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   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.   
      
   AA>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.   
      
   The current case I was thinking of was transferring $10k from one   
   bank to another (I have accounts in both) to purchase a GIC.   
   (Guaranteed Investment Certificate) That has to pretty much be done   
   all at once since the interest rates on them is often only good   
   for a couple of days often.   
      
   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.   
      
   AA>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.   
      
   As mentioned above, the funds often have to move immediately but I   
   can avoid paying for a bank draft or certified cheque in the above   
   case because the bank holds that GIC and, if my cheque bounces, they   
   can seize that to cover the cost.   
      
   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.   
      
   AA>Nah... the charges are due to "because they can", and we the   
     >public allowed it to become common practice.   
      
   I've seen a lot of people go bankrupt in recent years due to easy   
   credit, and the banks are insured if those people go bankrupt, so   
   their only cost, the insurance premiums, are added onto everyone's   
   service charges. In a lot of cases the banks like to 'slightly'   
   overwhelm people's credit so they can put them on a payment plan   
   at their high interest rates that will go on for years since most   
   people don't want a bankruptcy on their records or they have too   
   much equity in a house and such to be able to go bankrupt.   
      
   Banks do love their charges, and in 90% of cases, a good client can   
   have service charges reversed, often for no good reason, because the   
   banks much prefer customers they feel they can trust to handle their   
   finances intelligently if they are making good money from them in   
   other ways.   
      
   Example.. I once had a cheque written to me bounce. That caused a   
   cheque I had written to go onto my bank overdraft to keep it from   
   bouncing as well which incurs a $5 service charge. That happened   
   right at the end of a month so the next day, the usualy account   
   service charge would have come out but, no funds to cover it, so   
   a second $5 charge. I talked to my banking person and said the first   
   one was my fault but I figured the second $5 charge for a $4.50   
   overdraft was maybe excessive.. Her response was, yes, don't worry   
   about it I'll reverse the charges.. Charges? Not just the one Charge?   
   She gave me her patent look that suggests I'm annoying to deal with   
   but she did cancel both charges.   
      
   I've gotten spoiled though, my rather complex accounts at 3 places   
   don't have any regular service charges at all, no minimum balance   
   required, since I have multiple accounts, chequing, investment,   
   lines of credit and tax free savings accounts and investments in   
   their institution's mutual funds so they all want to keep me happy   
   so I don't move all that elsewhere.   
      
   It also makes the banks compete with each other, like my sister has   
   a perfect credit history and income about 3.5 times what mine is yet   
   she has trouble getting a line of credit below Prime plus 3.5%.   
   My bank gave me an unsecured LOC at Prime plus 1.99%.   
      
   AA>Currently, I have two offers:   
      
   AA>[1] 0% on Balance Transfer until May 4 2024 + 3% fee.   
     >[2] 1.99% on Balance Transfer until Jan 2 2024 + 1% fee.   
      
   That's the killer though, that 3% service charge. Basically that   
   means if they offer you the funds for 6 months, you are paying the   
   first 6% (annual) up front so, whatever you're doing with the money   
   had better give you a higher return than that.   
      
   One of my banks gave my $25,000 at 0% with no service charge for   
   6 months, and another gave me $14,000 at 0% with a 1% charge so   
   those were worth playing with to put the money out and make a profit.   
      
   These were flat out credit card limit loans, BTW, not a Balance   
   transfer which the banks prefer doing since that moves more of your   
   business from other financial institutions into theirs.   
      
   It may sound like it at times but I'm far from rich and a ways above   
   poor as well but I tend to be treated differently than 'ordinary'   
   customers since I've primarily lived off of investments for the past   
   35 years so they tend to treat me more like a business than a person.   
      
   ---   
    * SLMR Rob  * This is abuse... arguments are down the hall   
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