AMEX Bank of Canada Mortgage, Committed to The Principles of Equality
The AMEX Bank of Canada, founded in 1853, is the country’s largest financial institution. It will employ around 1,700 employees in several locations by December 2020. In 2015, it moved its headquarters from Markham, Ontario, to Toronto and launched a branch in Hamilton, Ontario. Following an order in council granted by the Brian Mulroney administration on November 21, 1988, the bank began operations as a bank on July 1, 1990. Normally, federal banking regulations prohibit American Express from acting as a bank.
Amex is a Schedule II bank under the Bank Act, which means it can’t charge you any fees for making foreign currency payments. As a result, you must be aware of the conversion fees. Each currency’s exchange rate is determined as a percentage of the total sum. From 1993 to 2003, Amex did not disclose its conversion charges in cardholder agreements. As a result, you can’t determine whether a cardholder would be charged a conversion fee because Amex hasn’t explained the agreement’s conditions.
Amex is also exempt from paying reparations to non-consumer class members. Although this is a fair result for consumers, Amex’s refusal to compensate non-consumer class members is not a credible rationale. One side received an unfair advantage as a result of restitution. As a result, the trial judge did not make an error in refusing Amex’s request.
AMEX Bank of Canada Mortgage
The conversion charge is another issue that has emerged in the past. Amex charges a higher cost than the average interest rate, but they do not inform its clients of this. Even though these charges are disclosed in the agreements, they nonetheless apply. Unlike other credit card issuers, Amex’s cardholder contracts lack the required disclosures. Amex is in charge of enacting changes to the law that make it illegal for them to charge conversion fees.
The court must determine whether the firm was obligated to pay the conversion fee. Even if the consumer was not obligated to pay the conversion price, the court must assess whether Amex was required to pay it. The petition also demands that Amex repay the conversion fees from customers between 1993 and 2003. Its ruling is a significant victory for Amex shareholders. This is the first time a lawsuit against a Canadian bank has been successful.
Amex Canada is committed to equality ideals. Employees are encouraged to express their personal passions and take charge of their professional development. Unlike many other firms, Amex Canada is dedicated to creating inclusive working cultures that encourage a sense of belonging. AMEX has many Colleague Networks across the country, including PRIDE+ and Families at Amex, to help with this. Women’s Interest and Families are two of the most popular Amex cards.
The court found in favor of the American Express bank. In this case, the court’s judgment related to Amex’s failure to pay conversion costs. This case stems from Amex’s improper conversion charges, which have been in place for over two years. Amex has contested the conversion charges, but it has not denied that it owes its cardholders reimbursement.
Amex neglected to disclose its conversion fees to cardholders in this situation. The court determined that Amex erred by neglecting to disclose the charges and by failing to furnish the court with all relevant facts. It further claimed that Amex had benefited from its products becoming available. As a result, the BMO Decision holds that Amex is subject to the relevant CPA rules. It also said Amex had no defense because its contract had not been voided.
According to the trial court, Amex had violated sections 12 and 13 of the CPA and the CCQ. This verdict ultimately requires Amex to repay any conversion fees from customers between 1993 and 2003. The court did not rule on punitive damages since the non-consumer class members were not covered by the CPA. According to the CCQ, Amex must reinstate these conversion charges to all impacted cards.