How Private Are You?

1.

Would you be upset if your financial institution refused to accept a deposit to your account, unless the depositor provided details, such as your name, transit number, and account number?

A.

Yes, I’d be upset, because the financial institution is being overly protective. The person is making a deposit, not a withdrawal, so there’s no privacy compliance risk involved.
B.

No, I wouldn’t be upset. Even if my deposit is not made, the financial institution is following privacy compliance requirements to protect me.

Correct Answer
B. No, I wouldn’t be upset. Even if my deposit is not made, the financial institution is following privacy compliance requirements to protect me.

Explanation
This is a privacy issue. For example, if you have your own bank account and your life partner doesn’t know about it, he/she may attempt to make a deposit to your account as a way of finding out if you have an account. Your financial institution should refuse to make the deposit, unless your life partner can provide your name, transit number and account number. If they have this information, it implies that you gave them this information, and thereby makes the deposit acceptable.

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2.

If a customer’s accountant (or other representative) asks for the address of the account to confirm statements are being sent to the right address, and advises that the customer has requested this information because statements are missing, are you authorized to provide it?

A.

Yes, because the customer authorized the accountant/employee to request this information, and you’re not changing any information, just helping a customer to verify status of the account’s statements.
B.

No, because the customer must provide the financial institution with documentation authorizing their personal information (including account and statement details) to be disclosed to a third party.

Correct Answer
B. No, because the customer must provide the financial institution with documentation authorizing their personal information (including account and statement details) to be disclosed to a third party.

Explanation
Only persons who sign on the account or are designated on the account agreement are allowed access to this information, even if it is an employee or accountant requesting on the customer’s behalf. ATB must have written proof of authorization to provide this information to a third party.

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3.

If a third party comes in with a customer’s branch transit, account number, sub-number, and account name, which of the following transactions can be performed? (Choose all that apply)

A.

US/CAD deposit to an active account
B.

CAD/US deposit to an inactive account
C.

Bill payment with cash/cheque
D.

Bill payment from account
E.

Inter-account transfer

Correct Answer(s)
A. US/CAD deposit to an active account
C. Bill payment with cash/cheque

Explanation
A. US/CAD deposit to an active account - a USD or CAD deposit is acceptable as long as the account is active.
B. CAD/US deposit to an inactive account– only the person who signs on the account can make a USD or CAD deposit to reactivate an inactive account.
C. Bill payment with cash/cheque - a third party may make bill payments made with cash or a valid cheque.
D. Bill payment from account - only the person who signs on the account can make a bill payment made from the account.
E. Inter-account transfer - only the person who signs on the account can make any kind of withdrawal from an account, no matter where the money is going.

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4.

If a third party comes in with a customer’s branch transit, account number, sub-number, and account name, which of the following requests can be performed? (Choose all that apply)

A.

Make change (exchange denominations or coins)
B.

Account balance information
C.

Change from statement to passbook
D.

Amend address

Correct Answer
A. Make change (exchange denominations or coins)

Explanation
A. Make change (exchange denominations or coins) - anyone can make change.
B. Account balance information - only the person who signs on the account can ask for an account balance.
C. Change from statement to passbook - only the person who signs on the account can make any changes to the account, even if they seem risk-free.
D. Amend address - only the person who signs on the account can make any changes to the account, even if they seem risk-free.

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5.

If a third party comes in with a customer’s branch transit, account number, sub-number, and account name, which of the following certify cheque transactions can be performed? (Choose all that apply)

A.

Certify cheque as customer
B.

Certify cheque as payee

Correct Answer
B. Certify cheque as payee

Explanation
A. Certify cheque as customer - only if the person who signs on the account has given written permission to an employee to certify the cheque on their behalf.
B. Certify cheque as payee - anyone can certify a cheque as a payee, as long as the cheque meets all the requirements.

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