Important Information on Your Account

Recently we were made aware, by one of our Members, that cheques were stolen and a few were subsequently cashed fraudulently. Unfortunately, this advice was received three months after the theft, resulting in loss of recourse for this Member. The seriousness of this situation has prompted us to provide an overview of security and operating procedures relative to the maintenance of your accounts and services in order to protect you from incidents such as this.

It is imperative that awareness and controls be at the forefront in your activities related to accounts and other services. Once you have opened these products and services, and thereby within your control, the primary responsibility lies with you as outlined in our operating agreements – this is standard throughout the financial services industry and the Canadian Payments Association. Here are some best practices that should be in place to protect you from loss:

–         monitoring your account frequently is the best deterrent to loss from fraud; this will ensure you are aware of any unauthorized charges from your account.

–         maintaining cheques, credit cards, ATM cards and any personal information under your strict control; this will mitigate unauthorized access to these and / or adverse activities.

–         if any cheques or credit cards are stolen, reporting these incidents immediately will enable the risk of loss to be mitigated or even eliminated.

–         all financial institutions exercise similar procedures with respect to recourse; it is therefore imperative that you advise your institution as expediently as possible.

–         finally, contacting the local authorities of any loss from theft and fraudulent activity, is also a recommended action.

While it is our hope that you are never faced with fraudulent activity on your account, the reality is that fraud happens when the opportunity arises. By exercising due care and diligence, you can mitigate the risk of fraud. Please do not hesitate to contact your Branch Manager should you require further information.

 

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