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 […]

Bank Sales In Canada ….. Not The Same As Bank Foreclosures In The U.S.A

Since the economy took a turn for the worst, I have been inundated with requests for “bank sale” properties. A common misconception seems to exist where people assume that banks are basically giving away properties that are being foreclosed on, much like we see with the fire sale of properties in the U.S. So, what is a “Bank Sale”? Basically when someone cannot meet their obligation to the bank/lender, the institution that they have financed their home through will begin a process to take the home away from the owner. This can be a fairly lengthy process and in some cases will ultimately end up with the bank or lender selling the home to try and recoup their losses. While it is always possible to find a good deal in today’s housing market, it isn’t common for it to be a bank owned property. The rules and regulations that govern the Canadian banking system are far more stringent than the U.S equivalents (I use that term loosely, as they barely had any rules or regulations). Obviously if someone defaults on their home financing (mortgage, line of credit) the bank would like to get that bad debt off of their books. […]

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