By Lincoln DePradine
Nationwide Financial institution of Canada is dropping a Black entrepreneur Dr C. Justine Pierre and dealing with authorized motion over a cheque the financial institution withheld, claiming it could be “fraudulent’’.
Pierre, an knowledgeable in migration and labour market analysis, is director of Dunn, Pierre, Barnett & Firm Canada Ltd., a Black analysis, human useful resource growth, consulting and coaching agency. The corporate has carried out greater than 60 tasks in 40 international locations inside the final 10 years, together with a “Black Labour Market Wants Evaluation’’, which was administered on behalf of the Afro-Canadian Enterprise Community.
Based on Pierre, the shortcoming to entry funds from the $233,645 cheque at Nationwide Financial institution had a “super’’ unfavorable influence on his enterprise operations and “severely injured my monetary and credit score popularity’’.
“I couldn’t pay payments, I couldn’t pay my collectors, I couldn’t pay my employees. I want to be compensated for that,’’ Pierre advised The Caribbean Digital camera in an interview.
Pierre mentioned the cheque, in his title, was first cleared by TD Financial institution. He then took it for deposit at Nationwide Financial institution, the place he has been doing firm enterprise.
“I went to the financial institution on the second of September to deposit a cheque. I endorsed the cheque, as is normal within the banking business, and deposited the cheque into my enterprise account,’’ he associated.
“The teller seemed on the cheque and mentioned it was above her restrict and he or she has to go to her supervisor. I went to the supervisor and the supervisor sanctioned the cheque and it was deposited into my account’’.
Nonetheless, Pierre was knowledgeable that the cheque was positioned on maintain and it was referred to Nationwide Financial institution of Canada’s investigative division.
In a single name from his Nationwide Checking account supervisor, Pierre mentioned she advised him that she “can’t launch the maintain on the cheque as a result of that cheque could also be a fraud cheque’’.
He was requested, he mentioned, to offer the title and handle of the one that wrote the cheque, and likewise the contact data for the TD Financial institution supervisor the place the cheque was initially cleared.
The Caribbean Digital camera has seen correspondence between Pierre and Nationwide Financial institution representatives, with him repeatedly enquiring concerning the cash and pleading for its launch.
“I’m now arranging extra financing to cowl my bills to my collectors, which should be paid earlier than October 5, 2023,’’ he mentioned in considered one of his correspondences.
Caribbean Digital camera tried to contact Nationwide Financial institution officers, emailing them a number of questions together with what concerning the cheque that advised that it could have been fraudulent; and asking for a response to allegations that Pierre’s race was a consider holding up the discharge of the funds to him.
As much as press time, Nationwide Financial institution had not responded.
Black-owned companies, resembling Dunn, Pierre, Barnett & Firm Canada Ltd., “are essentially the most discriminated group within the Canadian banking system’’, Pierre mentioned. “The scenario with financing for Black Companies may be very extreme, as most Banks don’t present credit score for Black corporations in Canada.’’
His firm, mentioned Pierre, has been in enterprise for greater than 15 years, “with out credit score services from any Banks. In 2019, we established a line of credit score with the Nationwide Financial institution, which was 100% secured with our US$50,000 time period deposit. No credit score services had been ever given to us, despite the fact that we have had over $50 million {dollars} in income, which has handed by the corporate over these years’’.
About three weeks after the deposit at Nationwide Financial institution, the funds had been launched to Pierre, with no causes provided on precisely why the cheque was flagged as “fraudulent’’.
“They mentioned it was a mistake, they apologized, they usually provided to present me coupons or one thing like that,’’ mentioned Pierre.
Pierre mentioned he’s taking authorized motion in opposition to Nationwide Financial institution and has employed a lawyer to behave on his behalf.
He’s additionally shifting his firm’s account to Financial institution of Montreal, the place a $700,000 line of credit score already has been agreed to and established.