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  • Customer Understanding and Acknowledgement

    • BC-8.6.8

      Conventional bank licensees must not enter into a customer agreement unless they have taken reasonable care to ensure that their retail customer has had a proper opportunity to consider the terms.

      Added: April 2008

    • BC-8.6.9

      Conventional bank licensees must obtain their retail customer’s consent to the terms of the customer agreement as evidenced by a signature or an equivalent mechanism.

      Added: April 2008

    • BC-8.6.10

      The equivalent mechanism refers to instances where a customer may have signed a mandate letter or other document accompanying the terms of the customer agreement.

      Added: April 2008

    • BC-8.6.11

      The customer agreement must contain the signatures of both parties to the agreement. If the agreement is signed by only the customer (in case it is in the form of an application), copies of the signed agreement must be provided by the conventional bank licensee to the customer.

      Added: April 2008