Very Important info Happens way too often . What is Coercive Tied Selling? Coercive tied selling is illegal and is prohibited under Section 459.1 of the Bank Act. More specifically, it is against the law for a bank to impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including the bank and any of its affiliates, as a condition for obtaining another product or service from the bank. You cannot be unduly pressured to buy a product or service that you dont want from a bank or one of its affiliates, to obtain another bank product or service. The following two examples will help you understand coercive tied selling and what is not allowed. Your banks mortgage specialist tells you that you qualify for a home mortgage. However, you are also told that the bank will approve your mortgage only if you transfer your investments to the bank or its affiliates. You want the mortgage, but you do not want to move your investments. You are advised that you qualify for a Registered Retirement Savings Plan (RRSP) loan. However, you are also told that the bank will approve the loan only if you use the money to buy the banks mutual funds. You want the loan, but you want to invest the money elsewhere. Both of the above practices are against the law. If you qualify for a product, a banking representative is not allowed to unduly pressure you into buying an unwanted product or service as a condition of obtaining the product you want. If your Feeling The pressure of this please call and we can give you the contact number needed 780-872-7722 Office
Posted on: Thu, 26 Jun 2014 00:38:36 +0000
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