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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...
Consumer surprised when bank gives him 30 days to close his account
Posted on Thursday, November 03, 2022 11:59 AM
Mr. K arranged a meeting at a Canadian branch of ABC Bank, so he could open a personal chequing account. At the meeting, he provided the proper documentation and told the bank he would be traveling abroad. He also mentioned that a branch of ABC Bank was located where he was going, and he was relying on his new ABC bank account to transfer money back to Canada.
A month later, Mr. K received a 30-day notice for the closure of his bank account with ABC Bank. In the e-mail message, the bank stated that...
Consumer’s intentions to gift money while alive could not be confirmed
Posted on Thursday, November 03, 2022 11:51 AM
Ms. A was a senior with serious health issues who had given one of her three daughters Power of Attorney (POA). Ms. A’s daughter arranged a time for them to meet with Mr. G who was Ms. A’s long-standing mutual fund representative at her bank branch.
On the day of the meeting, Ms. A’s daughter attended alone because Ms. A wanted to rest at home. Her daughter told Mr. G that the purpose of the meeting was to transfer Ms. A’s savings to her chequing account and liquidate her mutual funds. The daughter...
Investor loses nearly $400,000 in cryptocurrency scam
Posted on Thursday, October 20, 2022 10:35 AM
Mr. F was a healthcare professional and wanted to invest his savings. He was contacted online by someone who claimed to represent online investment company Firm X. The representative said the firm offered investing opportunities with high returns and advisory services to help investors. The representative encouraged Mr. F to use Firm X’s trading platform to invest in cryptocurrency. To open the account, he was told that he would need to invest using bitcoin.
Shortly afterwards, Mr. F opened an online...
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