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Email this9:25 am
February 20, 2018
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A bank raised my credit card interest rate after many years they said it was a mistake i was getting an ultra-low rate do i have a case with the ombud? Wasnt satisfied with customer care offer
10:40 am
February 27, 2018
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Hotmony. Canadian banks can pretty well do whatever they please. If you are not happy with your bank, find another, that will be the ombudsman's reply, if you file a complaint.
Under the tangerine thread, i posted my dealings with their ombudsman.
11:49 pm
April 6, 2013
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Unless contracted otherwise, the banks can legally increase the interest rate on their credit cards with 30 days notice.
The banking ombudsman can investigate but won't rule against a financial institution for doing something the financial institution is legally allowed to do.
5:30 am
February 27, 2018
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Definitions defined by Canadian law.
illegal - a sick bird (ill eagle).
The scope of leniency for Canadian corporations is beyond huge. Errors happen, judges try to rule on intent, not so much on outcome. I have walked out of courtrooms more than once shaking my head, knowing that i just lost but still not fully understanding why i lost. Then 6 months or so later i get the judges submission. An error was made, they tried to correct the error upon the realization that a mistake was made, the error was uncorrectable at that late date... sorry Mr. Kidd you lose.
One such case...
General Motors sold the north plant in oshawa ontario.
There were assurances from both gm and the union that our pensions were safe under the new owner.
The union (caw/unifor) gave the new owner the pension calculation.
That calculation was WRONG.
The new owner went bankrupt, the north plant closed.
Upon retiring we were informed, those who worked in the north plant, your pensions are going to be short.
Now we are talking a pension shortage of thousands of dollars per year. General Motors DID give us an offsetting lump sum payment which helped BUT did not make us whole.
7:46 am
April 6, 2013
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The pension funding calculation may not have been wrong. Just that things didn't unfold the way everyone expected.
The funding calculation for a defined benefits pension plan, used to set the contribution levels, is an estimate of the amount of money needed for the estimated future pensions using an estimated rate of return on the plan's investments.
A big challenge over the past 30 years is that the actual rates of return on the investments have been much lower than the estimated rates of return. Interest rates have fallen to levels not expected decades ago. That has cut investment returns substantially.
I remember five-year GIC's returning 10%+ per annum easily available. Now, we are impressed if we can get 3% on a five-year GIC.
If the employer is no longer around to make up the shortfall from the lower rates of return, then the eventual pensions will come up short. 
Please write your comments in the forum.