I am going to type the full text of an unsigned letter I received in the mail today from my bank. I can't be the only one who routinely recycled notices from my bank sent by snail mail. I often assume that such notifications are spam mail for additional banking services which I don't want.
We're reaching out because we need to confirm or update your personal information. All Canadian financial institutions are required to have certain updated information on file for their customers, including date of birth, address, phone number and employment details.
By ensuring we have the correct information on file, you're helping us meet applicable regulatory requirements. This also helps us keep our services - and your accounts - secure.
Please bring a piece of current, valid government-issued photo ID (like a driver's license, passport, or permanent resident card) or two pieces of non-photo ID, (like a Canadian birth certificate and home utility bill) with you to the branch.
Your information can only be updated in a branch because your ID must be verified by a XXXXX Representative.
If we don't hear from you, access to your banking products may be restricted or frozen, and you may be unable to open any new accounts until we receive the required information.
To be sure you don't miss this important notice, it may also be sent to your email address we have on file for you.
Thank you in advance for your cooperation.
P.S. If you've recently provided the information requested above, thank you! Please disregard this letter.
************
Several thinks about this letter seem odd to me.
1) There is no named author, nor has the letter been signed. The anonymity of the author implies that no one person can be held accountable for any actions their bank 'may' do, if the request is not fulfilled.
2) I'm presuming that other financial institutions have likely issued such letters to their clients, and probably with identical wording.
3) the phrase ...all Canadian financial institutions are required to have certain updated information on file for their customers....
Is this the result of newly passed Federal legislation, or is this a 'gentlemen's agreement' decided by senior representatives of the various institutions? Do the banks need to have this information, or do they just want it?
4) ...applicable regulatory requirements... again, is this a Canadian law, or just a rule instituted by the banks, without public debate or disclosure.
5) Visit any XXXX branch in Canada... A Canadian citizen who is currently living or traveling abroad would likely be unable to fulfill this condition. It's also likely that the curator of their incoming mail might send the letter directly to recycling.
6) Please bring a piece of current, valid government-issued photo ID (like a driver's license, passport, or permanent resident card) - I have none of THESE documents. I don't drive, (poor night vision), I haven't traveled abroad in many years, and I was born in Canada and have never resided in another country, so I would never have been issued a permanent resident card. Driving a car, traveling abroad of not having been born in Canada should not be reasons by which a bank account "May be restricted or frozen" These are, however only one if the ways to prove one's identity.
The only identification I have which contains my photograph is an Ontario Health card, but that isn't accepted as photo ID by my bank branch. Banking is subject to Federal, rather than Provincial government guidelines, specifically because it is among a small percentage of businesses which typically have commercial interests beyond Provincial borders. Other such Federally registered businesses would include transportation and the fur trade, but there may be others, (I worked with a pension plan subject to Federal rather than Provincial legislation.
I opened a bank account with TD in October, 1984. One of my accounts still has the transit codes for that original branch located at the corner of Bathurst St and St Clair Avenue. I showed my three pieces of identification to a bank teller earlier today.
7) ...or two pieces of non-photo ID, (like a Canadian birth certificate and home utility bill) I have shown my birth certificate to a teller at my current branch multiple times, when making large cash withdrawals. I rent an apartment, so I never receive a utility bill. Presumably other mail addressed to me with my name and address inscribed may suffice, but that should have been mentioned in the letter.
8) There is no deadline stated after which access to your banking products may be restricted or frozen I'll handle this for myself tomorrow, but it's the effect on other people which concerns me. Anyone who does not have a permanent address will not receive this letter. Anyone who has lost their identification, or if their identification has been stolen, would not be able to provide the documentation effectively demanded. I would certainly question the legality of restricting or freezing a bank account for noncompliance. If the terms of this letter were legally binding, the letter should have been registered, as a form of proof that it was received.
I have never provided an e-mail address to the bank. For clients who have done so, it may be an e-mail account which no longer processes incoming mail. Who among us who has been a member of TERB can even remember which e-mail account was used to join TERB for the account confirmation link? Many of those were likely 'burner' accounts, never used again after that task. Long dormant e-mail accounts might be the norm rather than the exception for the majority of Canadians who have at least one personal bank account.
It's very possible that this mass mailing may become newsworthy to some or all sources. I could see some major heads having to take early retirement, if the implied threats become real.
Action Required: Confirm your personal information
Hi xxxxxxx,
We're reaching out because we need to confirm or update your personal information. All Canadian financial institutions are required to have certain updated information on file for their customers, including date of birth, address, phone number and employment details.
By ensuring we have the correct information on file, you're helping us meet applicable regulatory requirements. This also helps us keep our services - and your accounts - secure.
Here's what we need you to do
Visit any XXXX branch in Canada to confirm confirm or update your information with a XXXX Representative in person.
Please bring a piece of current, valid government-issued photo ID (like a driver's license, passport, or permanent resident card) or two pieces of non-photo ID, (like a Canadian birth certificate and home utility bill) with you to the branch.
Your information can only be updated in a branch because your ID must be verified by a XXXXX Representative.
If we don't hear from you, access to your banking products may be restricted or frozen, and you may be unable to open any new accounts until we receive the required information.
To be sure you don't miss this important notice, it may also be sent to your email address we have on file for you.
Thank you in advance for your cooperation.
Sincerely,
XXXXX
XXXXX
P.S. If you've recently provided the information requested above, thank you! Please disregard this letter.
************
Several thinks about this letter seem odd to me.
1) There is no named author, nor has the letter been signed. The anonymity of the author implies that no one person can be held accountable for any actions their bank 'may' do, if the request is not fulfilled.
2) I'm presuming that other financial institutions have likely issued such letters to their clients, and probably with identical wording.
3) the phrase ...all Canadian financial institutions are required to have certain updated information on file for their customers....
Is this the result of newly passed Federal legislation, or is this a 'gentlemen's agreement' decided by senior representatives of the various institutions? Do the banks need to have this information, or do they just want it?
4) ...applicable regulatory requirements... again, is this a Canadian law, or just a rule instituted by the banks, without public debate or disclosure.
5) Visit any XXXX branch in Canada... A Canadian citizen who is currently living or traveling abroad would likely be unable to fulfill this condition. It's also likely that the curator of their incoming mail might send the letter directly to recycling.
6) Please bring a piece of current, valid government-issued photo ID (like a driver's license, passport, or permanent resident card) - I have none of THESE documents. I don't drive, (poor night vision), I haven't traveled abroad in many years, and I was born in Canada and have never resided in another country, so I would never have been issued a permanent resident card. Driving a car, traveling abroad of not having been born in Canada should not be reasons by which a bank account "May be restricted or frozen" These are, however only one if the ways to prove one's identity.
The only identification I have which contains my photograph is an Ontario Health card, but that isn't accepted as photo ID by my bank branch. Banking is subject to Federal, rather than Provincial government guidelines, specifically because it is among a small percentage of businesses which typically have commercial interests beyond Provincial borders. Other such Federally registered businesses would include transportation and the fur trade, but there may be others, (I worked with a pension plan subject to Federal rather than Provincial legislation.
I opened a bank account with TD in October, 1984. One of my accounts still has the transit codes for that original branch located at the corner of Bathurst St and St Clair Avenue. I showed my three pieces of identification to a bank teller earlier today.
7) ...or two pieces of non-photo ID, (like a Canadian birth certificate and home utility bill) I have shown my birth certificate to a teller at my current branch multiple times, when making large cash withdrawals. I rent an apartment, so I never receive a utility bill. Presumably other mail addressed to me with my name and address inscribed may suffice, but that should have been mentioned in the letter.
8) There is no deadline stated after which access to your banking products may be restricted or frozen I'll handle this for myself tomorrow, but it's the effect on other people which concerns me. Anyone who does not have a permanent address will not receive this letter. Anyone who has lost their identification, or if their identification has been stolen, would not be able to provide the documentation effectively demanded. I would certainly question the legality of restricting or freezing a bank account for noncompliance. If the terms of this letter were legally binding, the letter should have been registered, as a form of proof that it was received.
I have never provided an e-mail address to the bank. For clients who have done so, it may be an e-mail account which no longer processes incoming mail. Who among us who has been a member of TERB can even remember which e-mail account was used to join TERB for the account confirmation link? Many of those were likely 'burner' accounts, never used again after that task. Long dormant e-mail accounts might be the norm rather than the exception for the majority of Canadians who have at least one personal bank account.
It's very possible that this mass mailing may become newsworthy to some or all sources. I could see some major heads having to take early retirement, if the implied threats become real.
