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Ulysses101
Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 3360
Experience:  11 years experience in Canada family law, plus criminal, civil, and employment
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Can a bank turn down an application because you are a

Customer Question

Can a bank turn down an application for credit because you are a previous BR, discharged in Jan 2011.All assets are free and clear ie home and auto and GDS IS 5.4% and TDS is 14.5% with loan requested.
Submitted: 10 months ago.
Category: Canada Law
Expert:  Ulysses101 replied 10 months ago.

Hello, thank you for the question.

I don't mean to be flip about this, but people expect certain rights as against their bank. Yes, consumers do have protection. But nobody has a right to insist on getting something from a bank on their own terms.

The bank can turn you down for any reason or no reason at all. There are plenty of banks, trust companies, credit unions, and private lending organizations as competition, so if this bank doesn't want your business then it's their loss. It's a business relationship, contractual, at the end of the day. Fairness and human rights and respecting your discharge don't really enter into it.

Does that make sense?

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