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A Canada bankruptcy is a cost effective way to deal with debt burdens you can no longer manage. While there are negative consequences to a bankruptcy filing, the constant advice that bankruptcy is the debt solution of last resort leads many people to simply not bother to learn what bankruptcy is all about. Why bother learning about something you have every intention of avoiding? Without straight information, people believe many of the myths they hear about bankruptcy. One of them is that mainstream banks will not deal with customers who have been through bankruptcy. Is Bankruptcy a guarantee of future trouble opening bank accounts?
As of 2003, the federal government rolled out the Access to Basic Banking Services Regulations. These regulations prohibit federally regulated banks from denying applicants a basic personal bank account for reasons other than fraud, crimes against any bank, harassment of bank employees, or providing false identification.
The regulations do not apply to Internet or telephone applications. To be protected you must apply in person with an original form of identification. The ID is standard Canadian fare - driver's license; passport; certification of naturalization; SIN card; Provincial health card; or Canadian birth certificate.
If you have lost your job or are in bankruptcy or had declared bankruptcy previously, you cannot be denied access to an account. The federal agency charge with enforcing these regulations is the Financial Consumer Agency of Canada (FCAC). In the unlikely event you actually experience trouble opening bank accounts, you can file a complaint with the FCAC.
You can find complaint forms on the FCAC website but most complaints are resolved at the bank level. If you remind the bank of your rights under the Access to Basic Banking Services Regulations, they are likely to comply on their own. You might have to invest some time working your way up the food chain within the bank.
The belief that bankruptcy will inhibit your access to banking services is one of many falsehoods floating around about bankruptcy. As you may know, bankruptcy filings are handled by licensed bankruptcy trustees. However, they can do more for you than managing your bankruptcy paperwork.
Bankruptcy trustees can and will counsel you on all available alternatives to help you deal with your financial problems, not just bankruptcy. In fact, they are required by law to do so. An initial consultation with a trustee is free of charge. At that time, they can assess your financial circumstances and help you select the best alternative for getting out of debt and back on sound financial ground.
If you have trouble opening bank account, you can visit Personal Bankruptcy Canada at PersonalBankruptcyCanada.ca. Contact an Alberta bankruptcy trustee today to set up your free consultation.
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