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money deposited in a close account

forgot to update payroll and money was accidentally deposit in a close account in a bank I have consumer proposal with. Will the bank have the right to keep the money, do they usually just return it? If not, any advise on how to go about getting the pay back?

Posted from: Ontario

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One Response to “money deposited in a close account”

A licensed trustee said...

If you actually “closed” the account (ie went to the bank and signed all the documents to shut it down) then your payroll should be bounced back to your employer – that means they won’t be able to make the deposit.

If you simply decided to stop using the account (and didn’t go to the branch and close it properly) then you may have some difficulty recovering the money. First simply try and go and withdraw the funds yourself – you may be able to (then close the account properly). If you can’t, call your trustee for help – they may be able to have the funds sent to them and then returned to you…

For other people reading this entry – we advise all of our clients to close their existing bank accounts and open new accounts at a new bank (someone they don’t owe any money to) BEFORE they file either a consumer proposal or bankruptcy.