Voluntary Commitments and Codes of Conduct

Voluntary codes of conduct are non-legislated commitments, voluntarily made by companies, associations and other organizations to influence or control behaviour, for the benefit of both themselves and their communities. Voluntary codes and commitments can address the needs of consumers, workers, and citizens while helping companies remain competitive.

The banking industry has developed and is committed to several voluntary codes designed to protect consumers.

• Code of Conduct for the Credit and Debit Card Industry in Canada
  Code of conduct that sets principles for business practices related to the issuance and acceptance of payment cards and operation of payment card networks. The following CBA-member banks have stated that they have adopted the Code: Amex Bank of Canada, Bank of China (Canada), Bank of East Asia (Canada), BMO Bank of Montreal, Canadian Tire Bank, Canadian Western Bank, Capital One Bank (Canada Branch), CIBC, Citibank Canada, Habib Canadian Bank, HSBC Bank Canada, J.P. Morgan Bank Canada, Laurentian Bank of Canada, Manulife Bank of Canada, National Bank of Canada, President’s Choice Bank, RBC Financial Group, Scotiabank, State Bank of India (Canada), and TD Bank Financial Group.
  
• Cheque Holds
  Voluntary commitment – Reduced cheque hold periods.
• Online Payments
  Consumer and industry responsibilities related to the use of online payments systems in Canada.
• Canadian Code of Practice for Consumer Debit Card Services
  Industry practices and consumer and industry responsibilities related to debit cards.
• Guidelines for Transfers of Registered Plans
  What to expect and where to get help when transferring a registered savings plan (RSP) between financial institutions.
• CBA Code of Conduct for Authorized Insurance Activities
  Outlines the banks' standards for branch employees offering credit, travel and personal accident insurance with respect to training, disclosure, promotion practices, customer privacy protection and customer redress.
• Principles of Consumer Protection for Electronic Commerce: A Canadian Framework
  A guide to protecting customers in online transactions, developed with input from industry, government and consumer groups.
• Model Code of Conduct for Bank Relations with Small- and Medium-Sized Businesses
  Model code of conduct for bank dealings with small- and medium-sized businesses. The key elements of the model code are incorporated into individual bank codes.
• Plain Language Mortgage Documents — CBA Commitment
  A commitment by Canada's banks to improve readability of residential mortgage documents.
• Undertaking on Unsolicited Services
  Six Canadian banks provide consumers with assurances related to the marketing and provision of new unsolicited services and the provision of modified or replacement services.