Personal Finance

In-Laws HELOC trouble with Big 5 Bank

  • Last Updated:
  • Jan 18th, 2019 7:00 am
[OP]
Member
Feb 18, 2013
209 posts
24 upvotes
Scarborough

In-Laws HELOC trouble with Big 5 Bank

Long story short, my in-laws need access to the equity in their home for a renovation they're going through, and applied for a HELOC through a Big 5 Bank beginning of December.

Well the employee they were dealing with kept telling them everything was good, but then after a few weeks didn't get back to them even afterthey submitted all required paperwork, even after many many voicemails were left. And finally this past week went into the Branch to speak to the manager, who said that the original employee has been off for the last two weeks (no reason given, and no heads up)

The Manager said the signed documents are in the employees cabinet and he doesn't have access to it (how could this be true?) he also doesn't know when the employee will be back...

Do we have any recourse? They'd like to not go through the painful situation of being left in the dark again.

Even if there's nothing my in-laws can do, I would at the very least like to inform the Bank Managers boss of how poorly they've been treated. Not sure if it's worth it though

Any advice?
5 replies
Sr. Member
Aug 6, 2014
723 posts
190 upvotes
Ottawa, ON
For what it's worth, CIBC once signed me up for a product I didn't ask for, and when I asked to see the application they got real cagey and told me it was in a 'locked cabinet' and nobody had a key. Maybe banks have a whole cabinet routine they use when they mess up :)
Sr. Member
Aug 5, 2008
725 posts
189 upvotes
Each bank has an ombudsman or someone on regional level you an escalate to. If your branch is not helping call the next nearest one and ask them who that is.
There are 10 kinds of people in the world... Those who understand binary and those who don't 💡
[OP]
Member
Feb 18, 2013
209 posts
24 upvotes
Scarborough
junkmail2002 wrote:
Jan 16th, 2019 8:26 pm
Each bank has an ombudsman or someone on regional level you an escalate to. If your branch is not helping call the next nearest one and ask them who that is.
Thanks, didn't know this
Deal Addict
User avatar
Dec 12, 2006
4247 posts
464 upvotes
Barrys Bay
Have them reapply, and have manager email/internal memo the current absentee employee that you applied with someone else, so when they come back you don't have two applications rolling.
Deal Expert
Aug 22, 2011
25018 posts
11331 upvotes
Ottawa
theguyz wrote:
Jan 18th, 2019 5:31 am
Have them reapply, and have manager email/internal memo the current absentee employee that you applied with someone else, so when they come back you don't have two applications rolling.
+1, just reapply.

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