Ontario man who accidentally transferred $19,000 to stranger's account left for weeks without solution
An Ontario man says he has been fighting to get back $19,000 for months after making a "simple mistake” while trying to transfer money between two of his bank accounts.
Milton, Ont. man Roberto Guardado said he had just purchased a new home and in September was trying to transfer money from his Bank of Montreal (BMO) account to his CIBC account so that he could make the down payment.
He said he called BMO to arrange the wire transfer, figuring it would be the easiest way to move the funds to CIBC.
Guardado said he has two bank accounts with CIBC, one for his personal savings and one for business. He was trying to transfer the money into the savings account.
He said while making the transfer, he correctly read out his CIBC savings account number, but mistakenly gave the transit number of his CIBC business account.
The five-digit transit number helps the bank identify which branch the money is being sent to.
The mistake resulted in Guardado's money being sent to a stranger's CIBC account, he said.
"I noticed the money went out but it didn't go into my CIBC account," Guardado told CTV News Toronto. "So I went home that day and I started looking on my computer and then I realized I gave the wrong transit number."
He said he immediately called BMO, who told him they would launch an investigation.
Despite calling the bank every few days for an update, he said it took five weeks before he got any answers.
Guardado said he was told that his $19,000 was deposited into someone else's account and the person had withdrawn it.
He said both BMO and CIBC told him nothing further could be done to retrieve his money.
"I couldn't believe I made the mistake," Guardado said.
Guardado said he called the police, but was also told that because he initiated the transfer there was nothing to investigate.
A Bank of Montreal sign is pictured in North Vancouver, B.C. Tuesday, April, 2, 2019. THE CANADIAN PRESS/Jonathan Hayward
"The police told me that because it's not considered fraud they can't do anything about it," he said.
'JUST A SIMPLE MISTAKE'
Guardado said that while he fully admits the error was his fault, he doesn't understand why the bank couldn't help him quickly reverse the transfer.
"It was just a simple mistake and my money ended in someone else's account," Guardado said.
Because of the lost money, Guardado said he had no choice but to back out of the sale of his new home.
Shortly after CTV News Toronto contacted CIBC and BMO about Guardado's situation, he said he received a call from the banks telling him his $19,000 would be returned to his account.
CIBC spokesperson Trish Tervit confirmed on Saturday they had resolved the issue with Guardado.
"It's important that when transferring funds between financial institutions that the sender ensures the recipient account number is correct as misdirected funds may be difficult to recover," Tervit added.
Guardado said CIBC told him this is a "unique situation" that is being resolved on a one-time basis.
Meanwhile, a spokesperson from BMO said they had a "good conversation" with Guardado, but couldn't comment further for privacy reasons.
While this stressful two-month chapter is now over for Guardado, he said banks "have to come up with a better system" for when people make mistakes.
"It was a stupid mistake on my part, but the process to fix it has to be easier," he said. "I was so stressed that I lost weight and I couldn't sleep. It was bothering me so much."
CTVNews.ca Top Stories
NDP calls out Conservatives for effort to squash pharmacare legislation
The federal New Democrats are calling out Conservative Leader Pierre Poilievre and his party for trying to block the bill that could pave the way for millions of Canadians to access birth control and diabetes coverage.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Stamp prices rise for the third time in five years amid financial woes for Canada Post
Canada Post is increasing stamp prices for the third time since 2019, a move the Crown corporation says is a "reality" of its sales-based revenue structure.
For the first time, researchers have identified a genetic form of late-in-life Alzheimer's disease
For the first time, researchers have identified a genetic form of late-in-life Alzheimer’s disease — in people who inherit two copies of a worrisome gene.
B.C. court date set for 3 accused of murdering Sikh activist Hardeep Singh Nijjar
Three suspects accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar last year are scheduled to appear in court in Surrey on Tuesday.
Ontario MPP asked again to leave Ontario legislature over keffiyeh, Speaker loosens ban
An Ontario MPP was asked again to leave the Ontario legislature on Monday for wearing a keffiyeh, a garment that was banned by the Speaker last month due to its political symbolism.
WATCH Avian flu: Risk to humans grows as outbreaks spread, warns expert
H5N1 or avian flu is decimating wildlife around the world and is now spreading among cattle in the United States, sparking concerns about 'pandemic potential' for humans. Now a health expert is urging Canada to scale up surveillance north of the border.