Cutter Recovery Services ripoff Ontario Nationwide
Well I went to the bank today to withdraw money from the old account which is suppose to be closed and only allow deposites.I found out that C I B C let them back into my account yesterday to withdraw $594. again. The bank did return my money this morning for this withdraw and now that account has been completely closed. I don't understand how the bank could let this go through my account when for one it stated DEPOSIT only, and two we put a stop payment on the excat amount and the exact name. Does anyone else know how this can happen? I believe CIBC needs to revamp and get a bunch of new people working who can read directions.
Mary
Hamilton, Ontario
Canada
1 Updates & Rebuttals
B
Toronto,Ontario,
Canada
Why the bank failed - deposit only, stop payments
#2Consumer Comment
Sat, December 03, 2005
In most of the banks, when they say deposit only, it refers to the bank card limitations as being deposit only, no withdrawals/purchases are allowed through the use of your bank card. If you want to maintain your full account deposit only, you would need to put a full hold on your funds. However, when you do so, any other transactions that involves money withdrawn from the account will also be rejected because your funds are on hold. The only way for an individual who have requested for full hold on the account to withdraw funds would be to visit a local branch because the hold would need to be first removed, funds withdrawn, then hold replaced back on.
As for stop payments failing, most banks do tell customers that stop payments may not always work and that it may fail. In any event that it did, there's nothing you can do really. Also, for stop payments to increase the chance of successfulness, the amount, date of transaction, company name have to be very exact. If they payment was $105 and the stop payment was $104, it could fail as well.
Hope this helps.
p.s. I've posted a thread in regards to one of the many methods that you may be available to you to retrieve your funds. Search for Cutter Recovery Services and the thread posted on December 1, 2005.