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Unlimited chequing account with no fee, no minimum balance but has branches?

September 9, 2016, 3:29 pm
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Does this exist or am I living in a fairytale land where banks actually function the way they're supposed to?

Statistics: Posted by MayorOfToronto — Sep 9th, 2016 3:29 pm

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Unusual RESP Question

September 9, 2016, 4:52 pm
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Hoping the RFD community can give me some good advice here.

My 17 yo son was accepted to a university here in Ontario and planning to start his first year this week.
So in mid August my wife and I went to the bank to withdraw some funds from the family plan RESP we've been contributing to. (We also have a 15 yo daughter)

We ended up withdrawing $12,000, $7000 of which was our contribution funds and $5000 consisted of EAP and those funds were deposited into my bank account.

Right after receiving the funds, something personal came up and my son has deferred going to university for 1 year.

See my dilemma??
I now have these funds which will not be used for university purposes but after speaking to the CRA, I have been told there is no mechanism available to "give back" the money.
So come tax time, my son will receive a T4A for the withdrawn money but he wont have any proof of tuition to offset the tax.

I'm at a total loss here and just looking for any sound advice.

Thanks in advance,
Mavrik

Statistics: Posted by Mavrik55 — Sep 9th, 2016 4:52 pm

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HELP: Unemployed with $10000 debt

September 9, 2016, 9:39 pm
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Forum,

As you noticed by the title I'm in a rut. Over the past year or two my spending habits have gotten out of control, only to have acknowledged it now. I lost my job last month due to 'short staffing' which left me to live off the little savings I have left over.

The debt is all on one credit card and the minimum payment is coming up. I called my bank if there is anyway they can delay the minimum payment, and they said I have 30 days to do so before it goes off to collections.

I contacted Consumer Debtor Protection of Canada Ltd. and they offered their services for about $1600 CAD + $10000 I have left owing - To sum up: Card won't be able to be used (I'm okay with that), every month I would have to pay x amount. Our family has 2 cars under my name (purchased by my dad), but they are both under my name since he works abroad. The lady working at Consumer Debtor Protection of Canada said that if I could transfer the cars over to my dad's name, the debt would be cut in half.

Now I'm not too sure what my best options are available out there, and I'm reaching out to you guys b/c my poor decisions have gotten me here. If you guys have dealt with a similar situation please advise me on what steps to take.

I've been really stressed out about this since I lost my job, any input would be greatly appreciated.

Statistics: Posted by assad48 — Sep 9th, 2016 9:39 pm

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How to get tenant insurance after being cancelled by State Farm after one claim?

September 10, 2016, 12:15 am
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I'm wondering if anyone in this forum has experience with getting tenant/mortgage insurance after being cancelled. We had a fire which required a claim 2 years ago while we were away from the house due to a short in the electrical. State Farm just sent us a notice that they would be canceling coverage now, and I need to find another provider. Issue is that when you call another provider they ask if you have any cancelled policies in the last 3-5 years and you tell them you have one cancelled policy due to one claim and they say they can't insure you because State Farm wasn't able to insure us. Any suggestions?

Thanks.

Statistics: Posted by bitoverwatch — Sep 10th, 2016 12:15 am

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How to check value of old coin?

September 10, 2016, 10:09 am
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Is there a website that has a listing to check before getting ripped off at a coin dealer?

Got couple of old Canadian / USA rare coins ...

Statistics: Posted by greg123 — Sep 10th, 2016 1:09 pm

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not buying health and dental insurance...Am I taking big risk?

September 10, 2016, 2:52 pm
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I left full time employement which had coverage for drugs , dental , vision etc.
Now I am a contractor. so looking if it is worth it...
We basically needed min 100 or 200 dollars worth of drugs each year..my boy 4 year old gets sick once a while so his antibiotics etc...and ya his eczema cortisone..cheap like dirt..
we use basic dental twice a year ..I saw my dental charging the company around 150 bucks each time for scaling so for 2 of us 150 times 2 times twice a year so 600 bucks.

now the company I am contracting with is offering a plan for family 328 bucks a month.
God forbid..emergencies do happen but is it worth taking the plan for around 4000 dollars a year ..whereas I am pretty sure we wont spend more than 1000 bucks in a normal way..
am I being a cheap and trying to take huge risk.....

Statistics: Posted by CocoJambo — Sep 10th, 2016 5:52 pm

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Why do you bank hop for interest instead of buying bonds?

September 10, 2016, 4:50 pm
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I notice many people often switch money from bank to bank, seeking the higher interest rate instead of buying bonds.

Why is that? I don't think everyone is buying a house within a few months, which is a scenario to be in safe cash.

So, why not buy Bonds ?

Statistics: Posted by masterhapposai — Sep 10th, 2016 7:50 pm

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Travel Reward CC recomendations

September 10, 2016, 7:57 pm
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Wife and I are in the market for a travel rewards credit card.
First off we do all our banking with CIBC, I did have a look at their Credit Cards however I believe
there may be more bang for the buck with another Issuer.

We spend about 2500 - 3000 per month average with a good credit score.
I do not mind an annual fee if it is worth it.
decent insurance coverage would be nice ( Trip Cancellation, Medical, Lost baggage, Medical )

There are so many options out there so I thought I would see if i could get help narrowing it down to the top
2 or 3 cards for my situation.

Thanks in advance.

Statistics: Posted by deadprez — Sep 10th, 2016 10:57 pm

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Paypal problem

September 10, 2016, 8:16 pm
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I sold an item on ebay. Buyer pays fast but i received an email from paypal that its under payment review. 5 minutes after that email, buyer files a dispute for item not received. he close the dispute 5 minutes after.

In the email from paypal they ask to check if 'seller protection' states eligible in transaction details. I go in my transaction details and i see seller protection: eligible. There is an option to see transaction via 'classic site'. When i do that i see seller protection : ineligible, dont ship.

i wont ship till i have the OK from paypal... anyone had similar situation?

Statistics: Posted by sr79 — Sep 10th, 2016 11:16 pm

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How to set up a username for Scotiabank online banking

September 10, 2016, 8:17 pm
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I'm using my ScotiaCard to login to online banking. Its a pain to always key in the card number all the time.

Is there a way to set up a username? Their helpdesk / online help is a POS.

Thanks !

Statistics: Posted by ambujakshi — Sep 10th, 2016 11:17 pm

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Car Loan Question - Buy Car First

September 11, 2016, 5:49 pm
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Hi I am wondering can you buy a car first with cash and then get a car loan on it a few days after the purchase?

The bank I am particularly wondering about is CIBC however I'd be interested in finding out generally any major bank in Canada.

The issue is sometimes you find a car, and is a good deal, so you don't want to wait for the banks to piddle around with an application taking days to complete... to get approved... so you buy the car with cash, then borrow later? Is this possible? Or is it a different loan, i.e. a personal loan with security (car) added to back it..

With CIBC (or other banks) do you absolutely have to get the loan before you purchase the car... Then what would happen, you bring the loan money to the seller of the car - but how does the bank know you are going to buy a car and not a 72 inch television with the funds? How does all this work? Thanks!

(Normally I buy cars without a loan, but I want to get a loan to build credit history as I only have credit cards on my file, no loans, no mortgages, no lines of credit.)

Statistics: Posted by dontplaywithfire — Sep 11th, 2016 8:49 pm

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Secured line of credit payment as business expense

September 11, 2016, 10:26 pm
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Please move this topic if it isn't in the right topic. Asking this for someone else.

Say for instance I have equity in my house and I used that to purchase a vehicle. Now this vehicle would be used for work travel. Can I write this vehicle cost of to my business as an expense? The rate of secured loc is very cheap and is very attractive to use it to finance the car. Just want to make sure I won't run into tax complications. Thanks

Statistics: Posted by masarwar — Sep 12th, 2016 1:26 am

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Advice on paying these loans off

September 12, 2016, 10:52 am
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Hi guys,

Currently have these loans, and looking for advice on how to tackle them i.e. paying them off quickly and raising credit score that is currently at 670.

Credits:

1. 26,000 @ 8%
2. 10,000 @ 8%
3. 5,500 @ 18.9%

These were used for home renos, and educational courses in the past couple of years.

Cheers

Statistics: Posted by decafmojito — Sep 12th, 2016 1:40 pm

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Questionable MBNA security

September 12, 2016, 12:59 pm
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Just had a very interesting experience.
Called MBNA to discontinue preauthorized payments on my 0% Platinum account, and the automated system asked for the last 4 digits of my card number, which I entered.
It then asked me for the 4 digit PIN which I presume I would have set last October when I opened the card.
I got it wrong 3 times in a row, with no option for a 4th attempt.
It then says "I will now read a summary of your account"
I'm thinking, that's very odd considering I got the PIN wrong. So it reads off the summary of my account.
I then hit 0 to speak to a person so I can complete the cancellation of the preathorized payments which was my reason for the call.
My BT balance is due Oct 14 and my regular minimum is due the 12th so I didn't want the two to clash and end up with a credit on the account.
Anyway, the rep answers, asks for the last 4 digits of my card, I tell him what I want to do, and he says he needs to read a disclosure and have me agree at the end. No problem I say.
He reads, I agree, rep: anything else today sir?, me: nope that's it for today, we both say have a good day and conversation ends there.

Never was any attempt made to verify my identity.
No address verification
No birth date verification
No request for CVV code on the back of the card.

Nadda.

Is it just me or did MBNA seriously drop the ball here?
First experience I've had with them like this. I've been a customer since before the TD days.

Statistics: Posted by coolintheshade — Sep 12th, 2016 3:59 pm

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Rent

September 12, 2016, 6:51 pm
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How much should I be spending in rent per month? My current expenses are about 800/month. I take home 3000-3200 per month after taxes

Statistics: Posted by Mtor91 — Sep 12th, 2016 9:10 pm

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Phone Order - Dispute Over Verbally Agreed Price (Chargeback?)

September 12, 2016, 8:03 pm
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I placed an order with a Canadian company over a phone. The item was listed for $400 and that's I was charged correctly for the item. Shipping was not included, so I asked what the express shipping charge would be at the time I placed the order (in the same phone call). I was told by the sales rep that the express shipping charge would be about $20 and that if it were anything more than that, they would call me first to make sure I was okay with it.

Surprise! One week later the item has arrived, and I find out that the company has put through a charge of $65 on my card for the shipping without checking with me first. I called the company, and the original Sales Rep is on vacation until next week. However, the phone agent who assisted me told me that apparently they have a note on the order stating I agreed to the shipping charge (to clarify, I verbally agreed to a shipping charge of "about $20", not $65 --- but their note simply says I agreed to "the shipping charge" with no amount specified in their internal note).

I will call them back next week when the original Sales Rep is back, as they've instructed me to do. I will give them a chance to correct this.

If they don't agree to refund me the difference in what they charged me and the shipping cost that I was quoted, what can I do?

Can I put through a chargeback on my credit card? How would that work in a case like this where it's "my word vs their word"?

Statistics: Posted by Arrow — Sep 12th, 2016 10:31 pm

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CRA Going after people to flipped houses in BC and ON

September 13, 2016, 10:11 am
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Credit Score Question

September 14, 2016, 4:29 am
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I've always had excellent credit (not sure of the number, but never had any problems getting elite and platinum credit cards etc.).

Earlier this week I found out that I had an outstanding $4.70 balance on an MBNA Credit Card that I haven't used in a year. I guess even though I didn't use it, I forgot to switch one auto-payment over to my new card, and since March I've had this balance. I get e-statements and I guess I never looked at them (dumb I know) since I assumed the balance would be $0. Lesson learned there!

I obviously paid it right away, but now my Equifax report is showing late payments and my score dropped to 644. I spoke to Equifax and they said that since I've paid it, once their system updates in 30-90 days my credit score will go up (they wouldn't say by how much).

I'm just wondering if there's anything I can do? Can I dispute it with Equifax since it's such a low amount and was obviously just an oversight? Can MBNA reverse it?

Is it even worth doing? Or will one card with a few late payments (and a less than $5 balance) not affect my score that much once it shows that the outstanding balance is paid? I don't have any other late payments on my credit report.

Thanks!

Statistics: Posted by drevil0208 — Sep 14th, 2016 7:29 am

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Debt collection - ARO

September 13, 2016, 8:15 pm
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I got a TRANSLINK ticket in June. Appealed it, lost, got in writing that I would have 30 days from August 23 to pay the bill or it would be sold to collections. I was planning to pay it off before 30 days was up.

On September 8 (date of letter) I got a letter (received today september 13, 2016) that ARO Inc. has been contacted to collect this debt.

1. Does the collection agency report to the bureaus usually immediately or only after it has not been paid after a certain period
2. I do not want it to be reported to collections, so I will pay it if they do not report it to collection bureaus/agencies.
3. Any tips/suggestions?

thanks

Statistics: Posted by JustinSid — Sep 13th, 2016 11:15 pm

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Newbie Please help with Airline Card!!

September 14, 2016, 8:15 am
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Hi there guys, Im a total newbie with cards and my wife and I have a couple questions regarding flyer cards,or reward cards.

My wife has an excellent creidit score and only has a desjardins gold visa card. We like to travel a lot(i mean a lot) and we were wondering what is the best card/cards to have to get free(or almost free flights) with no annual or little annual fee.

I have seen on this forum that some Amex cards have like signup bonuses,how many miles do we need to fly from montreal to lets say europe? asia?(keep in mind we are a couple). Also, we would be putting 3 to 4k on this card/cards every month, does this means that we will get for example 25000 miles every time we spend 3000 dollars on the card? in a nutshell could you tell me which card would be recommended and explain the benefits and miles and spending please?

thank you thank you for your time. have a great day!

Statistics: Posted by lokyyy2016 — Sep 14th, 2016 11:15 am

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