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Bank refusal to stop payment

I have requested a `stop payment` on two loans I have with TD Canada Trust which are automatically paid from my account. The loans, as well as the overdraft on my account will be included in the Consumer Proposal just registered a few days ago, but the bank is refusing to stop the payments, is advising me that they will attempt to draw the money from my account and will charge me NSF fees of $42.50 for each loan. Do I have any options to prevent this? Thank you for your time!

Posted from: Ontario

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One Response to “Bank refusal to stop payment”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

At this point the best thing to do is to open a new bank account with an institution you don’t owe any money to. If you stop using this account, stop putting any money on the account, and list the account in your proposal you shouldn’t have any problems.