was this really an issue?
When I lived in the US it was incredibly easy to overdraw at the bank due to how they process debits. This was naturally by design.
Here in Canada I can't even recall the last time I overdrew and got an NSF fee. the debits are processed differently here where it makes it almost impossible to overdraw. I'm by no means an expert on banking but I honestly don't think I've ever overdrawn. If I didn't have enough money it was just declined.
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.
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.
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.
Great!
I get the argument of saying this is a diversion from the actual issue, but even then, sometimes things happen, and even if you're getting by alright, issues can pop up suddenly.
Few months ago I was donating to Amnesty International and Save The Children. I've stopped since funds are tight, but I remember starting off was really awkward since I was told by one that there would be no immediate donation needed, to which I was later told there would be. Ended up with $150 in NSF fees because I couldn't cancel that initial donation, followed by the other trying to withdraw funds I would have otherwise had twice.
I'd have taken being $120 less in the negative any day.
Explain to me how NSF fees are even a thing. The processing has to be so negligible in terms of "cost". I've been caught with my pants down on to these a few times and it usually because I forgot which account funds were coming out of.
Explain to me how NSF fees are even a thing. The processing has to be so negligible in terms of "cost".
It's more punitive than any practical thing.
It's more profit driven than punitive
"I see you don't have enough money. I'm gonna take more money away from you" feels pretty damn punitive to most people.
Their motivation isn't to punish you. It's to increase their profits.
Porque no los dos?
how about you don't focus on lowering costs, and instead CHARGE RICH FUCKS LIKE GALEN WESTIN MORE TAX AND DEMAND HOGHER WAGES FOR ALL CITIZENS SO WE CAN ACTUALLY AFFORD SHIT AND DONT HAVE TO EVEN WORRY ABOUT STUPID NSF FEES FROM NOT HAVING ENOUGH MONEY TO BEGIN WITH.
enough with the fucking bandaids .. go after the cancers causing this..
This measure isn’t a bandaid for what you describe. Imagine a scenario where you got everything you suggest here, living wages and higher tax on the 1%.
Would that mean that this NSF fee cap would be redundant? Not at all, we absolutely should be capping NSF fees as even in that scenario it’s a predatory poverty tax.
Things like tax rebates for services instead of capping prices, or subsidies for services if your income is under a certain threshold instead of making it affordable in the first place, those are bandaid solutions. That’s not what this is.
Well given they did mass immigration to intentionally debase salaries, after leading to skyrocketing asset prices via money printing and stimulus, so I'm going to say they wont do that. Remember the quiet quitting phenomenon we had around 2022 when wages were actually rising, how that was quickly squashed by our very own NDP/Liberal coalition?
Theres a reason the young are shifting to conservative while boomers love the Liberals, they protect their home values and their equity values. Then they make vague promises around climate change to fool the naive youth, while importing mass amounts of people into urban sprawl since their housing plan is ineffective and likely not designed to actually lower home values or increase density.
How many subreddits you banned from for this opinion?
A lot. Including /r/canadahousing.
It makes sense though, because how could additional demand possibly create shortages?
I was banned on that sub for saying something similar, lol.
Its artisanal grade gaslighting we've had for long while now. Meanwhile everyone with a brain can figure out that its to hide falling economic growth, as Eby and the sane MP's beg for them to stop.
Luckily we have Gregor Robinson as housing minister now, so we have the foremost expert in making housing unaffordable.
Stop using Canadian banks. By using them you're supporting them.
Use Wise, Wealth Simple, or a credit union.
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