Bank account with overdraft

[Tooti73]

I currently bank at TDCanada Trust.  I have applied for overdraft a few times, but have been denied because I am ODSP and have no other income.  Anyone else have any experience with this?  Anyone else know of any banks where I have a better chance of getting overdraft protection on my account?

[Ron Payne]

I hear you, not at National Trust

On 22 February 2014 12:48, Tooti73 <krstnb...@gmail.com> wrote:

I currently bank at TDCanada Trust.  I have applied for overdraft a few times, but have been denied because I am ODSP and have no other income.  Anyone else have any experience with this?  Anyone else know of any banks where I have a better chance of getting overdraft protection on my account?

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[Lorene]

I used to have overdraft protection at TD Canada Trust for a long time. And yes they knew I was on OW and then later on ODSP. They didn't denied me at the time. I cut it out few years ago because I realized I am not saving any money when I hardly ever was overdraw at the end of the month. I have since switched to President's Choice Financial. No more service charges ever again.

Lorene

[Canadienne]

If I were you, I'd get an account with Ing Direct (now Tangerine.)  They will give you a $75 bonus for moving your ODSP direct deposit over to them.  They will also give you another $25 if you use a member's key # when you sign up (and $25 to the member as well.)  On top of that, you get an automatic $250 overdraft (no credit needed) and it costs you nothing...  If you take longer than 30 days to pay it back, they charge you $2 or $2.50 (can't quite remember) for being late, that's it.  If you pay it back within 30 days (which you should automatically have happen when your ODSP is deposited,) then there is no charge at all.  I use the overdraft every single month and I got my Mom (a senior ciitzen) an account and she uses it every month too.  

 There's also no fee to have the account.  Just make sure you are opening a chequing account if you want to use the overdraft.   You can ask around and see if your friends have an account and use their key # so you both get $25.  If you don't, I am happy to share mine.  Best bank account I ever got!

OH, and they will give you up to $2,000 in those $25 referral bonuses.  I declare mine as a gift of money when I report my income and I show the deposit made into my account (make sure you do that.)  At Christmastime, they actually up the referral bonus to $50 each and the direct deposit changeover (which you can get only one) is $100 then and the limit on referral money you can get is $3,000+ at that time too (if you haven't already made that.)  So far I got $100 for my direct deposit changeover (I didn't know anyone with a key to get the referral bonus when I started unfortunately) and I got $50 for referring my Mom (both of these were around Christmas time 2 years+ ago.)  I've then gotten another $50 referral bonus this past Christmas for a lady I was speaking to who was also on ODSP actually who loved what I had to say about how I use my account and also got an account.

Hope my info. helps!  I love finding great deals!!  Right now I pay nothing for phone service, I pay just over $27 for my internet and do without tv with no problem.  I am always looking for great deals and ways to do the best I can with a very limited income. :)

On Saturday, February 22, 2014 12:48:24 PM UTC-5, Tooti73 wrote:

[Deacon Jestant]

What confuses me about ING Direct it sounds like they want to somehow "link" your account with an account from another bank. Is there a way around this?

I understand that while they have no bank machines in my city I can use National Bank and the credit union's machines for withdrawals AND deposits at no charge.

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[Rob S]

i was offered OD but i said no, IMO if you dont have, dont spend

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[Canadienne]

Woops!  You mean overdraft, sorry. lol  I thought you were referencing ODSP for a moment. lol

Well I use my overdraft because I simply can't get by without it.  My rent takes 2/3 of my ODSP.  My OD costs me nothing (no charges, no interest) so it's very valuable to me.

[Justice4odsp]

Rob,

I go to Toronto weekly for medical care. ODSP covers the travel costs. The thing is, they will never give me the amount up front. I must pay for the train, hotel, and food up front using my overdraft, line of credit, or credit card. When ODSP reimburses me, ODSP owes me over $1,000 because they'll only reimburse me monthly or sometimes bi-monthly.  What peeves me off is that ODSP will not pay the charges to service the debt.

As soon as they pay me back that debt is paid back and the debt from making arrangements for the newer appointments still stand. I can never get ahead.  Because they only pay me back in clumps, my debt always sits with about a $1,500 and I must pay to service it. That part annoys me, but the fact I need medical care in Toronto is unavoidable, so I just suck it up and pay it. It means I have less to spend on other important things like food, transit, and the like.

For this reason I differ with your opinion. I say, if you can get the line of credit or overdraft, go for it. Just be sure you can keep the debt within the confines of what will quickly be reimbursed by ODSP.

Louise

[Silk Eotd]

Yes, I never bothered to link it to my other bank account at Scotiabank (who lately purchased Tangerine (Ing) by the way because it has been so successful!)  I believe I simply sent them a cheque to open it up.  I now use Ing as my primary bank account and I keep one basic Scotiabank account at $4.95/month so that I can use it to cash Ing cheques if I want cash from my overdraft.

You can deposit and withdraw at any credit union ATM pretty much in my area, you would need to check that for your own area but it's most likely the same.  You can also use your smartphone camera to snap a pic of a cheque and deposit it without ever going to the bank!!  Ing had that before the big banks here you know!  I love my bank, can you tell? 

Oh, I had to get a stop cheque a couple months back and they said I get one free every year so that was no charge.  They also have not charged me an NSF fee if a Paypal charge hit my bank when not enough funds were in it (I use Paypal to pay a lot of stuff online and I also get most of my self-employment income via Paypal.)  Scotiabank however will charge you $35-45 NSF fee!  I hate dealing with big banks.  If I didn't have poor credit from being out of work for so long, I would've gotten a free chequing account at First Ontario Credit Union to use for my "on the ground" bank account. ;)  But I was highly offended when they told me that I could not use the ATM, because people with a poor credit rating had been found to be often fraudulent and therefore they didn't trust them to use the ATM... I was pretty incensed about that.  So I stayed with Scotiabank for now since I have a $200 cashback with them but I barely use that account.