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[OP]
Deal Addict
Jun 2, 2010
1188 posts
31 upvotes

delete

delete
Last edited by dagger88 on Jun 18th, 2020 9:06 pm, edited 1 time in total.
43 replies
Jr. Member
Dec 25, 2009
123 posts
16 upvotes
When I opened up an account with PCF they required a credit check. They said this was to justify releasing $500 per unverified deposit at an ATM.

If memory serves me correctly unless you are applying for credit in some way, shape, or form, then the average bank doesn't care where you stand. Don't expect a high amount of cashback from deposits, or any overdraft... but other than that I believe you're just fine. Just show up in person with a few pieces of government issued ID, including one with your picture.
Deal Addict
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Sep 26, 2007
3960 posts
146 upvotes
SC
doesn't hurt to try.
Deal Addict
Jul 28, 2005
3237 posts
26 upvotes
Here's a list of the reasons you can be denied a bank account. Basically, as long as you don't have a history or expectation of fraud and have valid ID you are fine. However, as mentioned, they may use your credit record to determine your ATM withdrawal limits and hold policies.

http://www.cba.ca/index.php?option=com_ ... &Itemid=57
Deal Expert
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Dec 11, 2005
19192 posts
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What do you mean by "owe credit card $3000+ for past X years". Have you been making minimum payments? What is your TDSR?

Owing $3000 on a credit card is nothing, the devil is in the details.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Newbie
Jan 2, 2009
49 posts
2 upvotes
Short answer, no.

Unless you're a criminal or there is some fraudulent stuff reported against you, any chartered bank in Canada can't refuse opening an account for you just because you haven't paid your bills.

Be upfront with them... if you have bad credit, you can still get an account.

Keep in mind though. You'll have a pure cash account (you'll need to wait for cheques to clear fully and you will likely not get a debit card).

Sure beats Money Mart though.
Deal Addict
Jul 8, 2009
2028 posts
479 upvotes
Edmonton
Doesn't a business have the right to refuse to do business with anyone it chooses not to do business with? Why would banks be different?
Deal Expert
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Aug 18, 2005
19565 posts
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Burlington-Hamilton
Wing Nut wrote: Doesn't a business have the right to refuse to do business with anyone it chooses not to do business with? Why would banks be different?
Banks have to operate under many many federal and provincial regulations.

Even if your credit is crap, they could still accept you but make your holds and stuff so intolerable that you wouldn't want to bank there anyway.
- Casual Gastronomist -
[OP]
Deal Addict
Jun 2, 2010
1188 posts
31 upvotes
brunes wrote: What do you mean by "owe credit card $3000+ for past X years". Have you been making minimum payments? What is your TDSR?

Owing $3000 on a credit card is nothing, the devil is in the details.
what is TDSR ?? and what you mean owing 3000 is nothing/?

long story short: in 2002 ( i had good job and good income , had an average of $5000 a month) i got a mastercard (credit $1200) from RBC . used it all by 2003 . made full payment in cash same year. used it all again and never paid back. then i got a visa from TD worth $2500 around 2005 . used all of it and never paid back. so i dont know what is going on as i moved around from province to province so they don't have a steady address. so i don;t know if they have sent me any letter. etc etc.

opened a chequing account in 2006 with BMO. but this account got closed few months ago for some reason... so i am worried maybe i am in deep trouble now somehow they find out of me owing money and they decided to close my account.

also was reading about "Statute of Limitations" .... does that mean i DONT owe them any money anymore???
[OP]
Deal Addict
Jun 2, 2010
1188 posts
31 upvotes
Jucius Maximus wrote: Banks have to operate under many many federal and provincial regulations.

Even if your credit is crap, they could still accept you but make your holds and stuff so intolerable that you wouldn't want to bank there anyway.
what if your job direct deposits your pay.. they can't put a hold on that.
[OP]
Deal Addict
Jun 2, 2010
1188 posts
31 upvotes
xlfe wrote: doesn't hurt to try.
i don;t know man, i am afraid.. if i go and the representative looks at my history etc, he might rat me out to the credit card company....
Deal Addict
Feb 24, 2004
1479 posts
121 upvotes
dagger88 wrote: opened a chequing account in 2006 with BMO. but this account got closed few months ago for some reason... so i am worried maybe i am in deep trouble now somehow they find out of me owing money and they decided to close my account.

also was reading about "Statute of Limitations" .... does that mean i DONT owe them any money anymore???
dagger88 wrote: what if your job direct deposits your pay.. they can't put a hold on that.
Didn't know RBC issued Mastercards but I'll take your word..

It could be that both RBC and TD sued you for the amount owed. They probably did their due diligence by sending the court papers to your last known address. Without you there to defend yourself, it was pretty easy for them to win the court order. That court order would've gone to all Banks to flag you and would garnish any deposits you put into any account (short of welfare or family maintenance, if applicable). The BMO situation could've been that your balance was garnished and it became negative. Bank's policy is if you're in the negative for over 90 days, they'll automatically close your account.

In sum, there's no reason why you can't open another account, but once you do and it gets flagged, the amount owing would become locked. There is no statute of limitation if they had sued you within 2 years. There is no expiration on the court order; although banks typically keep your name on file for a year (if you're not a customer) and demand the issuing bank to reissue the garnishment request; most do!

Your credit rating probably took a beating, too.

All of this is regulated by OSFI and perfectly legal.
Deal Guru
User avatar
Dec 7, 2009
13823 posts
1335 upvotes
Do you have a close family member or sig. other who could open an account under their name?

In the meantime, open an account yourself but keep a small balance in there. If it gets closed, it will be little harm done.

Keep up the good fight.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Deal Expert
User avatar
Dec 11, 2005
19192 posts
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dagger88 wrote: what is TDSR ??
Total debt service ratio. The ratio of your income to debt.
[/quote]
and what you mean owing 3000 is nothing/?
I mean it is a tiny amount of debt. Minimum payments on $3000 are going to be like $20 / month or somesuch.
long story short: in 2002 ( i had good job and good income , had an average of $5000 a month) i got a mastercard (credit $1200) from RBC . used it all by 2003 . made full payment in cash same year. used it all again and never paid back. then i got a visa from TD worth $2500 around 2005 . used all of it and never paid back. so i dont know what is going on as i moved around from province to province so they don't have a steady address. so i don;t know if they have sent me any letter. etc etc.
You never paid it back AT ALL?

*facepalm*

Congratulations, you have ruined your credit for the next 5+ years based on not wanting to pay off a measly $3000. Oh - and you will have to pay it back anyway, debt collectors will find you sooner or later.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Deal Expert
User avatar
Dec 11, 2005
19192 posts
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Syne wrote:
Keep up the good fight.
What "good fight"? This guy is basically trying to steal $2500 from the bank and never pay it back.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings

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