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PUSH and HOLDS
December 14, 2020
8:21 am
topgun
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FI's are always adding new features. That is why notes for a given FI go out of date quickly. I noticed a couple of my FI offer Alerts for deposits and withdrawals. The Alerts came in handy today. I PUSHED funds out of FI A December 14th. FI A put a hold on the funds before PUSHING the funds out. I received an email the withdrawal was made at YY:16 AM TODAY. The hold removed after the funds removed. The receiving FI sent an email a deposit was made at YY:35 AM TODAY. No hold on FI B. The funds will transfer to Simplii December 15th with a PULL. Handy.

Have a Great Day

December 15, 2020
9:53 am
Alexandra
Victoria, BC
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Re: chequing accounts and images.

Loonie: I only have chequing accounts with CIBC & RBC, basically I only use my CIBC chequing. The images I get are really good much more than actual size and show the front and back. Mine are all very clear. I print and file anything I want to keep for sure.

I hope the banks don't get rid of cheques as well. One place I use them is for trades people. This year I have given cheques to an electrician, a moss removal guy, and two plumbers. They didn't take VISA or Mastercard. And I don't at this time want to use my smart phone (it is an old and not very smart one) for any banking transactions.

On another note: No chocolates yet from Oaken. I have over $300K with them between Home Trust & Home Bank including registered and non registered GIC's

Also, cheque hasn't gone through yet for Canadian Tire. The initial process began 32 days ago.

Also sent cheque to Wealth One to open HISA 11 days ago .... nothing from them yet as well.

December 16, 2020
6:06 am
Loonie
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Perhaps the cheque images are better online. The ones I get from CIBC are tiny and hard to read, but they come in the mail with the statement.

You should be getting your chocolates, I think. (Maybe they sent yours to dentgal by mistake, as it took her two whole days to scarf them down! LOL)
Seriously, though , you could call and ask them when you might be expecting them as you so much enjoyed them last year etc etc.
I don't remember if they were using courier or Canada Post, but all the delivery services are run off their feet right now. On last night's news, they said Canada Post was now hiring an extra 700 people - which probably means 700 inexperienced people.

Yes, trades people often want cheque or cash. I had a plumber recently who preferred e-transfer but that's unusual. They don't want to pay the fees to the credit card companies, as they are small businesses.

The thing is, the same people who want to get rid of cheques also want to get rid of cash.

December 16, 2020
7:39 am
Norman1
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That's a problem with some people. They don't realize how much the infrastructure costs to accept credit cards and debit cards.

Those card terminals are not free. There's the card interchange fees and card network fees. Some card networks, like AMEX, will charge additional fees for "marketing" the business.

One coworker had worked in a small stationery store. She was told to be careful when negotiating discounts with customers who will be paying by credit card. A credit card sale would cost the store around 10% of the amount charged!

December 16, 2020
6:51 pm
Loonie
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Not only that, the less sales volume you have, the higher the cost of credit card processing is to the merchant. At least that's the way it was for us when we had such a business.

December 16, 2020
7:27 pm
Norman1
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That is possible as certain fixed costs, like the monthly terminal rental and communication line, will be amortized over a smaller sales volume.

Dollarwise, those fixed cost don't change. But, as a percentage of sales they would be higher with smaller sales volume.

Long time ago, I remember asking one restaurant owner if he had considered accepting credit cards. He did look into it and decided not to. The percentage cost would be double digits. I think he said it would be in the 10% to 25% range for him!

December 16, 2020
8:55 pm
Loonie
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One of my favourite restaurants doesn't accept credit cards. And this is a tablecloth-type place. They used to, but said it got prohibitively expensive. First they ditched MC, then Visa a while later. I think they still accept debit, but, under current circumstances, I haven't been there for so long that I can't remember!

December 17, 2020
4:34 am
RetirEd
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The rake-offs for MasterCard and Visa billings range from about 1%-1.5%, with "premium bonus" cards costing more. American Express charges more - up to 3% - but negotiates rates with big clients; the major supermarkets and department stores got an undisclosed deal when they started accepting Amex. (Mid-'90s?)

But there are also fee for the terminal provider, and sometimes bank clearing. Chargebacks are expensive. Merchants can simply deposit credit-card purchases with banks, but Amex wants them to file periodically and wait for their payments.

Interac and other debit systems usually charge a flat fee per transaction (other than overhead costs as above), but credit cards charge a percentage. This is why small stores will prefer you use debit for large purchases but credit for small ones.

The banking industry is very aggressive at inventing and increasing fees of all types. I am pretty sure they've added more and higher fees since I learned much of my information.

All of this pales before the huge slices that online services take, with the delivery-app people taking up to 30% of the order bill as well as ALL of the delivery charge.

And we still see people sitting in the parking lot of a restaurant and using their app before walking in to use the john and pick up their order! (Not delivery and not that expensive, but still adding to costs.)

Australia has legislated caps on credit card charges. And the banks have shown no interest in leaving their market. Or, for that matter, endlessly inventing new fees.
RetirEd

December 17, 2020
4:22 pm
Norman1
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MasterCard Canada and Visa Canada do not take anything like 1% to 1½%. Those are the interchange fees that the card issuer gets, not the card network, like MasterCard or Visa.

MasterCard and Visa themselves collect what's called a network fee. For Visa Canada, it is currently around 0.09%.

Most of those hefty merchant fees one hears about are for what the acquirer, the merchant's financial institution, charges to handle the credit card transactions and whatever the merchant is paying to rent the equipment.

I think countries like Australia regulate the interchange that is paid to the card issuer. The equipment and what their acquirer charges for service and support aren't regulated and can still be expensive for low sales volume merchants.

If the merchant now needs an extra business phone line or now needs a business Internet to accept credit cards or debit cards, then the merchant has to pony up for that as well.

December 21, 2020
1:29 pm
Alexandra
Victoria, BC
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Re: HISA

My HISA is now open with Wealth One Bank. It took two weeks from the initial application exactly until the cheque cleared and was in my new bank account.

Different story for Canadian Tire Bank. Initial application was 40 days ago, and paperwork with cheque sent to them 23 days ago.

I called them awhile back. They said because of the many delays they got notice to tell customers they would back-date the credit to their account. Whatever that means. My cheque was only for $10 to open the account. But I have thousands sitting in my no interest CIBC chequing account waiting to be transferred.

December 21, 2020
6:23 pm
Loonie
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It's not a lot of help, but you could open an eAdvantage savings account at CIBC and move your money there until ready to send to CT. You can switch it back to chequing instantaneously online, no delays or holds. The interest is pitiful, at .05% last time I looked, but more than zero.
I opened one of these when CIBC had its promo last summer, which paid very well for a few months. I've decided to keep it open, for now, although originally intended to close it, precisely for occasions like this. Something is better than nothing, and it doesn't cost me anything to keep it open. "A penny saved is a penny earned," as the old saying goes -although a penny was worth a lot more then!

December 21, 2020
7:40 pm
Alexandra
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Thanks Loonie;

I lied.sf-cry
I have a chequing and an e-advantage account with CIBC and practically all of the money to be transferred to CT Bank is in the e-advantage account. It is such a pitifully low rate that I didn't mention it. But like you say, you just do the transfer from savings to chequing and it is instantly there.

I too opened an e-advantage account to take advantage of a good rate. Not only that, I cancelled the account for a year. Then when they had another good rate, I called my contact at the bank and asked if I could get the, I think 2.5% rate if I opened up another e-advantage account. He allowed it. So I got that rate even though I did have the same account a year previously. Not sure if the number is the same. He probably would not do it again. So I will keep the account this time I suppose.

I enjoy this blog very much. You give some very good advice to many on here.

December 21, 2020
10:42 pm
Loonie
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Well, good for you for figuring out this angle - and for getting it twice. I'm impressed!
I doubt there's enough "love" for me at CIBC for me to get the deal twice.

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