Bank Error Cost Us BIG NSF Charges- Don’t make this mistake!

SOMETIMES YOU JUST HAVE TO ACCEPT YOUR SLIP-UP WITH A SMILE   A bank error and oversight can happen to anyone and if it hasn’t happened to you the consequences can be a devastating financial blow. Imagine the sun is shining, you’re enjoying your first cup of coffee for the day and all seems to be going well. Then you sign into your banking app only to see a negative number flash before your eyes when you know you have money in the bank. How could this be? What is going on? The questions start rolling through your head like thunder and a take-charge attitude ensues. You might be the best of the best when it comes to your finances but even the pros make mistakes and so do the banks as we recently learned from a simple bank error and oversight on our part. This mistake almost cost us near $200 in Non-sufficient fund fees which at the time was a huge blow to our perfect score of never paying a lick of interest to a credit card company let alone being hit with bouncing funds. Before I get into the story I want to let all of you […]

Yearly Banking Fees of $1000 Seniors Could Have Avoided : Net Worth Update 2018 March (+0.51%)

MONEY OUT THE WINDOW OR MONEY WELL SPENT- THE CHOICE IS YOURS!   You might be paying banking fees for every bank account you own whether it’s with the same financial institution or not. I know plenty of people who bank with several Big 5 banks and I’m not sure if they understand the costs of monthly banking fees and how it may be affecting their overall yearly savings power. Banking in Canada seemed fairly straight-forward to me when I arrived as a permanent resident. I was fortunate to set up my bank account at the time through President’s Choice Financial since my wife banked there but before I moved to Canada. It made life far easier for me especially when I needed to transfer money from my UK bank account to my Canadian bank account. What I loved about PC Financial what is now known as Simplii Financial Canada was that there were no banking fees. We didn’t have to pay for cheques either. If we had any issues we could make a phone call or visit any Canadian Imperial Bank of Canada (CIBC) for help. In total since I moved to Canada over 10 years ago now we’ve […]

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