August 28, 2019
I don't understand how Adam reliably gets the money into Tangerine to cover his overdraft by 9pm same day if it's all at Motive. The penalty is too high for me to take that risk.
Never join a fitness club and you'll never have to worry about unauthorized withdrawals. If you want to get fit, get moving! You were born with the necessary equipment.
As the nice fellow at ING used to say, "save your money".
I transfer the amount of the overdraft from motive savvy savings to cha-ching chequing, and then e-Transfer to myself and accept it into tangerine chequing account. The payment usually gets withdrawn from my tangerine account in the morning so I have time to clear the negative balance. The overdraft alert gets sent by email.
Update: I've published a short article explaining how to set up Tangerine's overdraft feature, including a mention of Adam's tip of doing an Interac e-Transfer the day your account is overdrawn.
January 10, 2021
April 6, 2013
According to Fees & Features, $25,000 per payment is the maximum when one is initiating a bill payment at EQ Bank.
October 7, 2018
Just another scenario to consider, if you have a line of credit.
About 30 years ago I set up a line of credit at my only bank at the time. ( one of the big 5) to do some home renovations.
At the time, I had a chequing account and a savings account at the same bank. I paid off the line within a short period of time and during that time I made all my bill payments from the line and stopped using my chequing account, so I cancelled the chequing account. I can write cheques on the line. I also added my line to my debit card.
I keep a minimal positive balance in my line and use it now basically as a no fee checking account with the full line as an overdraft protection. I like some others in this post have accidentally dipped into the line, but I am only charged prime plus .5% until I pay back into a positive balance...which is normally the same day that I realize I screwed up. My pay cheques go into another Bank and I transfer from that bank to my line. The only accounts I have at this big 5 bank is the line and an E-saving’s account (to take advantage of occasional promos).
So no fees at my big 5 bank. Cheques were free in the beginning but I believe there is a fee to order new books of cheques now. I seldom use cheques.
I assume that there will be charges when I sell my house to cancel the line of credit. But I had opened it originally to fulfil a need, morphing into using it as a chequing account was not planned just a bonus.
April 6, 2013
That may be still possible at some banks.
In Personal Line of Credit, TD says
You can order cheques for your Line of Credit at no cost by visiting a TD branch or by calling us at 1-866-…
However, in Line of Credit (Royal Credit Line), RBC discloses in the fine print that the cheques are not free and there is a service fee for each cheque after the first two each month:
1There is no charge to withdraw funds via ATM or transfer out of RCL. Two Royal Credit Line cheques may be written during each monthly cycle without charge. A $2.00 Royal Credit Line Cheque Fee applies to each cheque thereafter—and a charge for cheque orders that depends on the design and quantity of the cheques you choose. Refer to your Royal Credit Line Agreement for details.