Envision Financial - A division of First West Credit Union

Financial Services provider goes above an beyond to serve account holder!

Not all financial instantiations are equal! You may have heard this saying in the past but I can for sure say that this statement is so true. (more…)


Bank forces customer to default on loan payment!

TD Canada Trust forced a customer to default on loan payment on October 6, 2008.  On September 30, 2008 the Customer arranged with the Holding Branch of the loan to deffer the next loan payment that was due to come out of a Business account that the customer held with TD Canada Trust. On October 3, 2008 The Customer had to initiate the phone call to follow up with Rob at TD Canada Trust Branch 9272 Located in New Westminster, BC to leave a Voice Mail message to have Rob call the customer back.

When Rob called the customer back, Rob was blunt and straight to the point ans told the customer that his application was denied due to a out standing debt that the Customer owed TD Canada Trust for an account that was closed by the branch and sent directly to the TD Collection department.

When the Customer Contacted the Collections department the Collections department was very unhelpful and was not even able to view why the account had be closed or what the out standing charges where on the account.  After the customer had dealt with the Collections department, the customer immediately headed to wards the nearest TD Canada Trust Branch to see if the Customer Service person at the branch would be able to help explain and reverse the Charges that TD Canada Trust had in-cured on the said closed account. Once the charges had been reverse the customer asked again what will happen with the differed loan payment. The Customer Service Rep at TD Canada Trust informed the the Customer that the “Full Loan Payment” was already in transit as the payment date was October 6, 2008.

The Customer had been prepared for the Interest Payment that would have been taken if the loan had been properly deferred in the first place. The Customer to prevent a $47+ NSF charge on his business account he decided to “Close” the business account that the loan payment was scheduled to be taken from.

There are several main factors that led to the decision that this customer had to make

  1. The failure on behalf of Rob at the TD Canada Trust Branch to inform the customer of the out standing debt that had been sent to collection. (As a former employee the customer knows that any messages are displayed when ever a person calls up a customer profile)
  2. The failure of behalf of Rob at the Branch to contact the Customer that the Customers request was denied because of the account that had been sent to collections.
  3. The Collection Departments inability to rectify or assist the customer with the outstanding matter.
  4. Once the problem with the closed account was dealt with TD Canada Trust was still unable to assist the customer with deferring the loan payment.

The Customer was left no choice but to close their accounts with TD Canada Trust to provent Further Problems with the accounts.

Now my question is why would a Financial institution such as TD Canada Trust deliberately force a customer to default on a loan payment.

The Customer was prepared for such a matter as he had already setup Both Business and Personal bank accounts at another Bank.

Government Ready to Create Deficate

Canadian Money to be injected in to the Banking System

Canadian Money to be injected in to the Banking System

I am not sure how much the Main Stream Media has been covering the Canadian Governments plans to create a $10 Billion Defecate. What I have read on bloom-berg and Routers is that the Canadian Government is willing to hand over $10 Billion to the Banking System here in Canada creating a national defecate. Also the Bank of Canada has an option to swap or borrow $30 Billion US with the US Federal Reserve.

What this will do is put Canada in to Debt and Esculate the speed of a resession that these action would create