Grace Pack has a personal account at the CIBC Bank. She receives monthly statements with supporting cancelled cheques, and notices one is forged
A note on her statement says that all errors must be reported in 30 days after receipt of the statement or the bank is not responsible. She leaves on vacation and reports the error 45 days later on her return. Does the bank have to reimburse her?
A) No, because banks are not liable for forged cheques.
B) No, because the limitation clause is binding
C) Yes, because the limitation clause is not effective in a consumer transaction
D) Yes, because the limitation period was suspended while Grace was out of the country
E) Both A and B
B
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