The Government of Canada is focused on bringing down everyday expenses, including consumer pain points and unnecessary costs that can add up at the end of the month, such as banking fees.
apologies I just don’t understand how. If I tried to pay with something with my account, regardless of what bank it was, and even if I was $5 short the payment would just be declined. Sorry I just don’t get it.
Bro have you never had a pre-authorized payment? My payments go out the day I get paid, but I don’t get paid till the afternoon, my account will be in the negative untill I get paid. If I don’t deposit money by midnight the payment bounces back and I incure a NSF from my bank.
I get where you’re coming from. We have the means to verify funds before a transaction, so the NSF fee is like a service fee for checking the transaction, except only when there aren’t enough funds. The real fix should be NSF fees are illegal, and banks need to sort their shit out.
That’s weird to me, but I’ve also been banking with my bank for over 20 years now plus it’s a credit union so maybe it’s different for me because of one of those things. A $45 NSF fee sucks man.
yeah I didn’t mean my previous comments to be offensive or anything because I’ve generally never had a NSF fee and I use to be fairly broke fairly often. things either got paid or they didn’t. if there wasn’t enough money in the account well the transaction be it a debit or a pre-auth payment or whatever just didn’t go through so that’s why I’m just curious about it.
Now when I lived in the US briefly? all the damn time I’d get nailed with NSF fees. so I know they suck. but here in Canada? I can’t recall ever getting one so I was honestly curious as to how they happened.
So here’s my experience with TD bank (which I left after this). I knew i had to spend some cash and have some for bills coming out at end of day. So in early morning I transferred money in from another TD account. Later in they day I checked and bills had come out and I still had a tiny bit left. Next day, I’m doing more banking and notice NSF fees. They had altered the timings so outgoing came out first thing, then my incoming transfer was end of day after multiple NSF fees.
$45 each fee and interest charged on daily negative amount.
I cancelled all my accounts, rrsp, insurance, etc with them and went to a credit union.
Did you read the post? 1/3 Canadians incur one of these fees per year, $600M annual savings. So yes, it’s an issue.
apologies I just don’t understand how. If I tried to pay with something with my account, regardless of what bank it was, and even if I was $5 short the payment would just be declined. Sorry I just don’t get it.
Bro have you never had a pre-authorized payment? My payments go out the day I get paid, but I don’t get paid till the afternoon, my account will be in the negative untill I get paid. If I don’t deposit money by midnight the payment bounces back and I incure a NSF from my bank.
yes I have pre-auth payments and if I don’t have the money in my account they just don’t go through.
I get where you’re coming from. We have the means to verify funds before a transaction, so the NSF fee is like a service fee for checking the transaction, except only when there aren’t enough funds. The real fix should be NSF fees are illegal, and banks need to sort their shit out.
That’s weird to me, but I’ve also been banking with my bank for over 20 years now plus it’s a credit union so maybe it’s different for me because of one of those things. A $45 NSF fee sucks man.
yeah I didn’t mean my previous comments to be offensive or anything because I’ve generally never had a NSF fee and I use to be fairly broke fairly often. things either got paid or they didn’t. if there wasn’t enough money in the account well the transaction be it a debit or a pre-auth payment or whatever just didn’t go through so that’s why I’m just curious about it.
Now when I lived in the US briefly? all the damn time I’d get nailed with NSF fees. so I know they suck. but here in Canada? I can’t recall ever getting one so I was honestly curious as to how they happened.
So here’s my experience with TD bank (which I left after this). I knew i had to spend some cash and have some for bills coming out at end of day. So in early morning I transferred money in from another TD account. Later in they day I checked and bills had come out and I still had a tiny bit left. Next day, I’m doing more banking and notice NSF fees. They had altered the timings so outgoing came out first thing, then my incoming transfer was end of day after multiple NSF fees. $45 each fee and interest charged on daily negative amount.
I cancelled all my accounts, rrsp, insurance, etc with them and went to a credit union.