It’s against the law for a bank to “make you buy another product or service as a condition for obtaining a mortgage.” That’s called tied selling.
However, it’s not a violation, according to a bank spokesman we talked with, for a bank to require you to open an account to qualify for a special mortgage discount. Case in point is BMO’s requirement that new customers open an account to qualify for its Toronto Land Transfer Tax rebate promotion. The bank says that’s perfectly fine from a regulatory standpoint.
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