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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Can the bank withdraw money from my account ?

i am just wondering I am not working and receiving money from the government for Ontario works to have a place to stay I owe my bank a remaining of 80$ from several years ago and I am just wondering if when my Ontario work check goes into my bank if they are legally able to take it from that as I put 125$ in my account and they took everything out down to the last cent

Posted from: Ontario

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One Response to “Can the bank withdraw money from my account ?”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

If you owe the bank money they are legally entitled to set off the amount on deposit against any outstanding indebtedness. If this is a problem you may wish to open an account with a different bank.

If this is your only debt it is very unlikely that the bank is going to take any other action against you. The amount of debt is probably insufficient to warrant any collect ion practices. If the debt is “several years old” it may be outside the prescribed length of time for collections allowed by the statute of limitations. If you have other substantial debts your problem may be more serious and you may be well advised to discuss the options available to solve all of your financial problems with a Trustee in Bankruptcy.