I feel safer already.
David Clinton- Terms and Conditions: How Canadian Banks Override Their Customers’ Property Rights
Even if their best years might now lie behind them, the Big Five still consistently produce multi-billion dollar profits. And they’re pretty good at protecting your money from crime.
But will they, as institutions, necessarily treat you fairly? Based on the contents of their customer agreement contracts, it seems that’ll depend entirely on how they feel on a given day.
they will freeze your account in an instant on the orders of trudeaus government
Why is anyone surprised by this, the banks don’t have to satisfy you, since the only risk they have when it comes to individual customers is that you’ll take your money away from them… but on the other hand, they do have to satisfy the government, who controls their charters, and can take millions away from them. That’s why they jumped at the chance to freeze accounts.
The banks have had a hundred plus years to refine and develop the law with the assistance of succesive governments in Canada. They have constructed an almost perfect union, a hand in glove affair, concerning customer accounts. Savings and chequing accounts after a ten year dormancy period are required to be remitted to the Bank of Canada. This absolves the bank of responsibility and liability. A very convenient contract for both the bank and the Bank of Canada. Perhaps this is the reason that the present government is examining the tax laws regarding dormant accounts as mentioned here.
https://www.cbc.ca/news/politics/bank-canada-registry-unclaimed-assets-interest-pensions-finance-missing-owners-1.4970490
Other accounts not required to be remitted to the Bank of Canada after dormancy can be held in perpituity by the five major banks. This very profitable arrangement drawn up in the past could be the reason that the laws regarding dormancy are being reviewed. Revenue Canada and the Bank of Canada are now getting short-changed and the government doesn’t like competition.
What property rights?
The Charter of Rights, which purports to be a natural rights document, only recognizes individual rights, which politicians can affect whenever the please even if we will not withstand it, while ignoring property rights, which is the second essential element of individual rights, protection of possessions along with protection of the person.
https://thehub.ca/2024-02-02/eric-lombardi-the-death-of-merit-the-birth-of-aristocracy-and-canadas-quiet-descent-into-neofeudalism/
This isn’t off topic,and it’s been happening in Canada since at least 1968. We are a country of monopolies,the banks are just one of them.
TD Waterhouse closed my RRSP account after my financial advisor and I chatted about and disagreed on COVID.
I guess acting like fascists will teach me to not call them fascists.
It’s hard to drive a simple fact into adult heads: when you put your money in the bank, it’s not your money anymore.
Nothing better than being early. Got the bulk of my savings out of the banks and into something that carries no counterparty risk years ago. It was bad enough dealing with the bank then, I’d hate to have to deal with them now.
Where did you put your funds?
Zero debt and precious metals, physical.
Anything exposed to the system, a RRSP that hasn’t been added to in 20 years, I fully expect to lose. Assuming conditions permit I might even start drawing on it in a couple of years.
Believe it or not I sleep great knowing that I’ve got assets outside the system to fallback on.
until yet another edict from on high renders precious metals out of the hands of citizenry. usual loopholes left open for the elites.
‘given enough time pretty much anything can happen’
They can try but I doubt that they’ll get a lot of compliance. They could always hit up the big vaulting companies, including the RCM who stores for clients, but doing that might cause 4ners to dump all their Canadian holdings, and the gov’t can’t afford that.
Sadly as an old man with his entire retirement income in banks there is no other option. Having hundreds of thousands in a trunk is not a real good idea. If for any reason a bank refuses me access to my funds then someone will have to be hurt.
I was not going to give the banks the option of denying me access to my savings so I divested myself of all my excess cash a couple of years before my retirement. Unlike the Wife I don’t have to fret about my investments, worry that the market or the dollar is going to tank.
You might be amazed at how compact a couple of hundred K in gold is. I don’t view metals as an investment but instead view them as insurance against a collapsing fiat dollar system. At the rate things are going I’m going to be around to see it and when it happens I want to have options.
I have to have regular cash flow without selling things.
Speaking of whims, the Banks can choose whatever amount of money is in a deceased person’s account to go to Probate. It should be a certain amount.
Talked to a bank employee about safety deposit boxes a while back. As a matter of custom a great many people keep a box as a secret and they don’t use it on a weekly or even monthly basis. The fees are taken automaticly from a regular account. If that account is closed and the safety deposit box is not closed, the box could sit in limbo for a year or more. The bank must send out a notification to the registered address. Now if there is no response the bank can institute a witnessed opening by two bank employees. The contents are invoiced and the bank secures them in another environment. Are there any readers here that are familiar with this routine that could tell what the banks do with the contents? Inquirying minds would like to know.
The banks do to us what Vince McMahon did to us personal sex slave: crap all over us.
A couple months ago my (ex-Group from work) RRSP that was in RBC suddenly ended up in Wealthsimple.
Not a peep from the arseholes.
Sure, it wasn’t a million bucks, but it was 6 figures and it didn’t start with a 1.
They just don’t give a shit about plebes like me.
And you.
My humble opinion: the Big Five have a lot of brick and mortar stores, as they’re called, and that’s a model teetering on the brink of obsolescence when it comes to moolah.
Hmmmm..
It all depends on how many followers you have.. Taylor Swift must behave sort of thing.. Free speech is for people like me with zero followers.. No harm no foul..
Of course the more you have is a direct reflection of your influence.. And that have is in a BANK.. Now go back to sleep..