Ombudsman for Banking Services and Investments (OBSI) review: Banking ombudsman

The Ombudsman for Banking and Investments (OBSI) is certainly not impartial and just want to get rid of you. Should be disbanded and a proper ombudsman with teeth installed.

They are in bed with the banks.

Last year a fraudulent Etransfer was done on my account at Koho bank/People’s Trust.

When I contacted them they told me the transfer was done and they have absolutely no idea which bank the money was transferred to or where the money was deposited. It seems that people working there are involved with the fraudsters.

Money is disappearing from this bank and they claim they have no idea where the money is going.

After I insisted that they tell me where my money went they revealed that the money was deposited to an account at the CIBC but they were not going to do anything about it.

I then contacted CTVnews and they said they were going to broadcast the story on TV, at that point the bank buckled and decided to refund me my hard-earned money.

I then called the CIBC to let them know the fraudsters were stealing money from Koho Bank and transferring the money to the CIBC. The CIBC informed me that they will only take action if they receive a complaint from Koho Bank because it has to be handled bank to bank.

Koho bank has refused to stop the fraudulent transfers because it’s obvious that the fraudsters there are benefiting from the fraudulent transfers.

I also filed a complaint with the OBSI pointing out that by refusing to do anything to stop the fraudulent transfers Koho bank is in breach of their responsibility and obligation to try to prevent fraud from impacting their customers but the OBSI has refused to do anything about it.

The OBSI rarely sides with consumers because of the way it is funded, they usually side with the banks.