Personal Finance

Bank cutting to ties with me

  • Last Updated:
  • Aug 9th, 2019 2:20 pm
[OP]
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Dec 29, 2008
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Bank cutting to ties with me

I got a letter saying the bank is cutting ties and freezing my credit line, i called there support line asking what happened and got no info.

The lady was being extremely dismissive and just kept saying we are not going to deal with you and you have no recourse. She already believe I'm guilty of something but wouldn't tell me what or why. She wouldn't explain what happened what the reasons where just that it was my banking behaviour and I'm banned for X years.

I didn't even have an account with them i was on a joint credit line with another family member.

I don't want to add any personal details just yet, bit has anyone experienced this?

I'm worried someone has used my name for fraud or something.
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Mar 25, 2012
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JonSnow wrote:
Aug 2nd, 2019 5:26 pm
I got a letter saying the bank is cutting ties and freezing my credit line, i called there support line asking what happened and got no info.

The lady was being extremely dismissive and just kept saying we are not going to deal with you and you have no recourse. She already believe I'm guilty of something but wouldn't tell me what or why. She wouldn't explain what happened what the reasons where just that it was my banking behaviour and I'm banned for X years.

I didn't even have an account with them i was on a joint credit line with another family member.

I don't want to add any personal details just yet, bit has anyone experienced this?

I'm worried someone has used my name for fraud or something.
What was your deposit activity like? Do you routinely transfer large amounts via EFT between your linked accounts? It's possible, if it was HSBC, that they are questioning what you're doing with your taking advantage of promo rates. Banks may be starting to get stricter here.

How often do you make ATM deposits, of what do they consist (cash, cheques, what type of cheques, third-party cheques, etc.), and have you ever had a returned cheque or EFT you wrote/authorized? If so, how many? Were you, or the joint account holder, a self-employed contractor using a personal account to deposit cheques payable to you or your personal account holder's personal name because you or your joint account holder were unincorporated sole proprietorships? Who is the bank?

Without these details, we can't really help you.

Otherwise, check your credit report for free with Borrowell or Mogo if you are concerned with identity theft.

Cheers,
Doug
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May 21, 2019
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Probably from their AML or compliance department.. You must have done something risky (where the bank could be in legal trouble for having you as customer).
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MagicPants wrote:
Aug 2nd, 2019 5:42 pm
Probably from their AML or compliance department.. You must have done something risky (where the bank could be in legal trouble for having you as customer).
I tried to give the OP more details than that.

Cheers,
Doug
[OP]
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b0ne wrote:
Aug 2nd, 2019 5:36 pm
Similar to this?

rbc-royal-bank-canada-suddenly-closed-m ... s-2228161/
Yes very similar, the only difference is i don't bank with them at all, it was just a mortgage and credit line opened a few years ago.

@dmehus I never transferred crash and basically have no bank activity. The mortgage is still active and paid on time. Nothing against the other co-signer it's just me. No one is self employed or anything like that or doing large transfer of funds.

No one runs any sort of business it's just out of the blue when i really needed to use the credit line.

In the end this bank just left a bad taste in my mouth and I'll be moving my mortgage as soon as I can. It's just alarming and at the worst time.

Hopefully someone hasn't done fraud against my name, I'll be getting my credit report ASAP.

What are some good options to get a good credit report and possible fraud protection?

Is the one provided by banks good enough? Don't really like the idea of putting in my personal info on random website
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JonSnow wrote:
Aug 2nd, 2019 7:26 pm
Yes very similar, the only difference is i don't bank with them at all, it was just a mortgage and credit line opened a few years ago.

@dmehus I never transferred crash and basically have no bank activity. The mortgage is still active and paid on time. Nothing against the other co-signer it's just me. No one is self employed or anything like that or doing large transfer of funds.

No one runs any sort of business it's just out of the blue when i really needed to use the credit line.

In the end this bank just left a bad taste in my mouth and I'll be moving my mortgage as soon as I can. It's just alarming and at the worst time.

Hopefully someone hasn't done fraud against my name, I'll be getting my credit report ASAP.

What are some good options to get a good credit report and possible fraud protection?

Is the one provided by banks good enough? Don't really like the idea of putting in my personal info on random website
Mogo provides your Equifax credit report for free each month and, if you want real-time credit monitoring, they have a Credit Protect product for a nominal monthly fee of less than $10 per month. It could be that. Was it HSBC, by chance? They are pretty strict due to them getting corporate probation following their guilty plea to aiding and abetting Mexican drug cartels launder funds into the U.S. in 2012. Irene Dorner was CEO of HSBC Bank USA at the time HSBC copped the guilty plea and may still be with the company; I'm not a fan. Seems like a ruthless, cold hearted woman.

Cheers,
Doug
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JonSnow wrote:
Aug 2nd, 2019 7:26 pm
What are some good options to get a good credit report and possible fraud protection?

Is the one provided by banks good enough? Don't really like the idea of putting in my personal info on random website
Sign up with Borrowell (Equifax) as well as CreditKarma (Transunion). Both should give you a generous amount of information without cost. Make sure things are accurate. It is very strange that the bank would cut ties with you, going as far a banning you, unless they had good reason to believe something ungodly is happening with your file.
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Jul 16, 2012
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Man that really sux hope they can’t or won’t mess up your mortgage before transferring out.
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Apr 26, 2019
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Why won't the OP say what bank it was? If he's as evasive with the bank as he is on this thread I understand their suspicions.....lol
[OP]
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Thanks everyone I'll look into those sites.

This is all new to me, but how are these websites able to provide monthly reports for free? Usually when a service is free you are the product.

In recent times with the Equifax and now capital one data breaches, plus this banning I'm a bit worried on what info i give out and to who.

EDIT:
This makes sense on why its free, seems like they are pulling info on my behalf from transunion and sharing it with third parties to send me promotion and other things.
https://www.creditkarma.com/faq/howitworks
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JonSnow wrote:
Aug 3rd, 2019 9:50 am
Thanks everyone I'll look into those sites.

This is all new to me, but how are these websites able to provide monthly reports for free? Usually when a service is free you are the product.

In recent times with the Equifax and now capital one data breaches, plus this banning I'm a bit worried on what info i give out and to who.

EDIT:
This makes sense on why its free, seems like they are pulling info on my behalf from transunion and sharing it with third parties to send me promotion and other things.
https://www.creditkarma.com/faq/howitworks
They don't actually hold your credit bureau report information, though they do cache copies that they retrieve each month in your Borrowell or Mogo account that are encrypted with bank-grade encryption. CreditKarma doesn't automatically pull your bureau every time and it's done weekly, which is excessive, in my view.

Yes, you're the product...you can also pay for your credit report (about $15 through Equifax and TransUnion). If you're keen to sign up for credit monitoring, you could just sign up for that with Equifax and they'll give your credit report directly each month.

Cheers,
Doug
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dmehus wrote:
Aug 3rd, 2019 11:44 am
They don't actually hold your credit bureau report information, though they do cache copies that they retrieve each month in your Borrowell or Mogo account that are encrypted with bank-grade encryption. CreditKarma doesn't automatically pull your bureau every time and it's done weekly, which is excessive, in my view.

Yes, you're the product...you can also pay for your credit report (about $15 through Equifax and TransUnion). If you're keen to sign up for credit monitoring, you could just sign up for that with Equifax and they'll give your credit report directly each month.

Cheers,
Doug
I got a 30 day trial to Equifax.ca and will cancel in a few days, i also got a transunion consumer disclosure for free.

https://ocs.transunion.ca/ocs/home.html
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JonSnow wrote:
Aug 3rd, 2019 2:40 pm
I got a 30 day trial to Equifax.ca and will cancel in a few days, i also got a transunion consumer disclosure for free.
Does everything look as it should on the reports?
Any derogatories? - late payments etc?
EQ should have given you a score and a verbal rating e.g. bad, good, excellent.
Something might give you a clue as to why the bank might call in their credit.
If you are getting different credit scores from different sources please post them here:
Comparing the consumer accessible credit scores
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Sep 2, 2009
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Ottawa
You've received a letter they are cancelling your mortgage on renewal?

Something seems to be missing since you said you had no relationship with them except a credit line with a family member.

Anyone have a job loss? Property value collapsed? Family member did something?

A bank can freeze credit without much notice... But I mean if you only have a mortgage there (one or many owners on documents?) and a credit line with a family member (who was using this credit? Attached to the home?)... Something is missing.

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