July 9th, 2011 by Questions

We are considering proposal. We have a mortgage with a bank but no other debt with them. Can we open a new account there and transfer our RESP there too? or open a new bank account with another bank that we never dealt with.
Appreciate your assistance on this and thank you for this very helpful website.

Thank you

Posted from: Ontario


One Response to “bank”

, A licensed trustee said:

I don’t see any reason why not. The trick is make certain you don’t have any unsecured debts with whichever bank you will be dealing with after you file – if you have any unsecured debt with them they may start taking money directly from your account… that can create all kinds of trouble.

The safest thing to do is go to a brand new bank – someone you have not dealt with for anything in the past. Then there can be no question about forgotten debts and access to your account.

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