Locked Canadian Bank Account

[argeiCanuck]

Since I hardly ever used that account for years both debit and credit cards expired and the account is locked. No access on website or by phone.

Is there anything that could be done ,,,, aside from taking a flight to Toronto?

 

[LuckyLuke]

Howdy Argei,

There's a lot of missing info here.

Did you maintain a balance in the account or did you leave it at zero?

If your cards are expired, what address did the renewal cards go to?

Have you tried talking to customer service on how to unblock your account? Surely, they will tell you the requirements.

 

[argeiCanuck]

1
Yes the account always maintained the same positive balance. Hardly ever used.
2
My previous Argentina address. Currently I am at a different Argentina address.
3
Started recently phoning ,,, they told me the bank approved me to open a new savings acct and redirected me to a different number to call. I haven't done that yet.
4
So far the only requirement they offered is to go to a branch. They know I am in Argentina. The have on file one of my Argentina previous addresses.

I don't know what they are doing with my acct ,,,, a bit worried if I ever lose my savings. What is the fate? How eargent is the situation?

 

[ben]

Question is whether

1. they will accept a power of attorney,
2. if they will, you know someone in Canada that you trust and that would go on your behalf to the branch.

As far as losing your savings is concerned, it is unlikely you would lose the funds entirely. An account has to have no transactions for ten years to be termed inactive. Once it is, they transfer the funds to the Bank of Canada, and claiming it would then probably become more complicated. Per their website, they maintain balances of <$1000 for 30 years, and $1000 or more for 100 years.

 

[argeiCanuck]

Question is whether

1. they will accept a power of attorney,
2. if they will, you know someone in Canada that you trust and that would go on your behalf to the branch.

As far as losing your savings is concerned, it is unlikely you would lose the funds entirely. An account has to have no transactions for ten years to be termed inactive. Once it is, they transfer the funds to the Bank of Canada, and claiming it would then probably become more complicated. Per their website, they maintain balances of <$1000 for 30 years, and $1000 or more for 100 years.

Don't have either option. (Power of attorney or someone in Toronto)

BOC info you provided is assuring. I was not not aware and did not know what the bank is going to do. Now I have 100 years to resolve this issue ,,,, preferably without a trip to Toronto.

 

[LuckyLuke]

Argei, please amplify the way you are typing here. It's very difficult to understand the situation fully when you write your responses like a text message.

"Started recently phoning ,,, they told me the bank approved me to open a new savings acct and redirected me to a different number to call. I haven't done that yet."

So they said they would be willing to transfer your locked funds to a new savings account? What did they say about your old savings account? Why is it inaccessible? Are you missing identifying information?

"So far the only requirement they offered is to go to a branch."

To do what exactly?

"Don't have either option. (Power of attorney or someone in Toronto)"

Who doesn't have either option? The bank doesn't allow a power of attorney? You don't know anyone in Toronto?

 

[argeiCanuck]

The Bank will not send replacement of expired debit card overseas. Customer service wants me to go to a branch to pickup the replacement card.

No they didn't suggest transferring my locked funds to a new account. (This would have solved the issue already).

I don't have attorney or anyone in Toronto to help with this issue.

 

[Val555]

I'm literally in the same situation with TD. my bank cards expired long ago and phone number i use is gone. i have amount over the minimum amount of balance so at least there's no monthly maintenance fees on it.

also, afaik, it is any branch in canada, would just need to walk in and prove identity and get access.

 

[ben]

also, afaik, it is any branch in canada, would just need to walk in and prove identity and get access.

Correct, it need not be your home branch.
Walk into any branch in Canada with a Canadian passport and you’ll be fine.

 

[LuckyLuke]

The Bank will not send replacement of expired debit card overseas. Customer service wants me to go to a branch to pickup the replacement card.

FYI, I don't have anything under my Argentine address for this exact reason. Banks are not friendly to citizens residing outside the country.

Are they willing to send the replacement debit card to a canadian address? You could open a virtual mailing address in Canada.

Have you inquired if they will accept a faxed or emailed wire instruction request to either a domestic or international bank?