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Against the odds: Why customers often lose in battles with banks
Complaint system wears people down and usually rejects claim, consumer advocate says
Marchitelli, Rosa http://www.cbc.ca/news/business/banking-deposits-lost-customers-1.4525060
Publisher: CBC News
Date Written: 11/02/2018
Year Published: 2018
Resource Type: Article
Banking customers with complaints about lost deposits face significant obstacles, with those looking for help dealing with a complaints system that is designed to wear people down and usually siding in favour of the banks.
Abstract:
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Excerpt:
In every province except Quebec, banks are allowed to disclaim liability for losing money, according to John Lawford, executive director at the Public Interest Advocacy Centre.
So if a bank takes a deposit and loses the cheque, he says, its agreement with the customer often states it is not liable for losses.
"Which is quite shocking from a consumer point of view," Lawford says.
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