Know Your Financial Rights and Responsibilities

What are My Financial Rights and Responsibilities?

Having a solid understanding of your financial rights and responsibilities is an essential element of money management.

Without this, it can be extremely difficult to navigate the world of money, leaving a lot of people to make mistakes along the way.

Here at Bankruptcy Canada, we can help you with every aspect of your financial life, and explaining your rights and responsibilities is the first step in this process.

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General Banking

General banking is very good for consumers in the modern world.

The rights you’re afforded are far more impactful than your responsibilities, but you still need to make sure that you’re holding up your side of the bargain.

Let’s take a look at your rights and responsibilities in this area.

Your Financial Rights

You always have the right to open a current account, even if you’ve been bankrupt, don’t have any money to deposit, or are out of work.

You have a right to have a copy of your account agreement, and this needs to be sent to you within 7 days.

This should include details regarding the interest rates you will receive.

You have a right to receive at least 30-days warning when changes are made to your bank account, including increasing fees or new charges.

You have the right to withdraw at least the first $100 from any cheque you deposit, as long as your account is more than 3 months old, is situated in Canada, and the cheque itself is less than 6 months old.

Your Financial Responsibilities

You have a responsibility to provide your bank with sufficient ID when you make an account, and will need to give them your SIN if the account will be earning interest.

You have a responsibility to look after your banking information to keep your account secure.

This is especially important in the digital age, with online banking credentials and card information giving criminals the keys to steal from you.

Credit Cards & Loans

Credit cards and loans are a little more serious than your current account.

Failing to manage them correctly can get you into a lot of trouble, but understanding your rights can also help to get you out of it.

Your Financial Rights

You have a right to receive a statement of all of your transactions, charges, and interest on a monthly basis.

Those who take out a credit card with someone else have the same rights to receive monthly statements, and both sides of the joint credit card should get this.

You have the right to refuse overdraft fees or interest charges on credit cards unless you’ve given consent to the lender prior to the charges.

You have the right to dispute credit card transactions, and your lender has to provide an investigation into the issue.

Your Financial Responsibilities

You are responsible for reviewing the credit and loan agreements you sign, making it crucial that you read the small print.

You are responsible for covering a minimum monthly payment on credit cards if you’re unable to pay the full amount.

Joint borrowers always have the same responsibility for the balance owed on the account as one another.

You are responsible for notifying your lenders if you lose your credit card or believe you’ve been a victim of fraud.

Getting Help From Bankruptcy Canada

Understanding your rights and responsibilities is just a small step on the long road to money mastery.

Here at Bankruptcy Canada, we can support you as you embark on this journey, offering advice and tips along the way.

We encourage anyone who is interested in improving their finances to get in touch at 1-877-879-4770 or Gordon@BankruptcyCanada.com.

Information on Consumer Proposals

Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

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