Aeroplan Expired

[blues deville]

30 years to collect 100,000 points?

http://www.ctvnews.ca/mobile/lifestyle/man-s-free-flight-dashed-after-100-000-reward-points-expire-a-week-earlier-1.3590420#_gus&_gucid=&_gup=twitter&_gsc=udfVAom

[Kip Powick]

Poor reporting. He had used accumulated points  and used them for other things during his time in the plan. He had held the 100,000 points back to use for something special but had not used his account for over a year so the points were taken from his account.

This link may explain his situation a little better  (video)

 

http://video.theloop.ca/home/watch/retired-pilot-loses-100000-aeroplan-points/5576567813001/#.WbvAnNWPKUk

[Seeker]

Gotta read the fine print - points expire if account is inactive for a year.  If the time period was two years there'd be some guy complaining about that if it was five years there'd be some guy complaining about that.  Saw some woman in the grocery store ranting to the manager about not being able to use her expired coupons.

There's obviously some goodwill to be had by re-instating this guy's points and maybe they will from the social-media pressure generated but, personally, I don't have much sympathy. 

One time Apple Computer did a $1000 repair to a desktop of mine that was 2 months outside of warranty which they stated was because I "was a good customer."  The real reason was because there was a design problem which tended to show up right near the end of the warranty period and so they secretly extended the warranty for this single issue.  One time Ford replaced a transmission for free in my Taurus way outside of warranty - same deal, design issue and secretly extended warranty.  I think most people either have a story like this of their own or have heard one from someone else and tend to think of deadlines as somewhat flexible but most of the time they aren't.

[MD2]

One year is not enough time. Why should there be a limit? Like a bank account, once there is money invested it cannot be closed. 

[Seeker]

41 minutes ago, MD2 said:

One year is not enough time. Why should there be a limit? Like a bank account, once there is money invested it cannot be closed. 

Bank accounts close after 10 years of inactivity.

[Guest]

22 minutes ago, seeker said:

Bank accounts close after 10 years of inactivity.

Yes and no. I thought so too but it is a little more complicated than that, here is some current information:

Closing your Personal Bank Account: What to Watch for

If you decide to close your personal bank account – either chequing or savings account – the bank teller will probably ask you why you want to close your account. There are a number of reasons why people choose to close a personal bank account, including the following:

 

1. For lower fees – Most often, the reason people choose to leave their financial institution is because it costs them too much to keep their money there. Sometimes banks increase monthly fees, add fees where there were none before or reduce what’s included in a monthly package. If added fees for the monthly package outweigh the service you’re receiving, you know it’s time to switch banks.
2. For higher interest rates – Banks might lower interest rates on savings accounts – sometimes without you even knowing. Switching financial institutions for a better interest rate could benefit you in the long run.
3. To stop an automatic debit – This one has happened to me. I had an automatic debit coming out of my account that I did not set up on my own. The business that was illegally debiting my account was difficult to trace. I had to close my account in order to stop the payments from coming out.
4. Divorce is on the horizon – If you know that you and your partner are going to part ways, it’s a good idea to close your joint account, especially if you have trust issues.
5. You’re moving – If you’re moving and there’s no bank nearby, you’ll want to switch banks, especially if your bank doesn’t allow certain transactions to be performed online or over the phone.

Find the best bank account for you.

What to watch out for – A comparison of Canada’s top 5 banks 

Now you’d think that closing an account would be a simple as, well, closing an account. I thought so too, but it’s not. To find out how to close a personal bank account and what happens if you leave it inactive for too long, I contacted Canada’s top 5 banks: RBC, CIBC, TD Canada Trust, BMO and Scotiabank. Here’s what I found out:

Royal Bank of Canada

You may close your accounts:   

• Online
• Over the phone
• In-branch

Dormant after: 6 months of no activity

Inactive after: 2 years, after which time you’ll receive a written notice in the mail, sent to your last known address.

For the first 8 years, there is a $20 service fee to reactivate the account. The service fee rises to $40 in the 9^th year. After the 10^th year of inactivity, the remaining funds are transferred to the Bank of Canada.

Note about service fees: RBC charges service fees for 3 months of inactivity, at which time they stop, remove the fees and close the account. Unless the account is in a negative status, it is not sent to collections.

TD Canada Trust

You may close your accounts:

• In-branch
• Over the phone

Although you may open an account online, you cannot close it online.

Dormant after: 6 months

Inactive after: 2 years, after which time a written notice will be sent in the mail to your last known address. 

Note about service fees: TD Canada Trust charges $20 to reactivate a dormant account. They will continue to charge service fees, even if the account is inactive. If during this time, the account’s funds are depleted, the debt will be sent to collections, if left unpaid. If an account is closed within 90 days of opening, TD Canada Trust charges an additional $15 fee to close the account.

Scotiabank

You may close your accounts:

•  In-branch only

You may close an account with Scotiabank in-branch only, and only at your home branch. However inconvenient this may seem, the President’s office assured me that this was to ensure their client’s protection.

Dormant after: 6 months

Inactive after: 2 years, after which time a written notice will be sent in the mail to your last known address. You will receive this notice every two years until the 9^thyear, when you will receive your final notice. After this, your funds will be sent to the Bank of Canada.

Note about service fees: Service fees will continue to be charged to your account until it reaches dormant status. If during this time, your account goes into a negative status, it will not be sent to collections. Once the bank realizes there’s a problem (ie. you’re not using your account), they put together a report and decide what to do from there. Usually, they simply close your account.

In order to reactivate your Scotiabank account you have to visit your branch in person. Reactivation takes 24-hours. Accounts can be reactivated from province to province, but only if you can prove you are the account holder.

Bank of Montreal

You may close your accounts:

• Online
• In-branch
• Over the phone (only if you have a $0-balance)

Dormant after: 2 years, after which time a written notice will be sent in the mail to your last known address. A notice will be sent to the account holder every two years. After nine years, the funds will be sent to the Bank of Canada. 

Note about service fees: If service fees are charged to the point where your account has a negative balance, BMO will take notice of the inactivity, close the account and take care of the service fees. Your negative balance will not be sent to collections.

BMO charges $20 to reactivate an account that has been dormant for up to five years. After that they charge $30. If the accountholder wants to reactivate the account after 9 years, they will be asked to pay a $40 fee.

CIBC

You may close your accounts: 

• In-branch
• Over the phone

Dormant after: 6 months, after which time no service fees will be charged

Inactive after: 1 year, after which time a written notice will be sent in the mail to your last known address. After 10 years, the remaining funds will be sent to the Bank of Canada.

Note about service fees: Although no service fees will be charged after 6 months of dormancy, if during this time the account goes into a negative status, monthly fees will still be charged. An overdraft fee at an interest rate of 21% will be charged for a negative balance. If the debt is not paid, it is then forwarded to collections.

Conclusion

Don’t just think that you can walk away from your bank account scot-free if you are no longer interested in using it.  In some cases you’ll still get charged the banking fees, which could put your account in overdraft and send you to the collection agency.  If you are thinking about breaking up with your bank or opting for a different account, make sure you go through the appropriate steps to close your current account first.

Melanie