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Email this3:50 pm
May 21, 2016
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I know with Tangerine, if your account is in overdraft at midnight of the day of the transaction that caused your account to be in overdraft, then the fee plus interest kicks in.
There's no transparency with Simplii. There is a footnote of 5 next to their information on overdraft but I can't see what the footnote says.
Additionally, I was told to ensure your account does not go into overdraft when making payments or automatic withdrawals, to transfer the amount into your chequing account one day prior to the effective date because withdrawls including bill payments have higher priority over deposits. For example, if your bill payment is future dated for April 14, you would need to transfer the funds to your chequing account on April 13.
In my case, my account on April 14 was in the minus but the transfer (into) my chequing account was the same day. Simplii financial says I will likely be charged the $4.97 fee but no interest.
With Tangerine these kinds of transactions are done on the same day, albeit at different times and there is no overdraft charge whatsoever.
4:12 pm
April 6, 2013
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Simplii: Overdraft Rate has the details:
Daily balance Annual rate On all overdraft balances§ 19.00% This service is available only on the No Fee Chequing Account.
A monthly charge will apply when you use this service, in addition to a fixed interest rate on overdraft balances.§
§A minimum charge of $4.97, plus 19% of the amount accessed, will apply.
4:52 pm
May 21, 2016
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@Norman1,
Please take the time to read my post [completely]before replying. Thanks. 
5:23 pm
April 6, 2013
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Perhaps you should think about what you write!
Do you really think there is no overdraft when a debit is made at 11 am with an account balance of zero and the deposit to cover it is not made until 6 pm?!?
If the bank decides to honor the debit at 11 am, where do you think the money comes from?
5:24 am
December 20, 2019
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I have removed overdraft protection from all my accounts, I cannot remember leaving it on any account.
If I don't have enough funds in an account the transaction should be rejected... period.
I had a case were I paid for snow removal on a rental house and the person did a shovel width clearance instead of the full sidewalk. I had sent the cheque expecting the person to do the seasonal work. When I saw the contract not honored I simply moved the funds out and the cheque bounced.
I did not do a stop payment because I had those go through in the past and the bank gave me no recourse, so the best solution for me was simply to remove the funds from the account.
The overdraft protection is more of a bother for me, I prefer no coverage whatsoever.
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