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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
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Experience:  25 years in practice
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My Money Transfer company has been banking with the same

Customer Question

My Money Transfer company has been banking with the same bank for the past 20 years and have never been advised the we have breached any banking or Money Transfer regulations.
My Bank has now advised us that they will close our company's account without giving us any reason other than to say that they no longer wish to do business with Money Service business, but we know as a fact that they are now agent and do business with one of the larger Money Transfer Companies. We believe that the bank is now wanting to closed our account because of bias as they have the signs of the other company posted on their doors indicating that they are Agents for that Money Transfer Company.
We are fully compliant and registered with FINTRAC the Government regulator and we
believe that we are being shut out by our bank because they are now agent for one of our competitor Money Transfer Company.
What recourse do we have?
Submitted: 4 months ago.
Category: Canada Law
Expert:  Legal Ease replied 4 months ago.

Is this going to cause you damages or can you simply open an account with another bank?

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