On-Line or not to line, that is the question

Being preoccupied with the idea of moving to the online banking, I set off to exploring the Big Mac Big Five‘s polices. The first four banks, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Royal Bank of Canada, offered much about the same security guarantees to poor souls, the “online banking surfers.” Going through all those four-banks-guarantees I was appeased by what I had discovered, and I could close my eyes and befriend any of those banks for their kind promises.

Then I got a strike between wind and water.

My hangover cure arrived in the form of Canadian Imperial Bank of Commerce — the place where my sensitive soul was taken aback. CIBC was the fifth bank I had to cross over in order to reach that sweet feeling of a total protection on-line, in case I decided to rush toward signing an agreement in the nearest bank.

The following is a straightforward derivative of the security guarantees copied from the web sites of the big five Canadian banks.

1. TD Bank

Our online security guarantee

In the unlikely event you experience a loss from an EasyWeb or WebBroker transaction you did not authorize, you will receive 100% reimbursement.

2. Scotiabank

We will fully reimburse you in the unlikely event that you suffer direct financial losses due to unauthorized activity1 in your accounts through Scotia OnLine Financial Services2 provided you have met your security responsibilities.

3. BMO

100% Online Banking Guarantee for Personal Banking Customers

Our promise: We will reimburse you 100% for any losses to your Personal Banking accounts resulting from unauthorized transactions through Online Banking.

4. RBC

If an unauthorized transaction is conducted through your RBC Online Banking service, you will be reimbursed 100% for any resulting losses to those accounts.


9. Responsibility for Losses: You are responsible for any Losses that result from your own use of your Bank Card or User ID and your Passwords or Personal Verification Questions. You are also responsible for any Losses that result from any use by a third party of your Bank Card or User ID and your Passwords or Personal Verification Questions, including , without limitation, use by a service provider that provides an online account aggregation service, which retrieves, consolidates and presents your Accounts for the sole purpose of allowing you to view your Accounts in one place, that you authorized (contrary to Section 7) to use your Bank Card or User ID and your Passwords or Personal Verification Questions. Without limiting the generality of the first sentence in this Section 9, you are also responsible for any Losses that result if:

  • You make an entry error when using Online Banking or Wealth Management Online;
  • You claim that an Account or Service was accessed by someone else but you do not co-operate fully in an investigation by us or the authorities; or
  • Someone else uses your Bank Card or User ID without your authority but your actions (or inaction) contribute to that unauthorized use.

You acknowledge that the amount of Losses for which you may be held liable is not limited to the Account balance if the Account has overdraft or similar protection, or by your credit limit if it is a credit card Account or loan Account.

All emphasis mine


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