A shocking story out of Ontario has reignited debate around customer rights in the banking sector. An Ontario man dumped as bank client by the Royal Bank of Canada (RBC) after three decades of loyalty says he is still searching for answers. The case highlights how major financial institutions can terminate client relationships without fully disclosing the reasons, leaving long-standing customers frustrated and confused.
A Client’s Banking Journey Cut Short
Tomas Nassab of Alliston, Ontario, had been banking with RBC for nearly 30 years. Over that period, he managed not only his own accounts but also oversaw his parents’ financial matters with the bank. His portfolio included credit cards, lines of credit, and investments. By all measures, he considered himself a loyal and responsible client.
That changed abruptly when Nassab tried to move funds within his investment accounts and encountered service difficulties. After failing to get adequate in-person support, he filed complaints with branch managers and a regional community manager. Within a week, Nassab received a letter informing him that RBC was closing all his accounts.
The letter stated: “We are no longer in a position to continue our banking relationship with you.” Nassab was given 30 days to withdraw his money and find another institution.
No Clear Explanation Given
For Nassab, the termination came as a complete surprise. “There is no reason for this,” he told reporters. “I’m not part of any criminal network. I’m not into fraud. I’m just an average guy trying to get through this Canadian world.”
He believes his removal as a client was a direct response to his complaints about poor customer service. “We’ve built a great portfolio and always treated the bank with respect, but expected adequate service. To be removed completely with zero explanation, it’s very disappointing.”
Despite appealing the decision, Nassab said the bank has not reversed its stance.
RBC Responds
When contacted, RBC did not comment on Nassab’s specific case but issued a statement explaining its general policy. The bank confirmed that both the client and the institution have the right to end a banking relationship.
“A client or the bank may choose to end a banking relationship. For its part, RBC makes such a decision only after a thorough review of the circumstances. If the bank does decide to end a banking relationship, we work with the client through the transition period and provide them with time to make alternate banking arrangements.”
The spokesperson stressed that such decisions are never made lightly.
Why Banks Close Accounts
While Nassab maintains that his only “offense” was voicing frustration with customer service, financial experts note there are several reasons banks may sever ties with clients. Common causes include:
- Suspected money laundering
- Fraud or policy violations
- Abusive or threatening behavior toward staff
- Activities that pose reputational risk to the institution
In many cases, banks are not legally required to provide a detailed explanation to the client, though they must allow sufficient time to transfer funds and investments.
What Customers Can Do
For clients like Nassab, options exist to challenge or question such decisions. Complaints can be escalated to the Ombudsman for Banking Services and Investments (OBSI), which investigates disputes between financial institutions and their customers. However, even with such oversight, banks retain wide discretion in determining who they wish to serve.
Consumer advocates argue this power imbalance leaves ordinary clients vulnerable. They suggest increased transparency and clearer communication when accounts are terminated, especially after long-standing banking relationships.
A Wake-Up Call for Customers
Nassab’s story underscores the importance of diversifying financial relationships. Experts recommend not relying solely on one bank for all accounts, credit, and investments. By spreading services across multiple institutions, customers can reduce the risk of being left stranded in the event of sudden account closures.
As for Nassab, he is still hoping for a reversal. “I’d love for this to be reversed. I’d love for some kind of clarity of the reasons and better customer service at all levels of banking.”
The case of the Ontario man dumped as bank client after 30 years raises critical questions about transparency, accountability, and the balance of power between financial institutions and their customers. While banks retain the right to end relationships, clients are left seeking answers and fairness in situations that feel abrupt and unexplained.
For now, Nassab’s experience serves as a reminder that even loyal customers can be “un-banked”—and that consumers must remain vigilant about their financial options.
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