Thank you once again FH for the clarifications.

Few more doubts about closing the account. What is the best method to close an account from outside Canada? I am in Africa and my daughter is in India.

(1) Should I write a letter to The Manager of the Branch where originally the account was opened? Because in your previous reply you suggested that I can send the letter to my son and he can take it to the Bank. The original account was opened at a Branch in Toronto and my son is staying in Waterloo. Can the letter be given at any TD Branch or it has to be the Branch where the account was initially opened?

(2) Should it be a letter with original signatures (i.e. I send it by Post) or a duly signed scanned copy will do?

(3) I think for my daughter also I would go by your advice and ask her to close and transfer the balance to my son's account and when she returns to Canada she can open a new account.

I will ask her to apply for a Travel Document. How long is the validity of this Travel Document?

First identify yourself with your name and with the account number and signature. That will narrow it down considerably. Provide as many details and also give them your son's name, who is the co-signee in it. Introduce him and also authorize him to close the account and collect the proceeds in that account.

That letter should be addressed to the Bank Manager, with a copy to your son. If you have a statement, which is current or the last one on hand, then send the same together with the letter. Send it by mail also. If you have scanning facilities, then scan and send all of the details mentioned above, through the e-mail and see if the Bank will accept the same.

You could ask your daughter to do the same and likewise send it to your son and they might process the same or provide you with their requirements to close the account and you can do as they suggest and ask them to forward the outstanding balance to your son's address.

Some times all of the outstanding amount will be all eaten away by their fees and they might say that there is nil balance in that account. That is how the Banks make their livelihood. Yes they are HOODS.


FH.