Rant on check books

[fried1765]

Most Canadian banks have senior accounts that provide free checks at age 60 along with other privileges.
Got a shocker this week as my bank was upset that I was not actively using an account.
Heck it was a 'savings' for rainy day emergencies and since I've not had any it was declared dormant.*

Darn banks only want U to spend and borrow so that they can get richer.

*Guess I'll need to withdraw $1.00 and then deposit it back.

I have been wondering about just what you report.
I have a very substantial sum sitting in Scotia Bank, since I sold my Summer residence in Nova Scotia 2 years ago.
The funds are still there, because the CAD is still so weak.
I have also been thinking that I should withdraw something, just to show account activity.

 

[kenmbz]

Piloon, at least they told you. My bank says they told me before giving my money to the state. Who knows who they actually told.....

 

[Oaktree]

Most Canadian banks have senior accounts that provide free checks at age 60 along with other privileges.
Got a shocker this week as my bank was upset that I was not actively using an account.
Heck it was a 'savings' for rainy day emergencies and since I've not had any it was declared dormant.*

Darn banks only want U to spend and borrow so that they can get richer.

*Guess I'll need to withdraw $1.00 and then deposit it back.

How long was the account sitting with no activity? It costs them money to maintain accounts, and if it's been sitting dormant for a certain length of time (often dictated by the some regulatory agency) they'll consider it abandoned. Yes they should reach out to you at your last known address before moving it to the state's abandoned resources dept. I assume the laws are similar in Canada.

Honestly I'm wondering how much longer banks and credit unions will maintain physical locations given how often I've walked into a branch and been the only one there who wasn't an employee... makes me a bit concerned for the next 50-60 years.

I hope not while I'm still around. While I don't go to the bank often except to deposit checks, it's nice to have a branch nearby. I do transfer between checking and saving accounts online, but don't use any sort of online or mobile payments (well, I don't have any "mobile devices" so that option's out even if I wanted to).
I'm sure branches will be consolidated, and indeed they have been over the last couple decades.

 

[PILOON]

I have been wondering about just what you report.
I have a very substantial sum sitting in Scotia Bank, since I sold my Summer residence in Nova Scotia 2 years ago.
The funds are still there, because the CAD is still so weak.
I have also been thinking that I should withdraw something, just to show account activity.

You'd be well advised to do so especially being south of the border and all the travel bans.
Heck you could not come here to rectify any situation B4 they froze things up.

(The Scotia (many years back) was the one that deposited my pay check to another client acct and refused to accept responsibility and caused me credit problems at the time.)

 

[grsthegreat]

my credit union will make an account dormant after 12 months. we prevent this by adding additional money to the account every 11 months. set phone calendar to remind us. not hard to do.

 

[PILOON]

Piloon, at least they told you. My bank says they told me before giving my money to the state. Who knows who they actually told.....

That is the Royal Bank, IMHO the better of our 5 chartered banks.
Never had any problems with them but I can't say the same for the others and over the years have dealt with most of them.

One refused to certify a check drawn on their branch without permission of the issuer, like was it good or what? they also gave a lame excuse that I did not have an account with them so I said, OK let's open one up. The answer was that I needed to make an appointment to do so.

Another deposited US funds in Cdn $'s when we were at a 25% prime advantage. Like DUH!
Had serious words over that one.

Then another bank 'freezes' funds deposited for 10 days! ??? They claimed it was for my protection ??
That same one caused me problems when It decided to freeze a new employee's pay check back when I ran a business.
Poor employee thought we we were 'shaky'.

One was frustrated that an insurance settlement check was made out to me without them as co payee??
I replied that I was the insured and that I paid the premiums.

Note, I have NEVER bounced a check and I always have a decent balance.
OK, I'm frugal and I know it but that's how I like to live but sure don't like to be jerked around.

 

[jjp8182]

I think I might have to start reading the fine print and asking questions a bit more often as I've also had credit cards left to expire by the issuing bank/organization due to lack of use a couple times. Which is a nuisance because I try to keep two active; one for primary use and the second for backup if/when the first is compromised.

Most other financial accounts I keep to a single account per type (savings, checking, investment, retirement, etc), but having had a credit card canceled due to fraudulent purposes while on travel I like to keep two of those active. Fortunately the time the card was canceled while I was on travel I was on business travel and could use the card issued to me by my employer.

 

[TheMan419]

Braches will become a thing of the past soon. We will use Venmo or other apps when we have to give friends $$. Business likes some kind of electronic pay. If you do get a paper check you can deposit it by taking a picture of it in your app.

Mrs. The Man still goes to the bank to deposit checks that she gets. She runs her own business and lots of people pay her by check. I would like to see her move to some form of electronic payment Venmo or take credit cards, but she does not want to.

 

[TheMan419]

Braches will become a thing of the past soon. We will use Venmo or other apps when we have to give friends $$. Business likes some kind of electronic pay. If you do get a paper check you can deposit it by taking a picture of it in your app.

Mrs. The Man still goes to the bank to deposit checks that she gets. She runs her own business and lots of people pay her by check. I would like to see her move to some form of electronic payment Venmo or take credit cards, but she does not want to.

 

[LouNY]

The government would love to see a cashless society no cash no checks.
Just think how easy for them to track every thing you do.
Thanks but no thanks,
I'll keep on using some cash and checks, many times my checks are made out to cash.