Got a letter from my bank stating they closed my accounts???

[gorgestpear]

I got a letter from my bank (Scotia Bank) stating they closed my accounts. I am not delinquent in any way and my banking isn't all that large to warrant suspicion. I can't get an answer from them why they did this but found this from years ago:
http://forums.redflagdeals.com/scot...sonal-account-no-reason-please-help-912015/2/

It's weird. I have been a good customer and have amortgage there. There letter is identical to the guy on Redflag.

Anyone have this happen?

 

[Serpent]

Are you of Iranian background?

http://www.cbc.ca/news/canada/toronto/iranian-canadians-fume-as-td-closes-accounts-1.1268468

 

[Aardvark154]

Is there inactivity in some of the accounts i.e. you haven't made deposits to them and you haven't made withdrawals from them for some time?

 

[interactive]

OP - did you happen to have any correspondence / telephone call / meeting or any interaction in the month leading up to this?

All it would take is one bank EE to tick one box and start the ball spiralling.

Like the link you posted - that guy had just earlier bitched to his bank about the low LOC they gave him and who knows what or how he said and to whom at the bank but one or two wrong words and bingo. It's like saying 'bomb' at the airport.

 

[gorgestpear]

1. That is not my letter. I got one very similar. I just posted that link to show you what happened tome. That guy on Redflag documented it well.My situation is exactly the same. Only mine was one personal account and one Visa
2. I am a blue collar worker. Check goes in. Money goes out on expenses. I have a little saved but nowhere near "suspicious" money or anywhere near white collar money. I am a 9-5 ham and eggs type.
3. I am Canadian white bread. Not middle eastern or nothing. I am a "caker". No vowels in my last name type.
4. I had no "words" shared with anyone at the bank. 90% of my banking is ATM and Online. When I go in I am yes, no, thank you and I leave. No small talk, no nothing,


This has freaked me out because with no explanation, all kinds of stuff is circling my head. The only one thing I can think of is my ex is now married to one of Toronto's "finest" . He worked in intelligence.I am suspect he may have done something but that's a long shot. I don't see why he would but Scotiabank will say JACK about the why. They just refer to the fact that they can and too bad for it.

 

[gorgestpear]

Are you of Iranian background?

http://www.cbc.ca/news/canada/toronto/iranian-canadians-fume-as-td-closes-accounts-1.1268468

At least they got an explanation why the account was closed. I got nothing. And like that guy on Redflag no one will help me (the Ombudsman etc.).

 

[Butler1000]

PC banking. Easy. All online and no sevice fees. You can use CIBC bank machines free as well.

And I have a low interest Visa with them. Only 11% through CIBC as well. Switched a long time ago and no regrets.

 

[Toronto`s Finest]

Could you not go to your branch & ask to see the manager? At least get an explanation. SEE if it would negatively effect getting accounts at any of the other banks.

 

[canchi]

You said you have a mortgage with them and they cancelled that too?
So you will have to pay it all at once? Seems like someone liked your house and now forcing you to sell...

 

[Goober Mcfly]

You said you have a mortgage with them and they cancelled that too?
So you will have to pay it all at once? Seems like someone liked your house and now forcing you to sell...

Mortgages are different than savings accounts. The bank can't just cancel a mortgage on a whim.

 

[canchi]

Mortgages are different than savings accounts. The bank can't just cancel a mortgage on a whim.

I know they are different, but I was wondering what are they going to do with it?
As you will miss payment and that could led to reason to cancel or force you to pay back early or something.

 

[Goober Mcfly]

I know they are different, but I was wondering what are they going to do with it?
As you will miss payment and that could led to reason to cancel or force you to pay back early or something.

They would be bound by the terms of the mortgage, which would be much more restrictive than the agreement for them to use your money essentially for free (a.k.a. savings accounts).

 

[oldjones]

What did they, or the Banking Ombudsman, say about how this would impact your credit-rating? The example letter you posted does not match your story, because you're telling us your VISA—that'd be a credit account—was also arbitrarily closed. Other than that, I can't see any reason to let this continue to bother you. You'll likely do better with your money in metals under the mattress.

 

[oldjones]

From a letter like that, I'd certainly assume the obvious, that "…payment interruptions" would result in the usual credit complications down the road. This example, "confirms" the closing of the VISA account, so reasons may well have been given elsewhere. Unless the OP is more detailed it's really hard to say much.

And of course, unless the bank is more informative, it's hard for him to improve his situation with them. But his only real on-going concern should be what this means to others. His relationship with ScotiaBank is clearly over.

 

[Marla]

Scotia Bank is very conservative. When I make a deposit of $1500 cash they freak out and start citing money laundering laws to me. The money laundering laws don't take effect until there is a cash deposit of $10,000 or over. So wtf is their problem? They act like they have never seen cash before and are soiling their hands by touching it. Very tight ass tellers.

 

[Big Sleazy]

Maybe you just got " bailed in ".

http://www.reuters.com/article/2014/04/02/banking-ratings-scope-idUSL5N0MU2PS20140402

Not many people are aware that the Harper Government and the BIS changed the contract verbage. All deposits are subject to confiscation if a SIFI " Significantly Important Financial Institute " comes into trouble. It's in the fine print - which nobody reads - under the Liability section. You may have been subject to a test run as an unsecured creditor of the Bank. Not saying 100% that this is the case but they have made it Law.

BS

 

[SkyRider]

Surprised that a big bank would kick a customer to the curb for no valid reason. There is intense competition in the banking industry right now. I got a free tablet for signing up with TD (and they waived the customary bank fee for the first 5 weeks) and also 15,000 free Aeroplan points for signing up for their credit card.

No complaints about big banks from me.

 

[gorgestpear]

You said you have a mortgage with them and they cancelled that too?
So you will have to pay it all at once? Seems like someone liked your house and now forcing you to sell...

No they didn't cancel the mortgage but the mortgage comes renewable in Sept. 2014. They will not renew it.So technically it's not cancelled but now I have 30 days to go find someone else to take the mortgage.

Also, I did talk to the Branch Manager- They say the same thing they tell every one in this situation- "it comes from above". It's like living in North Korea. So secretive and hush hush. Really sickening to see this happening in Canada.

And to those saying it's somehow my fault- I never had a late payment. Never. My Visa balance was zero. I pay it off every month and I never shared any "inappropriate"interaction with employees.I barely interact with them period.Most of my banking is ATM and online

 

[oldjones]

Word from above: We're not making enough money from you.

 

[destillat]

No they didn't cancel the mortgage but the mortgage comes renewable in Sept. 2014. They will not renew it.So technically it's not cancelled but now I have 30 days to go find someone else to take the mortgage.

Also, I did talk to the Branch Manager- They say the same thing they tell every one in this situation- "it comes from above". It's like living in North Korea. So secretive and hush hush. Really sickening to see this happening in Canada.

And to those saying it's somehow my fault- I never had a late payment. Never. My Visa balance was zero. I pay it off every month and I never shared any "inappropriate"interaction with employees.I barely interact with them period.Most of my banking is ATM and online

Did you always maintain a balance in your chequing account high enough to waive the monthly fee?
If your VISA is always at zero (no interest being collected from you) and you aren't paying monthly chequing account fees... technically you can be viewed as somewhat of a liability to them.