existing personal products or services.
Commitment to provide information that will help customers understand possible risks associated with using a Power of Attorney and holding a deposit account jointly with another person.
View Powers of Attorney Commitment
These commitments outline a customer's liability in relation to unauthorized transactions on credit cards.
View Fraud Protection Information
This document explains the need to disclose mortgage details in a manner that is clear, simple and not misleading.
Our adherence to the voluntary codes of conduct and other public commitments is monitored by the Financial Consumer Agency of Canada (FCAC). For more information, contact FCAC.
Information for our Customers and the Public
Questbank is committed to meeting our legal obligations and ensuring our customers know their rights, responsibilities, and the safeguards in place to protect them from prohibited conduct. Questbank is providing you with the following information that explains:
Section 627.04 of the Bank Act prohibits a financial institution from imposing undue pressure on a person, or coercing a person, for any purpose, including to obtain a product or service from an institution or any of its affiliates as a condition for obtaining another product or service from the institution, and prohibits a financial institution from taking advantage of a person.
For example, a bank can’t tell you that you’re approved for a credit card only if you transfer all your investments to the bank as well. This is against the law. If you qualify for a product or service, a bank isn’t allowed to require that you obtain a product or service you don’t want as a condition of obtaining the product or service you do want.
Most businesses, including Questbank, look for tangible ways to show their interest in your business and appreciation for your loyalty. Sales practices, such as preferential pricing and bundling of products and services, allow a business to offer new and existing customers better prices or more favourable terms. These practices are not prohibited conduct
This is where a business offers a better price or rate to a customer in appreciation for their continued business. For example, where a store may offer you a discount if you purchase more than one item, similarly a bank may offer you a lower interest rate on a loan if you use more of its products or services.
This is where a business combines various products or services into a package, offering customers better prices, incentives or more favorable terms than if they were purchased separately. For example, a restaurant may offer a meal combination that includes a hamburger, fries and a drink for a lower overall price than if you bought the three items separately. Similarly, a bank may offer bundled financial products at rates or prices that are better than what would apply to the individual products. Bundling of products in this way is permitted because you have the choice of buying items separately 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 them 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.
For example, 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. Requiring your business’ operating account to be at the bank is permitted because it allows your bank to assess possible risks associated with your business’ cash flow and manage the risk associated with the loan.
You can expect all employees at Questbank to comply with the law by not engaging in prohibited conduct. To that end, we provide training programs to our employees on acceptable sales practices. We urge you to let us know if you believe that you’ve experienced any prohibited conduct in any dealings with us.
If you have any concerns about your dealings with us, we encourage you to follow our complaint handling process. Full details, including how to contact us in writing, are available at Resolving complaints.
For more information on Community Trust regulatory disclosures, please visit https://communitytrust.com/regulatory-disclosures/.