How to Resolve a Problem with your Bank

If you have a problem or complaint at your bank or trust company, you can follow these steps to get help.

Important Note:
Every time you talk to someone, write down their name, the date you talked to them, what they told you, and if some part of the problem was fixed. Keep your papers about the problem. If someone asks you to give them the papers, give them a copy and keep the original paper.

You must do the steps in order (you can’t skip a step).

Step 1
Explain your problem to the staff at your branch. You can ask to talk to a supervisor or a manager of the bank branch.

Step 2
If the branch staff don’t fix your problem, ask them for their brochure about complaints. The brochure has telephone numbers for senior managers or customer care centres. Call the number and explain your problem. Many banks also have their own ombudsman to help customers with complaints.

Step 3
If you still have a problem, you can call an independent ombudsman who doesn’t work for the bank. If your bank account is at RBC Royal Bank, call ADR Chambers at 1-877-307-0014. For all other banks, call the Ombudsman for Banking Services and Investments at 1-888-451-4519. The ombudsman will talk to you and to the bank, and look at your papers about the problem. The ombudsman will decide what is fair and tell the bank to do it.

You can also go to court to get a problem fixed, but it is more expensive. Also, if you go to court, you can’t use the ombudsman.

If you have a problem at a credit union or caisse populaire, ask to speak to the manager. If the manager doesn’t solve your problem, ask what to do about complaints. The provinces have government offices that can help you with a problem after you try to fix it with the credit union or caisse.

CDIC Insurance for Joint Deposits – How it is Calculated?

CDIC (Canadian Deposit Insurance Corporation) insures eligible deposits at each CDIC member institution up to a maximum of $100,000 (principal and interest combined) per depositor (or, in the case of joint deposits, per set of joint owners), in each of the following:

  1. Savings held in one name
  2. Joint deposits (savings held in more than one name)
  3. Savings held in trust for another person
  4. Savings held in Registered Retirement Savings Plans (RRSPs)
  5. Savings held in Registered Retirement Income Funds (RRIFs)
  6. Savings held in Tax-Free Savings Accounts (TFSAs)
  7. Money held for paying realty taxes on mortgaged property

To be eligible for deposit insurance, deposits must be payable in Canada and in Canadian currency. As a general rule, a deposit is considered to be payable in Canada if it is held at a branch or office of a CDIC member institution in Canada.

Eligible deposits include savings accounts, chequing accounts, GICs or other term deposits with an original term to maturity of 5 years or less, money orders, certified cheques, and bank drafts issued by CDIC members.

As stated above, eligible joint deposits are insured separately from deposits in each person’s own name alone at the same member institution, up to a maximum of $100,000 (principal and interest combined). However, this deposit insurance is payable per set of joint depositors; that is, the joint owners together receive a single deposit insurance payment of up to $100,000.

To be eligible for separate CDIC insurance coverage, the following information about a joint deposit has to appear on the records of the member institution:

  • a statement that the deposits are owned jointly; and
  • the name and address of each of the joint owners.

It is important to note that each person identified as a joint owner must have a genuine ownership interest in the deposit for separate deposit insurance protection to apply. The creation of artificial joint deposits for the sole purpose of obtaining additional deposit insurance protection is contrary to the intent of the CDIC Act.

Source: CDIC Website

Canada Deposit Insurance Corporation (CDIC)

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created in 1967 to protect the money you deposit in member financial institutions in case of their failure.

CDIC’s members are banks, trust companies, loan companies and cooperative credit associations that take deposits. The complete list of members can be found out at the CDIC website.


  • CDIC insures eligible deposits you make with our members. Insurable deposits include: savings accounts and chequing accounts;
  • term deposits, such as guaranteed investment certificates (GICs) and debentures issued by loan companies;
  • money orders, travellers’ cheques and bank drafts issued by CDIC members and cheques certified by CDIC members; and
  • accounts that hold funds to pay realty taxes on mortgaged properties.

To be eligible for deposit insurance protection, your deposit must be payable in Canada, in Canadian currency. Term deposits must be repayable no later than five years after the date of deposit.

Please note that Not all deposits and investments offered by our members are insurable. For example, CDIC does not insure:

  • foreign currency deposits (e.g., accounts in U.S. dollars);
  • term deposits with a maturity date of more than five years from the date of deposit;
  • debentures issued by banks, trust companies or cooperative credit associations;
  • bonds or debentures issued by governments and corporations;
  • Treasury bills; and
  • investments in mortgages, stocks or mutual funds.


Basic Protection
The maximum basic protection for eligible deposits is $100,000 (principal and interest combined) per depositor in each CDIC member institution. Deposits are not insured separately if made at different branch offices of a member.

Separate Protection
CDIC insures eligible deposits separately in each of the following cases:

  • savings held in one name;
  • savings held in more than one name (joint deposits);
  • savings held in trust for another person;
  • savings held in registered retirement savings plans (RRSPs);
  • savings held in registered retirement income funds (RRIFs);
  • savings held in tax-free savings accounts (TFSAs); and
  • savings held for paying realty taxes on mortgaged properties.

You are responsible for ensuring that the member institution’s records include all information required for the separate protection of these deposits (see following sections for details).

Joint Deposits
Deposits you own jointly with someone else are insured separately from deposits in your own name, provided that the records of the member institution:

  • indicate the deposits are owned jointly; and
  • include the name and address of each joint owner.

The maximum insurance for all deposits having the same joint owners at each member institution is $100,000 (collectively, not per individual owner).

Trust Deposits
Deposits held in trust are insured separately from deposits owned personally by the trustee or the beneficiary(ies) provided that the records of the member institution:

  • state that the deposit is held in trust;
  • identify the name and address of the trustee(s); and
  • identify the name(s) and address(es) of the beneficiary(ies).

If a trust deposit is held for more than one beneficiary, the dollar amount or percentage owned by each beneficiary must be identified on the CDIC member’s records each year as of April 30. Each beneficiary’s share then is insured up to $100,000.

For more information on CDIC, please visit CDIC’s Website.

Schedule 3 Banks in Canada

Schedule III Banks are foreign banks which operate their branches in Canada. Thus, these are foreign banks permitted to carry on business in Canada. Examples include Bank of America, Capital One, Credit Suisse and Deutsche Bank AG. Unlike the Schedule I and Schedule II banks, the Schedule III banks are NOT incorporated under the Bank Act and they operate in Canada, usually within the country’s largest cities (being Toronto, Montreal, Calgary and Vancouver), under certain restrictions mentioned in the Bank Act.

Full Service Branches of Foreign Banks
As of September 2013, there were 24 such banks in Canada.

Bank Parent Country
Bank of America, National Association  USA
Bank of New York Mellon (The)  USA
Barclays Bank PLC (Canada Branch)  UK
Capital One Bank (Canada Branch)  USA
Citibank, N.A.  USA
Comerica Bank  USA
Deutsche Bank AG  Germany
Dexia Crédit Local S.A.  France Belgium
Fifth Third Bank  USA
First Commercial Bank  Taiwan
HSBC Bank USA, National Association  USA
JPMorgan Chase Bank, National Association  USA
M&T Bank  USA
Maple Bank  Germany
Mizuho Corporate Bank, Ltd., Canada Branch  Japan
Northern Trust Company, Canada Branch (The)  USA
Rabobank Nederland  Netherlands
Royal Bank of Scotland N.V.  UK
Société Générale (Canada Branch)  France
State Street  USA
U.S. Bank National Association  USA
UBS AG Canada Branch   Switzerland
United Overseas Bank Limited  Singapore
Wells Fargo Bank, National Association, Canadian Branch  USA

Lending Only Branches of Foreign Banks
There were 4 such banks in Canada in September, 2013.

Bank Parent Country
Credit Suisse, Toronto Branch  Switzerland
Merrill Lynch International Bank Limited  USA
PNC Bank Canada  USA
Union Bank of California, N.A.  USA

Schedule 2 Banks in Canada

Schedule II Banks in Canada are the banks in Canada which are subsidiaries of foreign banks. Schedule II Banks are allowed to accept deposits. Like the Schedule I banks, the Schedule II banks are incorporated under the Bank Act. Some examples of  Schedule 2 banks are AMEX Bank of Canada, Citibank Canada, HSBC Bank Canada etc. As of September 2013, there were 24 of these banks in Canada, however 3 were in liquidation.

Bank Parent Country
AMEX Bank of Canada  USA
Bank of America Canada (in voluntary liquidation)  USA
Bank of China (Canada)  China
Bank of Tokyo-Mitsubishi UFJ (Canada)  Japan
Bank One Canada (in voluntary liquidation)  USA
BNP Paribas (Canada)  France
BofA Canada Bank  USA
Citco Bank Canada  USA
Citibank Canada  USA
CTC Bank of Canada  Taiwan
Habib Canadian Bank   Switzerland
HSBC Bank Canada  UK
ICICI Bank Canada  India
Industrial and Commercial Bank of China (Canada)  China
J.P. Morgan Bank Canada  USA
J.P. Morgan Canada (in liquidation)  USA
Korea Exchange Bank of Canada  South Korea
Mega International Commercial Bank (Canada)  Taiwan
Shinhan Bank Canada  South Korea
Société Générale (Canada)  France
State Bank of India (Canada)  India
Sumitomo Mitsui Banking Corporation of Canada  Japan
UBS Bank (Canada)  Switzerland

Schedule 1 Banks in Canada

Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.

Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are 29 domestic banks as of February 2014. Because the Schedule I banks are not subsidiaries of any foreign bank, they are the true domestic banks and are the only banks allowed to receive, hold and enforce a special security interest described and provided for under the Bank Act and known to Canadian lawyers and bankers as the “Bank Act security”.

Bank Established Headquarters
B2B Bank 2012 Toronto
Bank of Montreal 1817 Montreal
Bank of Nova Scotia (Scotiabank) 1832 Toronto
Bank West (Desjardins Group) 2002 High River, Alberta
Bridgewater Bank 2006 Calgary
Canadian Imperial Bank of Commerce 1867 Toronto
Canadian Tire Bank 1968 Oakville, Ontario
Canadian Western Bank 1985 Edmonton
Citizens Bank of Canada 1997 Vancouver
CFF Bank 2013 Oakville, Ontario
Continental Bank of Canada 2013 Whitby
CS Alterna Bank 2000 Ottawa
DirectCash Bank 2007 Calgary
Equitable Bank 2013 Toronto
First Nations Bank of Canada 1996 Saskatoon
General Bank of Canada 2005 Edmonton
Hollis Canadian Bank 1998 Toronto
HomEquity Bank 2009 Toronto
ING Bank of Canada 2013 Toronto
Jameson Bank 2008 Toronto
Laurentian Bank of Canada 1846 Montreal
Manulife Bank of Canada 1993 Toronto
National Bank of Canada 1859 Montreal
Pacific & Western Bank of Canada 1980 London, Ontario
President’s Choice Bank 1996 Toronto
RedBrick Bank 2013 Oakville, Ontario
Rogers Bank 2013 Toronto
Royal Bank of Canada (RBC) 1864 Montreal
Toronto-Dominion Bank (TD Canada Trust) 1955 Toronto

Canada Banks Holiday Calendar 2014

Federally regulated institutions/banks are obligated under federal law to observe the statutory holidays stipulated in the Canada Labour Code. The observance of provincially legislated holidays is a discretionary business decision made by each bank. Below is the calendar followed by most banks for 2014 but there might be some difference because of provincially legislated holidays. Please contact your bank for exact holidays. Most banks publish their holiday calendar on their websites.

Date Occasion Region
Wednesday, January 1st New Year’s Day National holiday
Thursday, January 2nd Day after New Year’s Quebec only
Monday, February 10 Family Day British Columbia only
Monday, February 17 Family Day / Louis Riel Day Alberta, Ontario, Saskatchewan, Manitoba, P.E.I.
Friday, April 18 Good Friday National holiday
Monday, May 19 Victoria Day National holiday
Tuesday, June 24 St-Jean Baptiste Day Quebec only
Tuesday, July 1st Canada Day National holiday
Monday, August 4 Civic Day Except Quebec and P.-E.-I.
Monday, September 1st Labour Day National holiday
Monday, October 13 Thanksgiving Day National holiday
Tuesday, November 11 Remembrance Day National holiday
Thursday, December 25 Christmas Day National holiday
Friday, December 26 Boxing Day National holiday
Thursday January 1st 2015 New Year’s Day National holiday
Friday, January 2nd 2015 Day after New Year’s Quebec only