Overdraft protection

May 25th, 2010 by Questions

Last week I filed for a consumer proposal. I was wondering what would happen if anything to my bank account? I have an overdraft protection with my bank however I do have a credit card at the same bank that was included in my consumer proposal. My overdraft protection is only for $1000 however this amount is always paid back since I always deposit my pay cheques in this account. Can the bank take away this overdraft protection?


Posted from: Quebec


One Response to “Overdraft protection”

, A licensed trustee said:

We instruct all of our clients to change banks when they file either bankruptcy or a consumer proposal. It is likely that the bank you are dealing with will cancel your overdraft as soon as they receive notice of the proposal. Further, if you deposit mony into the account then may simply grab it to pay off your debt.

Go open a new bank account someplace else if you want to avoid any problems…

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