Case Studies


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Bank customer questions significant fees charged to his business account

Posted on Wednesday, November 01, 2023 10:05 AM

Mr. G had been a loyal business customer of his bank for 30 years. He trusted the bank with his business’ financial matters, and they had always maintained a good relationship.

In December 2022, Mr. G discovered charges on his business bank account – $750 in the fall of 2019, and another $800 in the fall of 2020 – that he could not account for. Concerned, Mr. G went to his bank, hoping to resolve the issue.

The bank branch indicated that the reason for the fees related to an annual audit of his...

Parent frustrated investment firm won’t pay out daughter’s remaining RESP grants

Posted on Wednesday, September 13, 2023 11:45 AM

Ms. L had set up Registered Education Savings Plans (RESPs) for her two daughters, Ms. J and Ms. K. These accounts were set up as a family RESP with their investment firm with the understanding that if one child did not go to or complete post-secondary education, the other child would be entitled to the full amounts of the plans.

Over the span of a number of years, Ms. L contributed a total of $19,000 to Ms. J’s RESP and $31,500 to Ms. K’s RESP. During that time, she believed that each daughter...

Investor complains that unsuitable mutual fund investments led to financial losses

Posted on Thursday, August 10, 2023 09:42 AM

Mr. Z was concerned that his Guaranteed Investment Certificates (GICs) earned very little interest due to low interest rates at the time and decided to look for better investment options. He sought the help of Mr. F, a registered investment advisor, to explore investment products that could provide a higher rate of return. Mr. Z wanted his investments to grow over the long term. He had a low tolerance for risk and no immediate need for the money in his investments. To guide their discussion, Mr...

Consumer is not responsible for bank’s technical issues

Posted on Monday, June 05, 2023 02:24 PM

Ms. Q returned to Canada from living abroad. To re-establish her credit history, she applied for and received a prepaid credit card, which held a cash balance and was widely accepted. She used this card to pay bills and make online purchases, such as groceries. The mobile app associated with Ms. Q’s prepaid credit card allowed her to easily add funds to her account, monitor her spending and review her monthly account statements online.

When Ms. Q reviewed her most current statement, she noticed...

Consumer seeks compensation due to transfer delay from RRSP to RRIF

Posted on Thursday, February 23, 2023 11:14 AM

Ms. R was an older investor who held equities in her Registered Retirement Savings Plan (RRSP) at an online investing firm. She turned 71 in 2020 and was required to convert her RRSP into a Registered Retirement Income Fund (RRIF) by the end of the year.

In November 2020, Ms. R consulted her investment firm about the transfer and started the process of opening the RRIF. When Ms. R’s firm reviewed her paperwork, it was incomplete. The firm followed up with Ms. R by email and by phone to inform her...

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