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Email this8:46 pm
April 14, 2021
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Learned something new, today. I asked Canadian Western Bank about buying some 5-yr 5% GIC from them and they told me that I don't even need to have an account with them. Of course, it would be easier (to deposit the funds upon maturity), but they could sell me GICs even without me having an account at the bank.
They told me that I could just walk in with a bank draft and they would handle the transaction(s). I've always liked CWB and their aggressive/no-nonsense way of doing business.
I just set up my accounts with Motive and did not even need to submit my SIN. I did have to use FLinks to log onto another established account. I think it was in order to prove my identity, but I changed the password of my other account to something stupid, before logging into it from Motive. Once my identity was confirmed, I changed it back.
9:20 pm
April 6, 2013
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HermanH said
…
They told me that I could just walk in with a bank draft and they would handle the transaction(s). I've always liked CWB and their aggressive/no-nonsense way of doing business.
…
Not every financial institution is like EQ Bank. Some financial institutions have people who have thought things through.
In the online-only world, Hubert Financial allows one to open a GIC and then pull funds from an external account directly into the GIC to fund it! There's none of the EQ Bank malarkey where money has to be pulled into a savings account first and be stuck there until the hold expires before a GIC can be funded with it.
9:28 pm
April 14, 2021
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To be fair, Motive has some warts, too. To create a new link, you have to dLoad and print a form, then send it back with a void cheque (I think.) I didn't bother to read the fine print and tuned out as soon as it wasn't as easy as Tang or FLinks. I'll just make links from other banks into Motive to push money to them.
10:07 pm
April 6, 2013
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RetirEd said
…
2. It's not that money can buy happiness, it's that having ENOUGH money to lift stress ENABLES happiness to a considerable extent.To sum up, essentially all the research found that insufficient money inhibited happiness, but "sufficient" varied widely.
…
Money can do more than enable happiness. It can buy happiness.
Don't listen to the so-called sages who want you to send them your "extra" money that you supposedly don't need for your own happiness.
I think that "sufficient" point of view is a misinterpretation of how happiness scales with the amount of money. Like most human perceptions, the scaling is logarithmic or percentage wise and not linear.
Each $10,000/year raise, for example, does not have the same impact. A raise from $10,000/year to $20,000/year is a big improvement. Not so much for a raise from $500,000/year to $510,000/year. But, it doesn't mean there is little impact for a $500,000/year to $1 million/year raise.
4:25 am
March 30, 2017
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Norman1 said
HermanH said
…
They told me that I could just walk in with a bank draft and they would handle the transaction(s). I've always liked CWB and their aggressive/no-nonsense way of doing business.
…Not every financial institution is like EQ Bank. Some financial institutions have people who have thought things through.
In the online-only world, Hubert Financial allows one to open a GIC and then pull funds from an external account directly into the GIC to fund it! There's none of the EQ Bank malarkey where money has to be pulled into a savings account first and be stuck there until the hold expires before a GIC can be funded with it.
EQ has been demoted to a backup FI in my list. Their 5 days hold regardless of how it is funded is a major sore point. As long as others like Motive etc are competitive rate wise, I rather lose a few bps than to deal with EQ.
6:58 am
November 18, 2017
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Norman1: Thanks for that note. I've confirmed the direct-deposit-enables-direct-debit scenario at every financial institution I've used that allows DD/DD, but none of them have ever mentioned right of refusal!
There certainly are a lot of misinforming agents and representatives out there. I always get names, note dates and times of calls and make sure they put a note in the CSR tracking system when I have queries. Especially when I get contradictory advice. With Canada Revenue Agency, I always get three agreeing names before I trust them.
Loonie: This is probably a good place to mention that Vancouver City Savings Credit Union (unlike several of the big banks and other institutions) still has senior benefits, and they start at age 55! That includes free drafts, including US dollar ones! I used one in May to purchase another motorcycle:
http://www.vancity.com/Banking.....gAccounts/
Useful - I use other services with them even though there are no good deposit rates since the 2008 near-death experience.
RetirED
RetirEd
7:30 am
April 6, 2013
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According to Payments Canada Rule F1, section 35, one has 90 days after posting to refuse the error correction transaction (Logical Record Type E) for a direct deposit or (Logical Record Type F) for a pre-authorized debit:
Time Limit for Error Correction Refusal
35. A customer may refuse an AFT Error Correction Transaction (Logical Record Type “E” and “F”) provided that it does so within 90 calendar days subsequent to the posting date. In this case, the AFT Error Correction Transaction shall be returned using Return Reason Code 915 (to return a Logical Record Type “E”) or 922 (to return a Logical Record Type “F”) in accordance with CPA Standards 005 and 007.
Section 33 provides a window of only three business days to issue an error correction transaction:
Time Frames for Error Correction
33. a. Delivery of Error Correction Transactions shall be made as soon as possible following the exchange of the original Debit or Credit Transaction, and no later than three (3) Business Days following the Settlement date.
10:58 am
April 19, 2019
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HermanH said
I just set up my accounts with Motive and did not even need to submit my SIN.
You think the T5 issued will not be sent to CRA because of no SIN on this GIC?
10:59 am
April 19, 2019
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jt4455 said
Hi,I did not work for a few years and filed returns with no income. I only ever got some GST credits and the Ontario Trillium payment.
Can i go back and just list as income a few sales I did on Kijiji or ebay, like $100 to $200. Would I then get any money like a refund from the government for those years?
Read about Canada Workers Benefit. It may work to your advantage.
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