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Canadian Direct Financial Canadian Western Bank Negative Review
May 6, 2015
6:53 pm
taxed
Canada
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Forum Posts: 9
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May 6, 2015
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Canadian Direct Financial placing holds on my cash deposits, when questioned about this, their response was to close my account

I had opened both a checking and savings account with Canadian Direct. Any deposits were made into their parent company's (CWB) ATM. On numerous occasions, holds were placed on cash deposits, and remained on hold even after the ATM had been serviced. This not only happened to me, but to my brother as well in another Alberta city. In addition, my brother checked his account one day, and found a hold placed on his funds for no apparent reason. Canadian Direct could not provide my brother with a reason as to why the hold was placed on his account. I brought my problems to Canadian Direct attention. They were surprised at the problems my family was experiencing, and admitted that this should not be occurring. Even after the discussion, the problems still continued. I finally sent a terse email to their parent company, Canadian Western Bank CEO, how did they handle the problem?? they just shut my account down. Placing a hold on cash deposits is the equivalent of going to the supermarket, paying with cash, only to be informed by the cashier that they would have to hold my milk, meat, and eggs until my cash clears. Absurd to say the least. I contacted their ombudsman, no resolution to the matter.

September 5, 2017
1:42 pm
pleasanthill
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September 5, 2017
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I am having a very similar issue with them. Funds were transferred the wrong way (twice) and trying to get this corrected is very frustrating. The latest transfer was for a very large sum of money. Even though the transfer went through they have frozen the funds. Now they have blocked me from electronically accessing my account and despite contacting them twice I am receiving no help. I have never run into this with any other electronic banking outfit. I would recommend EQ bank or Oaken if looking for high interest options. Have no problem with either and provided you stay within the insurance limits they are safe options and at least have customer service.

September 5, 2017
3:40 pm
User230
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Forum Posts: 183
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December 4, 2016
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I also have a warning. They have bad customer service.

I had a issue with deposited funds not getting interest for a time period. About 15 dollars worth. Like 10 emails were sent about the issue. Often they didn't respond to my inquires for weeks. It was never resolved. They refused to say sorry about the mistake or take ownership of poor communication. They often forgot what was said in previous emails (or didn't care to look). Which lead me to explain the situation multiple times. Just a huge headache.

If you don't need customer service their rates are good. Just make sure they are paying the right interest and baby sit transfers. Not a great bank to work with.

September 5, 2017
4:56 pm
Loonie
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October 21, 2013
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I have no experience with this FI, but it's always a bad idea to put cash into an ATM as you can never prove that it actually went in.

September 5, 2017
4:57 pm
Bill
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September 11, 2013
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I had some dealings with them, never a problem, but I've always talked with them on the phone instead of using email, chat, etc

September 6, 2017
8:18 am
Rick
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Forum Posts: 1110
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February 17, 2013
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Been using them since 2013. Only issues I 've had were the result of my own stupidity. I've always found their CSR's friendly, efficient and a pleasure to deal with. Rates are pretty good too. No.....I have never deposited cash in an ATM so haven't had to deal with that issue. If you search this forum hard enough, I'm sure you could find someone that has had an issue with almost every institution. I try to remember they are dealing with money....MY money. I'd rather they be extra cautious before giving it away. Just the world we live in today.

September 6, 2017
8:15 pm
pleasanthill
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September 5, 2017
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I have never done ATM deposits. I was transferring money between accounts. Even after talking to them by phone they froze my transferred accounts for several days and even after that said that it would be 2 days or longer to release after a week delay. Then they froze my electronic access to my account to even monitor the funds. My experience is if you push their customer service department on any issue their response is to basically lock up your funds. I
never usually register on consumer sites but their response has been so egregious that I wanted to let people know before doing business with them. There are good options for similar or better rates. So disappointed and I had significant funds with them. Can't imagine how they treat customers in general but the poster who said they closed her account when she complained rings true to me.

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