All federal financial institutions – banks, retail associations and federal trust, loan and insurance companies – MUST, by law, have a complaint-handling process in place for consumers. If you are wondering how to know the best path to take or to speak to about your complaint, read on as we have gathered some helpful information from the Financial Consumer Agency of Canada (FCAC).
First it’s important to understand which institutions are federally regulated. Generally speaking, according to The Financial Consumer Agency of Canada (FCAC) website, the following financial entities are federally regulated:
- Banks and federal credit unions
- Insurance companies
- Loan companies
- Retail associations
- Trust companies
- Payment card network operators
If you are having an issue with any of those types of companies, the Financial Consumer Agency of Canada has a Complaint Handling Process Search Tool for you. The purpose of the tool is to assist you in learning more about the complaint-handling process for your federally regulated financial entity. It’s pretty simple to use, just follow the prompts and you will be directed to the complaint-handling process for that particular business.
If one is available, the tool also offers a third party that you can turn to if you don’t feel that you have gotten anywhere with the first few steps. One such option is the Ombudsman for Banking Services and Investments (OBSI). The OBSI website states that they “resolve disputes between participating banking services and investment firms and their customers if they can’t solve them on their own.”
Keep in mind that all of this information is for federally regulated institutions, not provincially regulated financial institutions (like credit unions). Below you will find some tips on how to complain as effectively as possible if you are having an issue with any business. We hope this is helpful!
ADDITIONAL READING:
Excuse me, there’s a fly in my soup (steps on how to complain)
How to write an effective complaint letter
My daughter and her partner are building a house. The mortgage they received was in two parts; one for the pre building stage and another for when the building is in progress where I think the funds are released in tranches. They have all the permits etc and are ready to build but the credit union is now insisting on lending them more money than they need (after insisting they have a certain amount as a downpayment )and amortizing it over a longer period (30yrs) than they want and I think charging them a higher interest rate than was initially agreed. They have not asked me to” interfere” but this does not sound right to me. Can you give any advice?
Hi Liz, thank you for contacting us on this blog post. Sounds like your daughter and her partner are dealing with a credit union so they may want to contact the industry regulator, FICOM (Financial Institutions Commision). Their areas of regulatory responsibility include credit unions and trust companies, insurance companies, pension plans, mortgage brokers and the Credit Union Deposit Corporation. Here’s a link to their contact information, we hope they can resolve the issue quickly.
Not sure where to start, in dealing with the recent loss of my mother I recently found out her credit union has been charging a monthly fee for the last 9 years when her banking fees where free under a plan the bank offers. I was told in dealing with the closure of her account by a advisor and a asst manager that there should of been no monthly fees and they would have the IT department look into it..
3 days later the branch manager called me to say unfortunately via phone conversation 10 years ago my mother agreed to keep being charged a monthly fee verses FREE. I questioned this and in return the CU offered the account A years free charges reimbursed. I then questioned this and they said it was a kind gesture, I said why be kind when you said my mom agreed via phone to keep her account the same with a bank charge instead of FREE. I waited a few days (today) and approached the CU with all my paper work on my end with her account being the account that should be receiving free banking and the monthly charges dating back to 2010. And they can only provide me with they called her and not even the number they called her at 10 years ago. I said my mother is no longer here to contest to this, Both the branch manager and the person who says they where from HO have both treated me horribly and take no accountability for these last 9 years of monthly bank charges. But yet as a gesture gave the estate back a years charges Hmmmm.
Any ideas on how to pursue this ? Thank you
Hi Sandra, thanks for sharing your experience. When you’re having issues with credit unions, the organization you want to contact would be the Financial Institutions Commission (FICOM). Here’s the link to their website and this one links to their “file a complaint” page. I hope they would be able to point you in the right direction.
Last year I discovered that a bank account and line of credit (LOC) that I had requested, in person, be closed 6 years ago were never closed by the bank, even though the teller assured me at the time that the account and LOC would be closed.
The bank has been accruing monthly fees and interest into the LOC for six years now so the total is over $1000. I never received any late payment or delinquency notices in 6 years.
I’ve had numerous email contacts with the branch manager who has refused to drop the fees. I filed an appeal with the bank’s internal ombudsman office without success and then with the ADRBO, again without success because they say the bank has done nothing illegal. I had been a customer of this bank for over 30 years and trusted the teller to follow through with whatever was needed to close these accounts. Any suggestions on what I can do?
Hi Roberta, thank you for contacting us. This is a hard one as you seem to have gone through a few processes already. At Consumer Protection BC, we are not able to look into this case because we do not oversee financial institutions. I may have to suggest that you talk to a lawyer about it. Access Pro Bono offers some free legal support if you qualify. Here is their website for more information. I hope you will be able to get some support. Best of luck to you.
My daughter passed away March 4, 2013, I contacted the bank and they paid the necessary funds re her death, approx. $2500. I signed a letter of undertaking to repay these funds if there was any problem. She had recently sold her house and divorced, they had a 14 year old daughter. She did not leave a will. I have tried calling the bank to get information to no avail. No one returns my calls or letters. Bank of Nova Scotia, Chetwynd, b.c.
My problem is that they won’t close the account ( info from my son in law) and they are deducting $20 per month from the last statement they sent him. That’s 240×9.5. I would be happy to sign a letter of undertaking if they would release the funds to her daughter. There is no dispute over any of this. I feel helpless.
Hi Connie, thanks for reaching out. I’m so sorry about the loss of your daughter. If you can’t resolve the issue with the bank directly, the organization to speak to is the Financial Consumer Agency of Canada. You can reach them on their website here: https://www.canada.ca/en/financial-consumer-agency/corporate/contact-us.html . I hope this helps!