As mentioned in other postings many people across Canada have been frauded by a company Cutter Recovery Services and on you transaction records it shows as a pre-auth debit CRS. If you would like to retrieve your money back, visit a local branch and fill out a form (name of form differs from bank to bank) and kindly ask them to retrieve it. They definitely have the power to do so and if your bank claims that they don't, ask them to log on to the website www.cdnpay.ca. Most major banks in Canada are obligated to follow the rules and procedures as set by this association.
On the drop down menu bar in this website, there's a link to pre-auth debits and it contains information for incorrectly debited transactions and ways to retrieve it (I've also added the extract down below).
If your bank for whatever reasons refuses to do so, contact the ombudsman of your bank and explain the situation to him. I know for the majority of you that have had your account frauded into could be frustrated, but the bank that you deal with will definitely help you retrieve it, just remain calm and explain the situation.
There is not a way to prevent this from happening. Stop payments may work but it is best attempt only and most banks are protected if the stop payment fails so no point arguing over a stop payment failing. Simply close the existing account and re-open a new one (the bank will love you for this btw because to them it's business brought to the bank).
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Pasted right from the www.cdnpay.ca website:
General Pre-Authorized Debit FAQs
What is a Pre-Authorized Debit (PAD)?
What happens if a PAD is processed to my account incorrectly?
You should inform your biller immediately if any withdrawal from your account is not in accordance with the terms of your agreement (e.g. different amount or date), or processed after you have cancelled the agreement.
If you are not successful in resolving the issue with the biller, or if the PAD was originated by a biller with whom you do not have an agreement, you may request that your financial institution reverse the transaction and return the funds to your account, subject to the time frames below. (This provision may not apply if you are transferring funds to another account you hold at a different CPA member financial institution. Ask the financial institution that will receive the funds, or check the agreement you signed.)
For personal PADs, you have 90 calendar days from the date of the withdrawal to report the problem to your financial institution and seek reimbursement. In doing so, you will be asked to sign a declaration stating why the PAD is being returned.
For business-related PADs, if there is no contract between your business and the biller, you have 90 calendar days from the date of the withdrawal to report a problem to your financial institution and seek reimbursement. Any other discrepancies (e.g. incorrect amount) must be reported to your financial institution within 10 business days.
If a business uses PADs for cash management purposes (e.g. to withdraw funds from the account of an affiliate or subsidiary), the financial institution will reverse a PAD only if no agreement exists between the two entities and the problem is reported within 90 days of its occurrence.
B
Ttoronto, Ontario
Canada
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