Canada’s banks are not on your side

One would think banks would be trustworthy and dependable managers of your money. Two recent news confirm the very opposite. Banks do not have your interests as their first concern or priority.

Two cases in Ontario should be wake up calls for bank patrons to do some checking things at their banks. A woman with a bank safety deposit box found that the box had been drilled open by her bank and the contents removed. It was an error on the bank’s part and her compensation did not cover the nostalgic loss. In another story, a married couple found their safety deposit box was emptied by the bank and compensation was not comparable to what they lost.

Finally, there is the story of how the bank decided that the scam they experienced relative to the client, should have compensation to the bank taken out of the client’s account. The client knew nothing about the scam and were unable to prevent the bank from taking compensation from this client.

Banks have ‘fine print clauses’ that protect the bank in every way. Clients cannot win this battle should they decide to fight legally. Monitor and check your bank services religiously. Do not trust that the banks have your interests in mind. They don’t.

The moral of the story is this. Do not trust the bank to have your interests as their priority. Their priority is profit, their shareholders’ profit. You are low person on their totem pole.

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