🚀 go-pugleaf

Irene Mayer (ren@istar.ca) writes:
> Patrick Coghlan wrote:
>> 
>> Both of my banks, CIBC and Bank of Montreal, charge me $5 every time
>> my chequing account goes into overdraft, even if I am in overdraft only
>> for a few days - regardless of the amount.
>> 
>> With $1B in profits, I'd say this policy amounts to gouging the
>> customer (me).  Are there banks that don't charge this $5 minimum
>> overdraft fee?  If I complain to the bank, are they likely to waive
>> this fee on my accounts?
>> --
>> 
>> -Pat
>> 
>> bn207@freenet.carleton.caBanks never waive fees.  Have you considered a Line of Credit?  It 
> depends on your salary and/or if you own any collateral but some
> banks are willing to give this to you.  
> 
> If you are a government employee, try the CS Co-op. I have found them
> easier to deal with then most banks when it comes to loans and lines of 
> credit.

I have lines of credit.  I still want overdraft protection for my chequing
account (I am not the only one writing cheques on the account and I can't
guarantee that it won't dip into overdraft occasionally).  I dont't to pay
$5 just because it goes into overdraft for a couple of days - even if the
amount is just $0.01.

As far as I know, CIBC is the only bank with this "minimum interest
amount" policy.  I made an error in my original post when I said that both
CIBC and Bank of Montreal had a $5 fee.  At BM customers are charged a
minimum of $1.25 per month for overdraft protection - regardless of
whether or not they go into overdraft.  This is much more reasonable.

--

-Pat  

bn207@freenet.carleton.ca