canadian credit cards directory in canada

Credit Cards - Any advice would be much appreciated, thank you - Canada

a good place to talk about links

RE: Any advice would be much appreciated, thank you

Postby footloose » Sun Nov 04, 2012 09:47:01 PM

Thanks for your quick reply.

Now that it has been determined that your CIBC bank account is frozen, the $67 balance will be applied to your Visa card.

Once you open your new account at BMO, neither CIBC or TD will have access to this account. This will provide you with "peace of mind" knowing that none of the funds that are deposited into this account will be "scooped".

At least you don;t have to worry about having money taken out of your bank account and you can deal with your debts as you see fit.

Hope this is the answer that you were seeking.

---------------------------------------------------------------------------------------------------------
Educating one Consumer at a time
footloose
Member
Posts: 654
Joined: Mon May 31, 2010 07:12:21 PM
Province: ON


RE: Any advice would be much appreciated, thank you

Postby christineinsearchofblueskies » Sun Nov 04, 2012 07:21:17 PM

Thank you again for the reply.

Yes, you are correct when their is an actual balance of $67 and that I have no access to these funds.

I did try to make the withdraw $60 and was denied.

I appreciate your help footloose :)
christineinsearchofblueskies
Member
Posts: 3
Joined: Tue Oct 30, 2012 08:19:33 PM
Province: ON


RE: Any advice would be much appreciated, thank you

Postby TJ.brooks » Sat Nov 03, 2012 06:06:19 PM

It would seem they have frozen her account.
TJ.brooks
Member
Posts: 844
Joined: Mon Aug 22, 2011 01:43:46 PM
Province: ON


RE: Any advice would be much appreciated, thank you

Postby footloose » Sat Nov 03, 2012 04:38:13 PM

i am not clear when you say "My chequing account with CIBC has a balance of $67, but an available balance of $0".

Does this mean that while there is an actual balance of $67 in the account, you cannot get access to these funds?

If this is the case, then attempt to withdraw $60 from an ATM. Don't be surprised if the ATM rejects your attempt to withdraw funds.

Also, if you have any direct deposits going into your CIBC account, cancel these deposits immediately and arrange to either receive them personally or redirect them to your new bank account.

Please report back on this forum as to what is happening.

----------------------------------------------------------------------------------------------------------
Educating one Consumer at a time
footloose
Member
Posts: 654
Joined: Mon May 31, 2010 07:12:21 PM
Province: ON


RE: Any advice would be much appreciated, thank you

Postby christineinsearchofblueskies » Sat Nov 03, 2012 01:14:11 PM

Hi and thank you for your response.I really appreciate it.

I went and applied to BMO for a chequing account online and was approved.If they are open tomorrow I will go and open a small business account as you have advised.

My chequing account with CIBC has a balance of $67, but an available balance of $0. I want to follow your advice to leave a $1 balance to ensure they cannot touch my new bank accounts. How should I handle this?

Again, thank you for your advise. I have been scared and not known what to do.

christineinsearchofblueskies
Member
Posts: 3
Joined: Tue Oct 30, 2012 08:19:33 PM
Province: ON


RE: Any advice would be much appreciated, thank you

Postby footloose » Sat Nov 03, 2012 12:32:49 AM

The GOLDEN RULE in banking is that you NEVER, NEVER, NEVER have a bank account with the same bank that issued you a credit card.

HERE'S WHY

If you owe money on a credit card that was issued by a bank and you maintain an account at that same bank and if the credit card goes into default, the bank can exercise their "right of set-off" and withdraw any sum of money including all of the funds in the account to satisfy the defaulted credit card.

Immediately, attempt to open both a personal and business bank account at any bank other than CIBC or TD. If you can, then transfer all your funds except one dollar from CIBC and TD into your new bank account. By doing this, any monies owing to either CIBC or TD CANNOT be claimed against your new bank account.

WARNING

When you attempt to open a bank account at a new bank, they will pull a Credit Report on you. If they are not satisfied with the Report, they will refuse to open an account. Also, there is no requirement that you must deposit any money to open a new account.

----------------------------------------------------------------------------------------------------------
Educating one Consumer at a time
footloose
Member
Posts: 654
Joined: Mon May 31, 2010 07:12:21 PM
Province: ON


Any advice would be much appreciated, thank you

Postby christineinsearchofblueskies » Fri Nov 02, 2012 09:55:01 PM

This is my situation and I am wondering if anyone can offer some advice...

I was given my first credit card at 18 and managed never to be late on a payment until recently....

Everything seemed to be coming together with my life. I met a great guy that I planned to live my life with. I trusted him and our relationship, we had a partnership.

Career advancement we were sure was around the corner fell through and that is when our debt started.

We starting using my credit cards for things here and there because we were sure our income was about to increase. It didn't. So, we made a plan to pay off our debt. My fiance was offered a new position and the income would allow us to pay off our debt faster.

So, he left his current job for the new opportunity.It meant we had to relocate and that I had to leave my job and find new employment, but the offer wasn't something he could pass up.

Many things were promised, but because things were not handled properly.

Not very long after we moved, sold and donated most of our things and put the rest of our belongings in storage he was let go from the new job without notice. I had not found employment so we were left with no income for a period of time. We were then then forced to use my credit cards (solely in my name) for food, gas, cash and whatever else we may have needed in that period until they were maxed out. The small debt we had accumulated grew and the agreement was that he would make sure he paid off all the credit cards even though they were solely in my name. As long as we could work together to pay them off I was happy. I have been more than willing to accept my part of the debt.

In the end our relationship fell apart and shut me out of his life.He refuses to help pay for the credit card bills and he will not respond to any of my emails. He left me to foot the entire bill myself. It has ruined my once good credit and it has made me lose all financial security and stability. He moved back home with his family while I struggle daily with this debt.

I currently have over $3o,ooo of credit card debt
- $16,000+ CIBC Visa
- $14,000+ Canadian Tire MC
- $1,500+ TD Visa

I am in the final year of a 7 year car lease with Royal Bank. I will be finished all payments in the new year 2013.

My CIBC chequing account has a hold on it (lean) for the CIBC Visa in the amount of $16,000+.

So, now I don't have a bank account and I need to know if I can go get another one at another bank? I really don't want to go in without having a heads up and be more embarrassed than I already am if they refuse me. I have been trying to maintain on my own, but the minimums are just too high and I can't manage on my own. I can barely pay my rent each month and put gas in my car and I am beyond stressed out!

I started a small cleaning business to try to make extra money. It is a business account at CIBC. Can the bank put a hold on my business account too?

I need a way to pay rent and bills. I need a bank account I can use and trust the little money I have to survive isn't taken.

Please help!

Thanks for reading :)
christineinsearchofblueskies
Member
Posts: 3
Joined: Tue Oct 30, 2012 08:19:33 PM
Province: ON


,

Return to Credit Cards - Discussion Area