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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100434
Experience:  Lawyer
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I wish to file a complain against Bank of Montreal

Customer Question

I wish to file a complain against Bank of Montreal for negligence and compensation
I am a non-resident and had banked over 350,000 Canadian Dollars over a period of years.
I handed the power of attorney to keep a check and ensure that the money I had sent was being received by the bank. She instead decided to use the money for her personal self.
She was drawing out big sums of money, and the bank did not contact me even once to inform or ask if I was authorizing these large sums of money to be transferred to her account. What can I do to get some compensation.
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.
Are you saying someone did because you authorized them to deal with your account by way of a Power of Attorney?
Customer: replied 2 years ago.
Yes and she withdrew all the money for her personal use. Ithere were lots of red flags. Large amount of money was withdrawn on several occasions including cash from arm machines example 15000 dollars on one day. I came to Canada and visited the bank and at the meeting I asked why I was not contacted when there were so many red flags I hold the the bank responsible for negligence and irresponsible
Expert:  Debra replied 2 years ago.
But what I don't understand is how the bank was to know that she was doing this for her own use?They had been told she has the authority to do what you would otherwise be doing so how were they to know what she was doing was wrong?
Customer: replied 2 years ago.
Technically no, but ethically they should have contacted me, especially when large sums of money (15000.00) dollars were withdrawn from ATM machines on the same day. I have not known of any bank which allows to withdraw such a large amount all in one day. Is it worth writing a letter to the CEO for this matter. I have incurred a very big loss.
Expert:  Debra replied 2 years ago.
It is certainly worth trying to address this but I don't think you will be able to sue successfully. Rather your cause of action and who must be sue is the person who acted under the POA. What you should do is send a letter to head office for the bank advising them of what happened and demanding the reimburse you.Then if that doesn't work you should file a complaint with the bank's ombudsman. If that doesn't work you can file a complaint with the external bank ombudsman. If you go into any branch of the bank you will find a complaint on how to complain. The brochure will have all the contact information you will need. You cannot skip any steps in the complaint process though. Then if that doesn't work you can consider suing but for sure sue the person as well as the bank.

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