Regulatory Alerts2015-06-30
Supervisor of Banks: Proper Conduct of Banking Business - The Tracks Service
The Supervisor of Banks issued this directive to enhance customer awareness and transparency regarding the mandatory Tracks Service for current account management. Banking corporations are required to provide new and existing customers with detailed explanatory materials and fee comparisons to facilitate informed choices between the Tracks Service and standard fee schedules. The regulation mandates specific disclosure practices, including prominent website links and written information on prior quarter fees, to ensure customers understand their billing options.
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