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Mr. and Ms. L set up an RESP for their son with a Scholarship Plan Dealer in 2004. During the winter of 2005 the couple received a Canadian Education Savings Grant (CESG) application from the firm to fill out on behalf of their son.

Ms. L opened both a chequing account and a savings account with her bank. During a call with the customer contact centre, she asked whether the savings account interest rate of 1.25% was monthly or annual. 

OBSI received valuable feedback from participating firms during its first annual participating firm survey which was distributed in December 2016.

Sarah P. Bradley, Ombudsman and CEO, Ombudsman for Banking Services and Investments (OBSI) today announced that Grace McSorley will be joining the organization in the position of Deputy Ombudsman, effective July 4, 2017.

In January of 2014, Mr. G signed a Credit Agreement when he obtained a mortgage of $122,000 and a Line of Credit (LOC) of $39,600, both secured by a property he owned and planned to rent out. The monthly payments were $1,255 for his mortgage, which he had automatically debited from his bank account, and $43 for the LOC.

Consumer complaints increase in 2016

Mr. A’s small business filed for bankruptcy in 2014 after several years of financial difficulties. At the time, there was a $15,000 balance on the company credit card. 

Ms. B and her friends attended a presentation for real estate investment opportunities in the Caribbean. The salesperson explained that the investment was for a condominium timeshare located on a desirable waterfront location frequented by tourists.

Mr. H agreed to purchase a restaurant-size smoker from a private seller on Kijiji. He transferred $8,000 to the seller, via multiple authorized Interac e-Transfers. The seller had promised to ship the smoker to Mr. H upon receipt of the full payment.

OBSI Launches Five-Year Strategic Plan to Strengthen Services to Canadians