The Phaserl


Scotiabank finally admits its mistake in holding back funds after a woman refuses to answer bank’s questions

from Ottawa Citizen:

“It’s my money,” says Kemptville resident Cathie Adeney, who believes Scotiabank should not have withheld funds from a Registered Education Savings Plan for more than two months because of her refusal to answer questions regarding her net worth and salary.

I was floored … I couldn’t believe it. I walked out of that bank without my money.
— Cathie Adeney

Driving home that day last May, she wondered what she was would tell her son, Jackson, who begins classes at Conestoga College in Kitchener next week and needed at least some of the funds to cover deposits and other expenses. Adeney ended up giving him money from her own pocket. “I told the bank: You’re creating a financial hardship.”

Adeney says the Scotiabank branch in Kemptville did not give her a good reason as to why it wanted or needed the information in the first place.

“It’s not that I can’t (provide the information), but I don’t see why I have to,” says the information technology worker.

Was the information sought for marketing purposes, as Adeney suspects, or was it a legal requirement, as Scotiabank and the Mutual Fund Dealers Association of Canada, a self-regulatory body for mutual fund dealers such as banks, maintain?

Under, revised MFDA policy, client information is collected when a mutual fund account for an RESP or Registered Retirement Savings Plan is opened. A mutual fund is a professionally-managed investment program made up of a pool of money collected from many investors for the purpose of entrusting in securities such as stocks and bonds.

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1 comment to Scotiabank finally admits its mistake in holding back funds after a woman refuses to answer bank’s questions

  • windrunner56

    To quote one illegitimate dictator: “if you like your bank, you can keep your bank”….But they get to keep YOUR money. But if you put up enough of a stink, they may surrender small amounts to feed the slaves, even here in Canada. Shit storm is a brewin me thinks!!!

    Personally I closed all accounts, I no longer have sleepless nights waiting for these vultures to post a “temporary closed for renovations” sign on the door. I receive a paper cheque still, so I go into the bank and cash it. I receive looks but I am more knowledgable than the tellers, they do not challenge me anymore 🙂 Guns, ammo, water, food, PMs and wide open eyes, best remedy, Shemitah or not.

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