Case Studies - Banking

In early 2016, Mr. and Mrs. J noticed that their bank had not taken the regularly scheduled mortgage payments from their account. The couple had diligently paid their mortgage on time for the past 5 years. When they noticed the discrepancy, they immediately contacted the bank to address the issue.

Mr. S had his credit card for approximately one year. He made regular monthly payments online. Every month, he said he received an email notification that his online statement was available.  At that point, he would look at it and note the due date on which his payment was due.

In December 2010, Mr. B got a five-year fixed closed term mortgage at a rate of 3.44% with his bank. In 2013, midway through the term, the branch manager suggested switching to a “blend and extend” mortgage. This would reduce the interest rate by 0.22% but extend the maturity date to 2018.

Ms. L opened both a chequing account and a savings account with her bank. During a call with the customer contact centre, she asked whether the savings account interest rate of 1.25% was monthly or annual. 

In January of 2014, Mr. G signed a Credit Agreement when he obtained a mortgage of $122,000 and a Line of Credit (LOC) of $39,600, both secured by a property he owned and planned to rent out. The monthly payments were $1,255 for his mortgage, which he had automatically debited from his bank account, and $43 for the LOC.

Mr. A’s small business filed for bankruptcy in 2014 after several years of financial difficulties. At the time, there was a $15,000 balance on the company credit card. 

Ms. B and her friends attended a presentation for real estate investment opportunities in the Caribbean. The salesperson explained that the investment was for a condominium timeshare located on a desirable waterfront location frequented by tourists.

Mr. H agreed to purchase a restaurant-size smoker from a private seller on Kijiji. He transferred $8,000 to the seller, via multiple authorized Interac e-Transfers. The seller had promised to ship the smoker to Mr. H upon receipt of the full payment.

Mr. C owned an automotive parts store where he employed an administrative assistant with responsibility for payroll, bank statement reconciliations, and other accounting functions. Over a period of four years, she embezzled $80,000 by writing company cheques to herself or fictitious third parties, depositing them into her personal account using her bank's automated bank machine (ABM).

Mr. E held both Canadian and American-dollar denominated accounts at his bank. In March 2, he received a $26,000 USD wire transfer from a relative living abroad, made through Mr. E's bank's foreign subsidiary.