countysaver said
I like the 2.75% interest on my Daily Cash and Savings accounts. Haven't made a deposit in more than a decade and withdraw cash from an ATM less than once a year. Also have a bricks&mortar bank that pays 0% on the spending account and 0.2% on Savings; 1.8% if I shuffle the funds to its investment savings brokerage account. I'm not into switching FIs every ninety days chasing bonus interest rates.  

I use EQ Personal as chequing and other FI's with promotional interest rates as savings. This way I get the benefit of the better-than-typical interest rate (the EQ payroll bonus rate) on my "chequing" balance while not having to switch FI's for banking activities to get the best interest on the rest of my savings (I DD my paycheck into EQ Personal and keep approximately how much I might need to spend in a month in it (so a good balance of time that would have been required transferring funds before spending it and the interest on all the money I own)). Just some ideas as trying to keep it simple like you but trying to get more interest.

Rather than spend the cash directly, it is better to deposit the cash, charge the purchases to a reward credit card, and then pay the credit card off later with the deposited cash.

The card terminals and credit card handling can be quite expensive for small businesses. One hair salon charges 10%+ for credit card payments. Clients usually pay cash as a result and the stylists take their share home each day in cash.

RetirEd said
Huh? I deposit cash or cheques at every ATM I try.  

I have never known anyone in recent years who has deposited cash at an ATM. Where would one get the cash from in the first place for deposit? I have not received cash in my hand for longer than I can remember.

I do remember the days when a cheque would be deposited at an ATM but that was before mobile phone deposit from the comfort of one's easy chair in pajamas. I am not sure I would remember how to do it any more as I understand it is now done without sticking it in an envelope, i.e. the ATM reads it. Correct?

AltaRed said
Cash deposits via ATM would seem to be extremely rare in recent years. I cannot remember the last time I ever did that - if ever actually. Deposits are made EFT online between FIs, or if a cheque, by mobile deposit via phone. I cannot imagine why any digital FI would even consider ATM deposit.  

Well, most ATMs don't accept deposits, you need to find one that does at a branch. I occasionally deposit at an ATM with my Alterna Bank card (any National Bank branch), it's a service that I appreciate.

Tangerine client cards can be used to deposit items at Scotiabank ATM's that accept deposits.

Tangerine has dropped ATM deposits to their savings accounts. ATM deposits are to their chequing accounts only. Tangerine won't issue a client card to those of us who don't have a Tangerine chequing account.

AltaRed said
Cash deposits via ATM would seem to be extremely rare in recent years. I cannot remember the last time I ever did that - if ever actually. Deposits are made EFT online between FIs, or if a cheque, by mobile deposit via phone. I cannot imagine why any digital FI would even consider ATM deposit.  

E.G. Scotia Bank ATM's allow TNG debit cards for withdrawals but not deposits.

picassocat said

That is correct, you can also do it online, BUT, you still need an account with another financial institution. EQ bank is not a stand-alone bank.  

Since your post suggested you wanted one bank, I assumed you wanted to deposit cheques sent to you by others

cgouimet said

But you can use the EQB app to deposit cheques with no need to get to a branch or ATM ...  

That is correct, you can also do it online, BUT, you still need an account with another financial institution. EQ bank is not a stand-alone bank.

picassocat said
So, you are stuck with a limited no-fee withdrawal card and unable to deposit with such a card. I want a real bank.  

But you can use the EQB app to deposit cheques with no need to get to a branch or ATM ...

NorthernRaven said
The RIF institution's systems may internally be doing two separate steps, something like "withdraw and deregister funds from RIF", and then "send this money out through the PAD system". The PAD sending portion might just sees unregistered funds and uses a general PAD code; the fact that they started in the RIF may not be conveyed throught the RIF institutions systems all the way to the sending part.  

Thanks for that. Interesting ...