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Protecting yourself and your money

There may be times when people or situations challenge your financial decisions. These could include:

  • Unexpected fees
  • Scammers
  • Well-meaning friends and family who may not fully understand your needs or boundaries

Remember: You are in control of your money. Seeking expert and trusted financial support or advice shows strength and care for yourself.

FRAUD WARNING: If you receive a suspicious call, email or text, especially one that wants you to act urgently, do not share personal or financial information. Contact the Administrator at 1-833-852-0755 or email Generalinfo@Contact.FNChildClaims.ca to report the situation immediately.

Scenarios to consider

Scenario 1: Using a cheque-cashing service

You receive your compensation cheque and want to use a cheque-cashing service. A cheque-cashing service gives you instant cash in exchange for a fee. This might look like a flat fee plus a percentage of your cheque’s value.

Things to consider:

Costs

These services often charge fees. For example, your $40,000 cheque cashed at 3% would cost you $1,200 plus a flat fee. Cheque-cashing fees in Canada can vary depending on the specific company and the amount being cashed. You should always research the fees a company charges to cash your cheque, including the types of fees and their amounts. Compare fees and services to decide what works best for you. Consider how soon you need the money and whether the convenience is worth the cost.

Convenience

Cheque-cashing services provide quick access to cash, which might be helpful if you need your funds immediately.  

Ask for advice

A trusted financial professional can help guide you.  

Alternatives

Banks and credit unions also cash cheques; fees vary and hold times may apply. If you don’t have a bank account, some banks may still cash your cheque for a small fee.

Scenario 2: The phone scammer

While waiting for your compensation cheque to arrive in the mail, you get a call from someone claiming to be a Settlement lawyer. They say you must pay a “processing fee” to get your money quickly.

Things to consider:

Stay cautious

Banks and credit unions also cash cheques, but fees vary and hold times may apply. If you don’t have a bank account, some banks may still cash your cheque for a small fee.  

Steps to take

If you receive a suspicious call, email or text, especially one that wants you to act urgently, do not share personal or financial information. Contact the Administrator at 1-833-852-0755 or email Generalinfo@Contact.FNChildClaims.ca to report the situation immediately.

Your safety

Reporting potential scams to the Administrator helps protect you and others from harm.

Scenario 3: Helping friends or family

You receive your compensation money and share the good news with your social circle. A friend asks for financial help, such as paying for rent or other expenses.

Things to consider:

Your priorities

Take time to reflect on your own financial needs and goals before deciding how to respond.

Clear communication

If you choose to help, set clear expectations about what you can offer. It is also okay to say no or suggest alternative ways to support your friend or family member, such as connecting them with community resources.

Government of Canada resources