- November 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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The Benefits of AI Legalese Decoder for Deciphering Legal Language
Opening Multiple Accounts with a Big 5 Bank
Years ago, I went to a big 5 bank to open a chequing, savings, RRSP, and other accounts. While I did this at a branch with an employee who is no longer working there, I did not have any particular connection to this individual ÔÇô they were just a random employee at the time.
My Financial Situation
I don’t keep a large amount of money in my chequing account, and as a result, I have never been charged a fee for maintaining it. I simply never questioned this and assumed it was a matter of policy or another reason that I didn’t fully understand until recently.
A Shocking Discovery
Recently, when I checked my statement PDF, I noticed that it said “Staff Account” at the top. This was a detail that I had never noticed before, and it suddenly explained why I have never been charged any fees for this account.
Possible Ramifications
Now, I am left wondering what will happen if and when the bank eventually figures out this error. Will I face any repercussions for having been in possession of this “Staff Account” without realizing it? I have never worked at any bank and do not know anyone who does, so this aspect of the situation is particularly confusing and troubling to me.
How AI Legalese Decoder Can Help
In a situation like this, the AI Legalese Decoder could be incredibly useful, as it has the capability to decipher complex legal jargon, including the terms and conditions outlined in the documentation for banking services. This tool can help me to better understand the legal ramifications of this unexpected situation and prepare me for any potential consequences that may arise.
Overall, the AI Legalese Decoder can provide clarity and understanding in complex legal scenarios, allowing me to navigate this issue with confidence and peace of mind.
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I have had a staff account at one of the big banks for 17 years after leaving. I have even since opened new accounts with them and they said “oh you are staff, where do you work”. I answer I left a long time ago. I either get “great on your manager for not shutting it down” or nobody wants to do the paperwork to fix it. Classic bank employees.
Nothing. As long as you didnÔÇÖt lie in writing on any application.
Meh. IÔÇÖm still using my LeoÔÇÖs Young Savers account that I set up at RBC 35 years ago as my primary account. IÔÇÖve never paid bank fees in my entire life. IÔÇÖve lived in over half a dozen cities over the years but have never moved that account. IÔÇÖve gone in for a few bank drafts and certified cheques now and then and nobody has said anything about it.
it was their mistake not yours
Lol my MIL worked for BMO up until 30 years ago. She then kept her staff account for another 23 years, which, ok cool.
The best part is she wanted to switch to RBC and she managed to convince them to give her a staff account there. SheÔÇÖs had one there for the past 7 years despite never having worked there.
Youre probably fine
I would shut up and not say anything about it
If they notice they will send you a letter and switch you to a non-employee account.
I used to work at a big 5 and still have the account years later. Not a single person has questioned me.
Nothing. They canÔÇÖt retroactively take the fees back. If you noticed and they didnÔÇÖt – leave it alone. If they noticed theyÔÇÖll just notify you of a switch in account type by mail, with the terms and conditions for the account. If you donÔÇÖt like the terms, you can move your account to another type or bank.
Still have my staff account at a bank i worked 2 summers at 20yrs ago. My career has not link to banking. Manager said it was at his discretion to close it or not and that he keeps it active for good employees.
When my ex and I opened an account at a big 5 bank 25 yrs ago, our banker (and friend) said ÔÇ£so youÔÇÖre over 60 greatÔÇØ and gave us a no fee over 60 account. IÔÇÖm still not 60 and I still donÔÇÖt pay fees. ƒÿü. Probably the only reason IÔÇÖll never leave this bank ƒÿé
Bank fees are so bullshit lol that’s why I use Tangerine
Once in a blue moon they’ll do an audit of these things and when they do, they will just switch you to a bank package that costs a few dollars a month. They won’t charge in arrears. Sometimes it takes decades before they perform such an audit though!
Worked for BMO 20 years ago for a year and a half.
Still have an employee account. Over the years staff have commented about “oh you work for BMO? Where?”. To which I always answer that I USE to work for BMO.
No one has ever removed me from the employee plan.
It was a shock moving to Canada and finding out you have bank fees.
I donÔÇÖt think they can do anything itÔÇÖs there mistake. What might happen one day is a charge might show up and you know they found the mistake, the bank person opened the account for you. It wasnÔÇÖt done by you.
Believe it or not, straight to jail.
Is it TD by any chance?
I worked for BMO left 2 years ago and still have mine and my staff rate on my credit cards I wouldnÔÇÖt worry about it
I’m still cruisin with the staff account my mom opened for me at work in 1989.
I work for a bank and come across this all the time. I always try to shut it down and my managers always say just leave it. Too much work
I currently work at a Financial Institution. Sometimes this occurs either intentionally or unintentionally.
Sometimes they may give you a staff account as a win-back or incentive, especially if you have a lot of money and are likely to use other services with the bank. Giving a staff account is a small price to pay and usually causes the bank to make money with certain clients.
It can also be done unintentionally. Honestly, when a staff member opens an account for you, sometimes it’s selected by mistake. It’s literally just a check box on the back end.
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WhatÔÇÖs the benefit of a staff account?
Bank fees are a scam. Do you know how much money the bank makes loaning out your deposits?
If people truly knew how banks worked with fractional reserves (let alone how central banks ‘work’) then there would be riots in the streets.
Note most banks have an account type where if you have several tens of thousands of dollars with them in another account (including registered account like TFSA / RRSP) they waive your monthly chequing account fee. It could be you have some version of that.
I used to work as a Personal Banking Officer at a Big 5 bank.
They probably would only notice if you went into the branch to get some form of credit where they’re going to need your employment details.
The worst that thing that could happen is they change your profile to be non-staff and you’ll start paying fees from then on.
I saw it happen a few times at the branch and all we ever did was let the client know they were accidentally flagged as staff, that we’d have to change them to be non-staff and that we would start charging service charges.
Don’t stare a gift horse in ithe mouth – just use it until you lose it.
bank fees are such a crazy idea, they definitely aren’t necessary for the operation of the bank as many banks operate fine without them and those that have them have a bunch of programs to not have them (like BMO gives all military members and their families free accounts)
I had a student checking account at TD in university I scored on a promotion, with nil to minimal fees and a good number of free transactions. I rode that all the way until I bought my first home and they had to update my occupation. I wasn’t too mad as I got a fairly good rate, but it just shows you shouldn’t voluntarily give anyone information unless you need something specific from them. You’re under no obligation to help them keep their records current.
I had a student account from when I was a kid and I guess they never changed it, and I have never paid a bank fee in my life.
Punished? Weird concept. You did not do anything.
Their mistake
Had mine for about 10 years after working a single summer. They won’t charge you back 🙂
DonÔÇÖt admit to noticing it. They cannot charge you for their error.
Bank error in your favour. Collect $200
https://imgur.io/iDdge75?r
I wonder if my spouse left her job at a big insurance company how fast they would remove the home and car insurance discounts, those perks probably save us around $1000 a year.
Technically my personal bank account is a joint account with my mother and I’ve been getting her senior’s discount for years.
I also pay no dispensing fee for prescriptions and am not sure my insurance actually covers that or it’s some glitch.
Bank Error in your favour, collect $200!
I worked for CIBCkept my staff account for 5-6 years after I left. They finally caught on and didnt charge me anything, but they put my accounts back to the most basic / entry level accounts without me knowing. I wracked up crazy fees (Im a high user) which they refused to waive.
Just donÔÇÖt bring it up, ur good shh
What are some of the benefits of a staff account?
Just stay quiet till youre 60, then most banks give you no charge accounts, anyway?