ScotiaBank costs widowed husband $35,000 in taxes and more, refuses to compensate until after news s

[Rangergxi]

[url]http://www.cbc.ca/news/canada/nova-scotia/35k-tax-bill-for-widowed-dad-from-scotiabank-s-mistakes-1.2126135[/url]

[QUOTE]
A widower with five children was slapped with a $35,000 unnecessary tax bill after Scotiabank made several mistakes on a routine registered retirement savings plan transaction.

When MacDonald was broadsided with the tax bill, he said the bank branch manager told him he was sorry. Until very recently, however, he was told he wouldn’t be compensated.
“We regret we are not in a position to provide compensation with respect to any penalties you have incurred from Canada Revenue Agency,” read an email from Scotia iTrade on Oct. 3.

As a result of our inquiries, however, Scotiabank has now offered MacDonald $37,000 to cover his tax bill. He received the offer four business days after Go Public contacted Scotiabank in Toronto.A bank spokesperson told Go Public, “As a result of lost paperwork, key dates were missed, and this led to other difficulties in resolving this account. This is a rare and regrettable occurrence, and we apologize.”

Scotiabank still hasn’t released his wife’s funds, though, because to this day it says it is missing required paperwork.

The fund has grown to $111,000. MacDonald is still infuriated he isn’t able to keep it growing — tax free in his RRSP — until retirement.

[/QUOTE]

Hopefully my Bank isn't as terrible when it comes to treating people. It probably is though.

[ultra_bright]

Scotiabank sucks, that's why I'm with TD.

If you really want a professional acting bank go with BMO.

[CubeManv2]

Now it's great and all that this is fixed, Now think about all the cases where it didn't get news coverage and the bank got it's way.

It's a damn shame.

[Rangergxi]

[QUOTE=CubeManv2;42604709]
It's a damn shame.[/QUOTE]

The man still got screwed over and lost more than what he was compensated with. They're just paying him off.

[TheDeadBread]

I've been considering switching banks for a while now...might be a good time to switch to RBC...

[Grenadiac]

So glad I have a chill bank. Compasslyfe

[Sgt. Napalm]

I'm a member of a credit union. Fuck banks.

[Teeteegone]

I thought this said 'Sobotnik costs widowed husband' at first :v:

[Computermaster]

<3 my credit union. They'd never pull shit like this.

[A_Pigeon]

get RBC bitche$

no charge ATM for life

[FelixDragon]

sunova is really chill even though i know nothing about banks other than sunova being a credit union.

[Mr. Someguy]

Why is it not the businesses responsibility to keep track of their own paperwork?

If a bank loses someone's paperwork, it should take responsibility and compensate them for the losses it caused.