Against the odds: Why customers often lose in battles with banks
Complaint system wears people down and usually rejects claim, consumer advocate says
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.
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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