Wells Fargo Securities
Subsidiaries and Affiliates
Hong Kong Disclosures
Taipei Branch Disclosures
Canadian Deposit Insurance Corporation Notice
What is coercive tied selling?Section 576.1 of the Bank Act prohibits banks from practicing coercive tied selling. It is against the law for a bank to "impose undue pressure on, or coerce a person to obtain a product or service from a particular person, including the bank and any of its affiliates, as a condition for obtaining another product or service from the bank." Customers cannot be unduly pressured to buy a product or service that they do not want from a bank or one of its affiliates, to obtain another bank product or service. The following is an example that helps to explain coercive tied selling and what is not allowed. Your bank's mortgage specialist tells you that you qualify for a home mortgage. However, you are also told that the bank will approve your mortgage only if you transfer your investments to the bank or its affiliates. You want the mortgage, but you do not want to move your investments. You are advised that you qualify for a Registered Retirement Savings Plan (RRSP) loan. However, you are also told that the bank will approve the loan only if you use the money to buy the bank's mutual funds. You want the loan, but you want to invest the money elsewhere. The above practice is against the law. A banking representative is not allowed to excessively pressure you to buy another unwanted product or service as a condition of obtaining the product you want.
What is not coercive tied selling?Most businesses, including Wells Fargo Bank N.A., Canadian Branch look for tangible ways to show their interest in your business and appreciation for your loyalty. Sales practices, such as preferential pricing and bundling of products and services, offer potential and existing customers better prices or more favourable terms. These practices should not be confused with coercive tied selling, as defined by the Bank Act. Many of these practices will be familiar to you in your dealings with other businesses.
Preferential pricingPreferential pricing means offering customers a better price or rate on all or part of their business. For example, a printer offers a lower price for each business card if you buy a thousand cards instead of a hundred. A shoe store offers a second pair of shoes at half price. Similarly, a bank may be able to offer you preferential pricing — a higher interest rate on investments or a lower interest rate on loans — if you use more of its products or services. The following two examples will help to explain preferential pricing in banks. After approving your application for a home mortgage from the bank, your bank's mortgage specialist tells you that this mortgage would be available at a lower interest rate if you transferred your investments to the bank or its affiliates. After approving your application for an RRSP loan, your bank's credit officer offers you a lower interest rate if you use the loan to buy the bank's mutual funds. The above practices are acceptable. The approval of your mortgage and RRSP loan is not conditional on your taking another bank product or service. Rather you are offered preferential pricing to encourage you to give the bank more business.
What is bundling of products and services?Products or services are often combined to give consumers better prices, incentives or more favourable terms. By linking or bundling their products or services, businesses are often able to offer them to you at a lower combined price than if you bought each product on its own. For example, a fast-food chain advertises a meal combination that includes a hamburger, fries and a drink. The overall price is lower than if you bought the three items separately. Similarly, banks may offer you bundled financial services or products so that you can take advantage of package prices that are less than the sum of the individual items. The following example will help to explain the bundling of bank products and services. You plan to open a bank account that charges you for individual transactions. The banking representative offers you a package of services that includes a comparable bank account, a credit card with no annual fee and a discount on purchasing traveller's cheques. The total price for the package is less than if you purchased each part of the package separately. Bundling products in this way is permitted because you have the choice of buying the items individually or in a package. Français
- First, customers should contact their Wells Fargo Canada Branch Relationship Manager with respect to questions or concerns regarding any Wells Fargo Canada Branch product, service or account.
- Customers with concerns that remain unresolved following consultation with their Relationship Manager may contact the Wells Fargo Canada Branch Complaints Liaison and provide all pertinent information:Complaints Liaison Wells Fargo Bank, N.A., Canadian Branch 22 Adelaide Street W, Suite 2200 Toronto, ON M5H 4E3Toll-free telephone: 1-866-876-8688Email: email@example.comFrançais
- If, within 90 days of the Wells Fargo Canada Branch Complaints Liaison review, you are not satisfied with the resolution of your complaint, you may contact the Ombudsman for Banking Services and Investments. Ombudsman for Banking Services and Investments 401 Bay Street Suite 1505, P.O. Box 5 Toronto, Ontario M5H 2Y4 Toll-free telephone: 1-888-451-4519 Toll-free fax: 1-888-422-2865 Toronto area telephone: 416-287-2877 Toronto area fax: 416-225-4722 Email: firstname.lastname@example.org Web site: www.obsi.caCustomers with questions, concerns or complaints about the manner in which Wells Fargo Canada provides services to persons with disabilities can provide feedback to the Wells Fargo Canada Complaints Liaison as follows. Accessible formats and communication supports will be provided, upon request. In addition, a copy of Wells Fargo Canada’s Accessibility Standards for Individuals with Disabilities Policy is available, upon request.Complaints Liaison Wells Fargo Canada 22 Adelaide Street W, Suite 2200 Toronto, ON M5H 4E3 Toll-free telephone: 1-866-876-8688 Email: email@example.comFor reasons of confidentiality and security, do not send confidential information via email.In the complaints handling process for Canadian financial institutions, including Wells Fargo Canada Branch, the Financial Consumer Agency of Canada is responsible for ensuring that all financial institutions comply with federal consumer legislation and will investigate any complaint or concern that relates to a possible breach of that legislation.Financial Consumer Agency of Canada Enterprise Building, 6th Floor 427 Laurier Avenue West Ottawa, ON K1R 1B9 1-866-461-3222 Website: www.fcac-acfc.gc.ca