Trying Out Wealth One | Page 2 | Wealth One Bank of Canada | Discussion forum

Norman1 said
That sounds right actually.

If bank has approved $5,000 of overdraft, then one is judged good for $5,000. There shouldn't be an issue giving immediate access to up to $5,000 of deposits.

Should $5,000 of deposits be returned, the bank can recover the funds from funds still remaining in the account and then any shortfall from the $5,000 overdraft.

Maybe, but it was a new account and i didn't have any other funds in the account other than the one cheque I had just deposited. The only other business I have with them is a longstanding credit card that I rarely use and the POA on mum's account which has been fraught with difficulties in dealing with them. Perhaps they've decided I'm trustworthy after all.

The credit limit on the credit card is way higher than the overdraft, but I've never come anywhere near it. They can probably make an educated guess that I will never use the overdraft either. If they are smart (doubtful), they will use this revived business and goodwill created by the free overdraft to try to sell me a better credit card!. I'm always open to offers.

Here is a neologism that just occurred to me.:
"Overdrat": the costly negative balance in your account that occurs when you accidentally withdraw more than you deposit.

Loonie said
The credit limit on the credit card is way higher than the overdraft, but I've never come anywhere near it. They can probably make an educated guess that I will never use the overdraft either. If they are smart (doubtful), they will use this revived business and goodwill created by the free overdraft to try to sell me a better credit card!. I'm always open to offers.

Here is a neologism that just occurred to me.:
"Overdrat": the costly negative balance in your account that occurs when you accidentally withdraw more than you deposit.   

Good one Loonie!!