Thanks Jamiedude, I appreciate the help very much. I have my own business (Proprietorship) so they will have a hard time trying to garnish my wages...
Is there a place online that has the rules and regs concerning the offset information pertaining to a joint account? (Just in case I don't get anywhere with the bank today) I am going in with the wife to close that joint chequing account the offset is on. I will have to put money onto it to get it out of the overdraft though and my only fear is the offset might effect that. Is it "instant" or can I put money in the account (Just enough to get it out of the OverDraft) and then close it instantly? I am realizing now that they can debit other credit sources they have access to, including the Overdraft of a chequing account, to pay the defaulted Visa...The other thing is the last lot of cash they took was 1/3 the amount I owed! Do you think they might just ease off now, or keep coming?

No, only if you carry a CIBC account will they/can they offset it.

Garnishment is a totally different thing.

I have yet to contact the bank about this....(Tomorrow) If I set up an account at another bank can they come after me there?

I'm superised, I believed the right of offset could not be performed if the bank account is joint. However, I do believe they can take from a business account.

Call your branch and inquire about this offset.

Hi there,
I am currently default on a CIBC Visa, of which is in my own name. My wife has her own CIBC Visa which is in good standing (We can pay some of our debts it seems) However, our joint chequing account in CIBC was just wiped clean of $2000 (The wife's paycheck) PLUS the $350 overdraft (Which doesn't seem reasonable by the way) by the collection agency (Of course one day before a long weekend) Leaving us to say the least, in a very trying situation with all our bills due. I understand they can take my money, but my wife's as well? Did they take that money because that account had my name on it? We are going to open up a new account (in her name) at a different bank so she doesn't have to take the blunt of my error's anymore, but regarding my business account, which i also have at CIBC, should I also move that as well to avoid the man grabbing my money from there? It is in another account that is called "other", and not the savings or the chequing. It is also an unincorporated business as well, with cheques drawn on the said same account)
Any information would be helpful, thank you so very much.

Since you live in Ontario, the only time the CIBC will not or can not perform the Right of Offset on your account is if the funds are deposited by Workers Comp. Otherwise, it's the banks money and they'll take it.

And, I am REALLY surprised when I see people who owe on their Student Loans and still have an active bank account with CIBC.

i did collections with cibc and yes, cibc will take the funds if it's in your acct. the way they see it is that you owe the money, not paying, now they're going to take it regardless and clear the debt for you with or without your permission because it is in the contract that you signed up with them in the first place.

hey Mr Lahie

It's more of a contractual matter.. I have found that the banks are really really good at making contracts, and making them in their favor.

Best thing to do is pull out your agreement and study it. I'm sure in the contract it states that these accounts are part of the bank and the bank can do what they want with them (paraphrased)... if not, there must be some language that allows them to do that.

I would encourage you to get on the phone and complain to them up the ladder until you understand contractually how they're able to do that.

Example: I have a small overdraft on my TD bank account. Because I have this line of credit, I am allowing the bank to do an credit check whenever they want. At the time I argued with them about this, I just thought that this overdraft account was a complimentary service to my bank account with them. I had to go read the fine print to realize that they had full access to my credit information by keeping open this small overdraft.

Lemme see if I understand this? You defaulted on a CIBC Visa and yet still maintained a CIBC chequing account. Why would you ever do that?

Your answer is contained on the Jan. 8, 2008 post - 4 posts down from this one on the same thread.

Ray

Hello everyone im new on this site so bare with me please....I NEED HELP?

Ok so what i need too know is if " CREDITORS" allowed too taking money from my checking account?

My account is with C.I.B.C & i did have a Visa at one point with them

that " I DO " owe money on but its in " COLLECTIONS NOW" its years old.
so i had opened an account with cibc and i get money taken out every month for my car insurance but i just got a notice in the mail from my insurance company saying i had INSUFFIENT FUNDS but i did put it in there so after a couple of calls too people that work with cibc i finally found out the creditors took the money..So now i owe 2 months of car insurance...and a NSF CHARGE with my BANK!....?
So are they " LEGALLY " allowed too do this...who do i call does anybody have a phone number of who i call?... Please let me know ASAP///

Email me at ghetto_customs@hotmail.com