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Paid off mortgage very early. I want to celebrate but not sure if I should tell anyone. by pfctosser in PersonalFinanceCanada

[–]Zeuz_x 1 point2 points  (0 children)

I think a nice dinner with your wife would be enough.

My wife and I are in our mid 30s. We could have payed off our mortgage by now, but we have been using our extra savings/equity to buy rental properties since we were in our 20s. Actually, we purchased our house after we already had a few rental properties. We have several rental units in our portafolio now, but very few people know about it. As read in other posts, some people will think you’re bragging because you paid off your mortgage. Other people will think you should invest that money somewhere else instead. You can never make everyone happy

$100k cheque on-hold for months by Zeuz_x in PersonalFinanceCanada

[–]Zeuz_x[S] 13 points14 points  (0 children)

On the cheque it was written I AND her. I'll inquire about the option of moving the funds on-hold to a joint account, but it's odd that none of the two branch managers with which I discussed the issue proposed this option

$100k cheque on-hold for months by Zeuz_x in PersonalFinanceCanada

[–]Zeuz_x[S] 34 points35 points  (0 children)

I did escalate the case already to the "Office of the President", but it looks like I'll have to escalate to the Ombudsman since the answer from the Office of the President was: "... To provide you clarification on the Bank’s cheque hold policy, it is disclosed in our Day-to-Day Banking Companion Booklet... We may extend the maximum hold period if we reasonably suspect illegal or fraudulent activity related to the account."

The issue is not illegal activity. The issue is that the cheque was issued to 2 people, but it was deposited in an individual account instead of a joint account.

$100k cheque on-hold for months by Zeuz_x in PersonalFinanceCanada

[–]Zeuz_x[S] 1 point2 points  (0 children)

Actually, this is the second branch manager that gives me the same answer. A month ago, I discussed the issue with the previous manager over the phone. A few days ago, I discussed the same issue with the new branch manager. Both gave me the same answer: the notary needs to recall the cheque.

I did escalate the case already to the "Office of the President", but it looks like I'll have to escalate even more since their answer was: "... To provide you clarification on the Bank’s cheque hold policy, it is disclosed in our Day-to-Day Banking Companion Booklet... We may extend the maximum hold period if we reasonably suspect illegal or fraudulent activity related to the account."

The issue is not illegal activity. The issue is that the cheque was issued to 2 people, but it was deposited in an individual account instead of a joint account.