I'm not sure if this is the right place to post this.  But I was reading recently that if a person files for bankruptcy that a bank can not refuse to open or cancel and existing account. Is this true?

 I had an account with Scotia bank which i used to pay my student loan as well. When i filled for bankruptcy it took them about 2 weeks to close my account and all i got was a letter stating they no longer had my account open. My student loan was not included in my bankruptcy. I was just wondering how a bank can just close an account that had about $2.00 in it if activity was still taken place???

Banks can do whatever they want. With money, comes power. So, let's also say the banks in this world can do whatever they want simply because they have the power to do what they want.

Johnny

http://www.cfwgroup.ca - www.cfwgroup.ca

so apparently, banks can't do whatever they want.  they have to follow a few rules too!

http://laws.justice.gc.ca/en/B-1.01/SOR-2003-184/17979.html - http://laws.justice.gc.ca/en/B-1.01/SOR-2003-184/17979.html

Yes, they have rules and acts to follow. So do collection agencies, HRDC, and even Justice Canada. Power can be used to bend the rules. Banks get away with lots regardless of how fluffy an act reads.

There are people here who have been victimized by banks and they are testimony to the statement.

Johnny

coco,

Scotia closing your bank account appears to be against the rules.  File a complaint with the financial consumer agency of canada.

http://www.fcac-acfc.gc.ca/ - http://www.fcac-acfc.gc.ca/

it is the part of the federal gov that regulates banks.  Unfortunately, they often seem reluctant to act against banks.  However, you have a clear example where the bank has gone against the rules here and they may fine the bank.

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