MSGID: 1:153/757.21@fidonet 069a94b9   
   REPLY: 385.canada@1:2320/105 287e0dd1   
   PID: OpenXP/5.0.57 (Win32)   
   CHRS: ASCII 1   
   TZUTC: -0400   
   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)   
   SEEN-BY: 15/0 105/81 106/201 124/5016 129/305 134/100 153/0 141 143   
   SEEN-BY: 153/149 757 6809 7715 203/0 218/840 220/70 221/0 6 226/17   
   SEEN-BY: 226/30 227/114 229/110 111 112 113 275 307 317 426 428 470   
   SEEN-BY: 229/664 700 240/1120 250/8 267/800 280/464 5003 282/1038   
   SEEN-BY: 292/854 8125 301/1 310/31 317/3 320/219 322/757 341/66 234   
   SEEN-BY: 396/45 423/120 633/280 712/848 770/1 100 340 772/210 220   
   SEEN-BY: 772/230 2320/105 3634/24   
   PATH: 153/757 280/464 770/1 317/3 229/426