Deposit account for pension not secure

May 15th, 2011 by Questions

I’m 52, pensioned off (25 years) from a major Cdn Bank. Only income is my small pension. EI exhausted. Former employer (Bank) is main creditor. Bank pension cannot be deposited to other Financial Institution. Account has O/D, at limit. Each month, within minutes of pension deposit, I move funds via EMT to other FI. Once Bank cancels O/D, I will lose ability to pull funds since they will keep to offset balance of O/D and all other loan and credit card debts. Bank & their lawyer showed no interest when I tried to negotiate lower payments. Kept repeating full amount outstanding. What can I do? How do I keep my pension?

Posted from: Ontario


One Response to “Deposit account for pension not secure”

, A licensed trustee said:

I think you need to speak to a Labour lawyer – my undersatnding is that the bank cannot require you to have your pension deposited with them. It may be their policy, but it is not the law…

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