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Administrative nightmare
September 14, 2017
10:40 am
ALEX SHEPHERD
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September 14, 2017
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I have been dealing with Achieva for years as has my wife and my mother-in-law. So it came to me as a big surprise when I wanted to roll over my mother-in-laws' maturing GIC so that she held it jointly with her three daughters.

I started this procedure two months before the GIC came due. These people are beholden to Equifax (you know the outfit that leaked everyone's personal data!)

Well Equifax as it turns out is a very slack organization. They spelled peoples names wrong etc. etc. But Achieva makes you go and get this corrected not them and it takes weeks and they more or less freeze your investment in the mean time.

Worse my mother in law very rarely uses her first name choosing the second. Well do you think we can verify by a third party what her real first name is. This is a senior 91 with no passport, drivers license etc. Now this is after the woman had an account with Achieva for five years before they started asking this question.

I won't be sending them any more money. There seems to be a change in administration and it is not good. I deal with many different institutions and I have never been put through the nonsense Achieva has done. They won't even let you talk to their supervisors.

And here it is after two months. The money is languishing in a low interest savings account and we still haven't got this thing sorted out.

Be wary not worth the trouble to deal with them.

Alex Shepherd C.A. C.F.P.

September 14, 2017
11:19 am
Loonie
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I appreciate what you're saying.
In Ontario at least, the problem of no drivers' licence etc was ultimately noticed by the provincial gov't. You can now get provincial ID cards that are meant for people who do not have the other gov't ID. They look a lot like Drivers' Licences. I think everyone who needs one should get one. We can expect more hassles going forward following the equifax breach.

September 14, 2017
6:02 pm
Norman1
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If your mother-in-law doesn't have any government-issued ID or matching credit record information, how had Achieva been able to satisfactorily identify her in the past, as required under the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act regulations?

These identification methods are from the regulations:

Measures for Ascertaining Identity

64 (1) In the cases referred to in sections 53, 53.1 and 54, paragraph 54.1(a) and sections 55, 56, 57, 59, 59.1, 59.2, 59.3, 59.4, 59.5, 60 and 61, a person’s identity is to be ascertained

(a) by referring to an identification document that contains their name and photograph and that is issued by the federal government or a provincial government or by a foreign government that is not a municipal government, and by verifying that the name and photograph are those of the person;

(b) by referring to information concerning them that the person or entity that is ascertaining their identity receives, on request, from a federal or provincial government body — or an agent or mandatary of such a body — that is authorized in Canada to ascertain the identity of persons, and by verifying that either the name and address or the name and date of birth included in the information are those of the person;

(c) by referring to information that is in their credit file — if that file is located in Canada and has been in existence for at least three years — and by verifying that the name, address and date of birth in the credit file are those of the person;

(d) by doing any two of the following:

(i) referring to information from a reliable source that includes their name and address, and verifying that the name and address are those of the person,

(ii) referring to information from a reliable source that includes their name and date of birth, and verifying that the name and date of birth are those of the person, or

(iii) referring to information that includes their name and confirms that they have a deposit account or a credit card or other loan account with a financial entity, and verifying that information;

or
(e) by confirming that one of the following entities previously ascertained their identity in accordance with any of paragraphs (a) to (d), and by verifying that the name, address and date of birth in the entity’s record are those of the person:

(i) an entity that is referred to in any of paragraphs 5(a) to (g) of the Act and that is affiliated with the entity that is ascertaining the person’s identity,

(ii) an entity that carries on activities outside Canada similar to the activities of a person or entity referred to in any of paragraphs 5(a) to (g) of the Act and that is affiliated with the entity that is ascertaining the person’s identity, or

(iii) a financial entity that is subject to the Act and that is a member of the same financial services cooperative or credit union central as the entity that is ascertaining the person’s identity.

September 16, 2017
5:52 pm
SavingIsGood
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February 18, 2016
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Loonie said
I appreciate what you're saying.
In Ontario at least, the problem of no drivers' licence etc was ultimately noticed by the provincial gov't. You can now get provincial ID cards that are meant for people who do not have the other gov't ID. They look a lot like Drivers' Licences. I think everyone who needs one should get one. We can expect more hassles going forward following the equifax breach.  

Yes, and bastards want YOU to pay for such ID which has NO other function but to 'prove' that you are you. That is how bunch of losers came up with another cash grab.

September 16, 2017
8:40 pm
Norman1
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It is a good idea to have some government-issued photo ID with the right name.

The Ontario Photo Card is optional. One could instead apply for a Canadian passport. $160 every ten years. The Ontario card is $35 every five years.

It is not only financial institutions that are starting to be more strict. Employers are starting to be as well.

Companies used to be loose about employee's name on company computer accounts and directories. Now, some have clamped down and insist on legal names only. Can't use "Tony Smith" if ID actually says "Anthony Smith".

September 17, 2017
2:46 pm
Loonie
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This will also help employers to determine whether your university degrees are fake! See recent episode on CBC's Marketplace.

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