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RRSP

I have read that Banks have the right to seize funds in cash accounts with them when your in default on credit with them. My question is – does that same right exist to RRSP’s? If I owe “A” Bank and happen to have $15K in RRSP’s at “A” bank – can they take that money by cashing in my RRSP’s without first pursing a judgement and without my consent. The money owed to them is unsecured.

Thanks,

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One Response to “RRSP”

Barton Goth GCO Bankruptcy Trustees said...

I have seen the bank invoke what we call this right of ‘set-off’ on RRSP funds, but to do so they must first deregister the monies in question and then invoke the right of set off. Although the ability to deregister the funds is not covered under the normal rights of set off, some banks are wording the original contracts in a way where they can have this added ability to deregister should you default on other contracts at the same institution.