Terms of Service

"Can I close my account whenever I want?"

Yes. You may close any Drayton Banking account at any time by contacting your personal advisor or calling (213) 286-6611. No exit interviews, no guilt trips, no mystery retention department.

Outstanding loan balances, GIC terms, and mortgage commitments remain subject to their individual agreements — which we explained to you in plain language when you signed them. We'll process account closure within 5 business days and transfer remaining funds to your designated account.

If you're leaving because we messed something up, we'd genuinely like to know what happened. Not to talk you out of it, but because feedback from departing clients is how we've fixed some of our worst blind spots over the years.

"What are the rules for using online and mobile banking?"

You agree to keep your login credentials secure and not share them with anyone. Yes, that includes your spouse, your kid who's "good with computers," and the very convincing person who emails you claiming to be us. (We will never ask for your password — ever.)

You're responsible for all transactions made through your authenticated sessions. Our mobile check deposit technology accepts endorsed cheques — we reserve the right to place holds on deposits exceeding $5,000 pending verification. That's standard industry practice, and we'll notify you if a hold is applied.

Report any unauthorized access within 24 hours. The faster you tell us, the faster we can lock things down. Our digital banking platform uses TLS 1.3 encryption and multi-factor authentication is available — and strongly recommended — for all accounts.

We perform scheduled maintenance windows with advance notice. Unscheduled outages get published on our Transparency Dashboard with full post-mortem reports. Olivia Fong's team is relentless about that.

"What happens if Drayton Banking makes a mistake on my account?"

We fix it — and we tell you about it.

Per our "Fix It in Public" policy, material errors affecting clients are corrected within 72 hours. You'll receive written notice of any error, the correction applied, and the steps we've taken to prevent recurrence. We've been doing this since 2015, and every incident report stays live on our website permanently.

In 2019, a coding error in our savings interest engine affected 47 accounts totaling $14,211.03. We published a full public report within 72 hours. That's the standard we hold ourselves to — not because a regulator requires it, but because anything less would be dishonest.

Disputes can be escalated to our internal Ombudsman at no cost. If our internal process doesn't resolve your concern to your satisfaction, you may escalate to the Ombudsman for Banking Services and Investments (OBSI).

"Can Drayton Banking change its fees or rates?"

Yes, but here's how we do it differently than most banks.

Fee changes require 30 days' written notice. Not a line buried in a 14-page update notification, but a clear, standalone communication that says: "This fee is changing, here's the new amount, here's why, and here's the date it takes effect."

Interest rate changes tied to the Bank of Canada overnight rate take effect immediately — that's how variable-rate products work across the entire industry. But we publish our rate-setting methodology quarterly so you can always see the formula behind your rate. No mystery math.

All fee changes are published on our website with line-by-line explanations of what changed and why. We've published every quarterly fee update since 2015. The archive is public. We don't bury changes in update notices nobody reads — because we think that's a form of dishonesty, and we refuse to do it.

"What are my responsibilities as a client?"

Fair question. Banking is a two-way relationship. Here's what we need from you:

• Provide accurate identification and financial information when opening accounts or applying for credit. We're required to verify identity under FINTRAC anti-money-laundering and know-your-client regulations.
• Keep your contact details current. If we can't reach you about a rate change or a suspicious transaction, that's a problem for both of us.
• Report unauthorized transactions promptly — within 24 hours if possible.
• Don't use our services for illegal purposes. We're required to report suspicious activity under FINTRAC regulations, and we take that obligation seriously.
• Treat our staff with basic human decency. We're serious about that one. Our team goes above and beyond for clients, and we expect respect in return.

That's it. We don't hide 47 sub-clauses in here. If you're honest and respectful, we'll work relentlessly on your behalf.

"What law governs this agreement?"

This agreement is governed by the laws of the Province of Alberta and the federal laws of Canada applicable therein. Drayton Banking Ltd. is a federally chartered Schedule I bank regulated by the Office of the Superintendent of Financial Institutions (OSFI).

Any disputes not resolved through our internal process may be referred to the Ombudsman for Banking Services and Investments (OBSI). OBSI is an independent, impartial dispute resolution service — we don't pay them to side with us, and they don't.

We comply with the Bank Act (Canada), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the Personal Information Protection and Electronic Documents Act (PIPEDA), Dodd-Frank-adjacent consumer protection principles under Canadian federal regulation, and the Home Mortgage Disclosure Act reporting standards applicable to our mortgage products.

In the unlikely event of legal proceedings, the courts of the Province of Alberta shall have exclusive jurisdiction. But honestly — in over a decade of operation, we've never had a client relationship end in court. We'd rather fix the problem.

"How does Drayton Banking protect my deposits?"

Eligible deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per eligible deposit category. This is federal insurance — it doesn't depend on our size, our profitability, or whether we had a good quarter.

Here's what's covered, each as a separate insured category:

• Deposits in your name (chequing, savings, GICs up to 5-year terms)
• Joint deposits
• TFSA deposits
• RRSP deposits
• RRIF deposits
• RESP deposits
• FHSA deposits

That means a couple with joint accounts, individual accounts, TFSAs, and RRSPs could have well over $600,000 insured at Drayton Banking. Our CDIC Member Certificate number is FI-2014-0738.

We insist on being specific about this because — candidly — "Is my money safe at a smaller bank?" is the most common question we hear from prospective clients. The answer is yes, with the same federal guarantee as any Big Five institution.

"What about my data and privacy?"

See our Privacy Policy for the complete details — it's organized by data type (cookies, forms, analytics) with clear headings and no fine print.

The short version: we collect what we need to provide your banking services and meet regulatory requirements. We protect it with 256-bit AES encryption and TLS 1.3. We never sell it. We comply fully with PIPEDA and all applicable federal and provincial privacy legislation.

Our Privacy Officer is Dr. Priya Venkatesh. If you have concerns about how your data is handled, you can reach her at contact@draytonbanking.com or by mail at our registered office.

"Can Drayton Banking terminate my account?"

In extremely rare circumstances, yes. We may close an account if we detect illegal activity, if you've provided materially false information on your application, or if maintaining the relationship would put us in violation of federal regulations.

In over a decade of operation, we've involuntarily closed fewer than a dozen accounts — and in every case, we provided written notice explaining the reason and a reasonable timeframe to transfer funds. We don't close accounts because someone filed a complaint or asked tough questions. That would be the opposite of everything we stand for.

"Do these terms ever change?"

Occasionally, yes. When they do, we'll notify you by email at least 30 days in advance — with a clear summary of what changed and why. We won't send you a 40-page PDF and expect you to spot the differences. That's not how we do things.

The current version of these terms is always available on this page. If you continue using our services after a change takes effect, you're agreeing to the updated terms. If you disagree with a change, you're free to close your account — see the first section above.

Questions about these terms?

Call us at (213) 286-6611 or email contact@draytonbanking.com. We'll explain anything on this page in plain language — that's literally what we're here for.