Subj : eTransfer loophole To : Rob Mccart From : August Abolins Date : Mon Mar 20 2023 19:21:00 Hello Rob! RM> easily and virtually instantly tranfer up to usually $3000 RM> between financial institutions but, any more that that, RM> and your options are a Bank Draft, a pain and maybe not RM> free, or write a cheque. The 24hr limit is $3000. .: you can then send more next around the same time. But I agree.. that can be annoying when wanting to settle an outstanding invoice/bill that is just a bit over $3000, or when multiple bills need to be settled quickly and the eTransfer is limited to $10K for 7 days. If eTransfers are having these arbitrary limits, I shudder to think how restrictive CBDCs could be if they ever get implemented. RM> Cheques work fairly well for me since the larger sums are RM> generally investment oriented and, since the investment RM> itself acts as collateral, an uncertified cheque can be RM> accepted and used instantly. What indicates that one of those cheques is backed by collateral? In my experience, all the bank cares about is if the recipient has sufficient funds to cover the cheque incase it bounces. RM> But banks are fairly careful with cheques such as you RM> can't simply cash a cheque written to you even at the RM> cheque writer's bank. It must be deposited into an RM> existing account so the banks can verify things first. BTW.. Gov't cheques are supposed to be treated differently and NOT require an existing bank account to cash them. However, I have come upon several people who face a barrier at the bank when they want to cash a gov't issued cheque; the bank wants ID (even though they KNOW the person personally!) *and* they seem to want that person to have an account at the bank where they are attempting to cash the cheque! SO.. they come to me, they endorse the cheque, I pay out the value of the cheque to that person, and I take the cheque to the bank. RM> I think the biggest problem these days, and one of the RM> things that cause the service charges in banks to be so RM> high, is how quick they are to give large amounts of RM> credit to people who often can't afford it. Nah... the charges are due to "because they can", and we the public allowed it to become common practice. RM> Example: Once I was offered my credit card limit in cash RM> at 0% interest rate for 6 months. I took my limit out in RM> full to invest in something so I could make a profit on RM> that money. An error in knowing how they timed a small RM> service charge caused the card to go over its limit, which RM> resulted in a $25 service charge that month. I get those 0% interest for x-months offers regularly too. But you have to "borrow" only the amount LESS the charges to make it balance so you don't go over. Currently, I have two offers: [1] 0% on Balance Transfer until May 4 2024 + 3% fee. [2] 1.99% on Balance Transfer until Jan 2 2024 + 1% fee. The key is not to place a Balance Transfer that exceeds the current available credit. RM> ...Then they 'punished' me for my overdraft by increasing RM> my limit on that card by $3500 so I'd have a higher limit RM> to borrow even more money in the future. Apparently the RM> only reason people go over their credit limit is because RM> the limit is too low.. Yes.. some people see a credit limit increase as "free money" or something. But wrt to overages, it is probably because the limt is too low indeed - but the bank wins by charging more fees when that happens. RM> I have an impeccable banking history, my Credit Score RM> often over 890, so I should be a good risk in theory. But RM> at times I've had enough instant credit available, where I RM> could take the cash without talking to a live person or RM> getting approval, and the total of that available credit RM> has been as much as 20 times my then current annual RM> income, one single credit card limit was as high as 7 RM> times it. I like the instant available cash-readiness that a cc (via balance transfer) or personal line of credit provides. But the key is to stick with a repayment plan inorder to not get overwhelmed with interest charge accumulation. WRT to the 0% example above, I borrow the max that I can, divide the amount by the number of 0% months in the agreement, and deposit that amount every month in another account to have the cash I need when the 0% period is over. The 0% offers help take the edge off the other credit card accounts that bear 22%+ interest rate charges. RM> And they wonder how some people get totally buried in RM> debt.. People get overwhelmed with managing the accounts and lose track, meanwhile the bank raise the borrowing limits and people use their credit even more. -- ../|ug --- OpenXP 5.0.57 * Origin: Stare into this point intently ->.<- (1:153/757.21) .