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