Overdraft.ca : Questions and Answers about Overdrafts in Canada

Student Overdraft and Protection

Dean — Thu, 03 Mar 2011 19:12:56 +0000

Just a few words, advice on student overdraft services and protection. The Canadian banks all offer this service, but be warned, it isn’t as great as they make it out to be.

You have to remember that the services all come with fees, sometimes up to 300$ if you aren’t careful Even if you close your overdraft account, you can still be responsible for overdraft fees, CIBC is notorious for this.

Other point so consider :

Overdraft protection is the same as a line of credit. There is a set maximum you can go into your line of credit just like a credit card. You are also charged interest on your outstanding balance just like any other loan.

Don’t bail out on this overdraft and hurt your future credit! The Canadian Banks are notorious for seeking you out, years down the road. Pay off your overdraft!

What bank should I use that does not charge overdraft fees?

Dean — Wed, 30 Dec 2009 05:32:11 +0000

I have been using Scotia Bank for awhile and just recently got hit with a few overdraft fees while I was away at college.

I really dislike how they run this overdraft policy and want to find a new bank.

How can I convince my bank to reverse overdraft charges?

Dean — Sun, 27 Dec 2009 14:33:26 +0000

I recently was slammed with 10 overdraft charges of $35 each for 10 items that cleared my bank on the same day. It was my fault for overdrawing the account, of course, but I think the bank went overboard. Some of the overdrafts were for just a few dollars. I want to talk to the bank to ask them to reverse some of their fees. Looking for suggestions on how to get them to do this!

[three_fourth_last]

Can someone please explain to me the basics of how an overdraft works?

Dean — Thu, 24 Dec 2009 06:03:25 +0000

I’ve got a $1000 interest free overdraft as a student. Does this mean I can be in debt by $1000? (not that I want to be)

How long could I be in debt for?

Also what’s in it for the bank? They seem to be really pushing it but if I don’t have to pay interest on it why are they trying to get me to take one out?

Using Home Buyers Plan and RRSP money to put a downpayment of a house ?

Dean — Mon, 21 Dec 2009 15:08:25 +0000

(I reside in Ontario, Canada)
To withdraw money from RRSP, do i have to put in all that money first, say, ” Put in 10,000 dollars to pull out 10,000 dollars tax free for house down payment ?”.

Could i pull out money, that not in RRSP, like overdraft ?

Just wondering what is the quickest route to get a mortgage and down payment. Thanks everyone!

How do fix your credit in Canada?

Dean — Wed, 02 Dec 2009 06:15:27 +0000

I understand that pay stuff on time and this is very important. Hence my question on Overdrafts.

2) I know need have at least $15,000 to get Capital One card
3) Is it important what rate (%) on credit card for your 1st card?
4) Is it true that you should keep the 1st credit card for a long time?
5) What other ways besides buying a car can get credit?
6) Does overdraft protection on your bank acount help with credit?
7) I know about the Trans X credit check stuff once a year. There’s an other one, but what that called?
8)Is it true that it doesn’t help pay past due stuff? and How long do you have to wait is 5years in Canada or 7 years plus couple to truly clear it???
9) I understand that using dept store cards maybe my best bet, which has the best rate % ???

I want serious HELP!!! I really want to fix it as fast a possible!!!

Is it a good idea to get overdraft protection with my bank?

Dean — Wed, 02 Dec 2009 01:06:52 +0000

I know some companies just try to take more money from you by offering these benefits, so I don’t know if I should do it or not. The NSF fee is $35 and the overdraft protection service is about $4 minimum for each month that I use it. I don’t really know how all this works anyway, so I don’t know if it’s a good deal or not.

How much does your Canadian bank charge for an overdraft?

Dean — Sat, 28 Nov 2009 23:19:42 +0000

I made a mistake and overdrafted my checking account. Yes, totally my fault and I understand that they charge a fee for covering the check.

But–$32.00??!! Holy cow. Is it just me, or is that insane? Out of curiousity, I just want to find out what other people’s banks charge for an overdraft. Thanks.

An account in Canada without good credit ?

Dean — Wed, 21 Oct 2009 13:47:55 +0000

Let’s say I want a strictly savings account for work and possibly direct deposit, no overdrafts…they will still turn me down…what about a credit union?

What banks are easiest to get an overdraft with?

Dean — Tue, 20 Oct 2009 09:53:19 +0000

Im just wondering what banks are good to get an overdraft facility with? which are easy to get with.

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