May 9, 2014 I agreed to guarantee my son's mortgage with RBC Namao branch on the condition that my banking and investment information would not be shared with my son. June 19th, 2014, I was informed by my son that he had received my banking information and requested that the $40,000 in savings that I had saved over time for my eminent retirement now be used to reduce his mortgage. I have only a few months until retirement and have little money. This has caused a serious break in our relationship and my son and I are not able to speak to each other. I have never lived in Edmonton and have lived in Barrie for the past 14 years. I have no idea why my financial information was mailed to my son's address. I have no intention of letting my son look after me. He has three sons of his own that need his support.
I have contacted the Namao RBC branch and after several phone calls they have agreed to treat it as a complaint and send it to their complaint centre. They take no ownership for negligence even though my Barrie Branch has identified the error as coming from that branch. I was able to take time off work and have my banking records changed to reflect my address for the last 14 years but only after proving my identity and address. I have stated that as the terms of the mortgage contract with Namao RBC have been broken, I will no longer guarantee the mortgage. The bank manager in Edmonton seemed to think that the wording of the agreement is such that I can still be held to the guarantee. I now have to hire a lawyer. In the meantime, I have lost my son. The bank seems to think it was his fault for opening the envelope.
I have incurred a lot of time and long distance phone charges but to no avail. I do not recommend doing business with an institution that will not stand behind their agreements, act in such a careless fashion with personal information but accept no responsibility for their actions and the consequences of their mistakes.