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Case Studies - Banking

  • Be aware of your responsibilities for paying your credit card on time

    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.

  • Paying mortgage off too early may mean paying a penalty

    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.

  • Interest rate debate

    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. 

  • Understanding the terms and conditions of your financial agreements

    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.

  • Small business debt

    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. 

  • Chargebacks

    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.

  • Shopping online

    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.

  • Small business employee forged cheques

    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).

  • Wire transfer instructions are precisely followed

    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.

  • Giving your PIN to your son

    Health issues made movement challenging for Mr. A so he gave his eldest son his debit card and personal identification number (PIN) to make purchases on his behalf. Mr. A completed a joint power of attorney (POA) naming his two sons as his attorneys. Soon after, Mr. A's personal bank account was converted into a joint account with his eldest son.


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