Banks Are Charging Ridiculous NSF Fees

Bank Has No Limits for Fees

Just received a Notice of Changes flyer in my mailbox from TD Bank. The flyer is full of as usual information. That is, fees are going up on some services. One fee increase made my eyes pop out in wonder.

New NSF (Non Sufficient Funds) fee will be $42.50 starting May 1, 2008. Paying $42.50 NSF fee is way too much and absolutely ridiculous. We all know that banks are only interested in making money, and they don’t care about their customers. Average bank clients are not valued or respected by these banks. We tend to be loyal to our banks, and they are taking advantage of this. Most of us do not research and shop for a better bank. What you can do to get a better deal and treated as a valued customer by your bank? Follow these simple tips below:

• Banks basically measure your value by looking at your bank balance. If you have accounts with many banks, you may want to think about consolidate them into one account in one bank. This will give you more money in one bank and hence more value.
   
• Have an overdraft protection attached to your bank account. An overdraft protection will protect you from NSF situation because this feature will pay extra money if your account falls short. There is a charge involved with this option but it’s not as ridiculous as NSF fee.
   
• A decent overdraft protection fee should be somewhere around $5. You should pay this only when you use it. If your bank charges monthly recurring fees to have this option, change your bank. A good example is President Choice Financial. Their overdraft protection fee is $4.95, and you pay only when you use it. You will also be paying an interest charge on overdraft balances but still it’s a lot better than paying $42.50.

• And last but not least - never write a cheque if you don't have money in your account (I know you all know this).
  First Published: ADawnJournal.com Mar 16, 2008

Entrepreneurs Just Need An Idea To Become Successful

Let your sharp mind see new income making opportunities

More than ever before we live in a generation that has so many opportunities of making money just staring at all of us, yet very few people gat to discover them at all. The reason could be that most of the time they come disguised as just some little extra work. With the economic crunch that has come upon the whole world, the issue may not necessarily be making extra income, for most people it is making any income at all. With the fluid job marker no one is safe any longer. Just thinking a little out of the box is that makes up the entrepreneurial spirit that will survive our times.

The difficulty that many people will have is thinking that everything that could be dome for money has already been discovered and nothing new can be coming along. Just a little scratching of your head will lead anyone to seeing needs of people that are usually disguised as complaints, and if you can discover a way of solving that then you are going to be paid for it, and isn’t that what business really is all about? Ideas and fresh ideas are what you need and lack of money will not be an issue at all for you.

And of course like we have said there is no shortage of fresh ideas out there. The idea you ignore today becomes what makes someone else a millionaire tomorrow. Who, for example, thought the current list of young internet millionaires would reap millions by just harnessing the power of the internet? You can try anything from garage sales and it will simply surprise you the things that people will be willing to buy from you. And you do not need to look for an office outside your home. Did you take advantage of online auctions such as eBay and sell stuff out there and just make money?

If you lack money today it would simply be because you have not trained your mind to see opportunities and take advantage of them. Take something like clutter management for example, do you know anyone who occupies a house or office that could do with just a little rearrangement o make life more comfortable? Then there you are with a business known as clutter management. You do not know the number of people who are willing to pay anyone who can help them arrange their homes and offices so that they know where to get any stuff they require.

And still at the home front you may want to consider the niche of healthy foods that have become the fad today. There many busy folk who know they need to eat healthy and they do not know where and how. Several people have turned their little kitchen skills into a money minting idea simply preparing and delivering whole meals to some lazy fold out there who have a phobia for their kitchens, or simply do not know what to do to turn their ideas into healthy meals. It is simply time to transform your ideas into money before someone else beats you at the game.
First Published: EntrepreneurJourney.com Dec 4, 2009

Meridian Visa Infinite Travel Rewards Card: Should You Keep It?

Meridian Visa Infinite Travel Rewards Card Review

The Meridian Visa Infinite Travel Rewards Card is a travel rewards credit card that lets you earn rewards points for everyday purchases that can be used for travel, merchandise, gift cards, or special events.

The Cost

Annual Fee = $99 (First year free). Additional cards = $30

Minimum annual income required = $60,000 (personal) or $100,000 (household)

Rewards Points Snapshot

– Earn 1.5 points for every $1 spent in all credit card purchases

- Earn 3 points for every $1 spent in foreign currencies

– No caps, no tiers, no restrictions

First Time Bonus

None

Anniversary Bonus

None

Features & Benefits

– Complimentary 24/7 Visa Infinite Concierge.

– Emergency Medical Insurance (48 days<59, 23 days=60–64, 15 days=65-75, None>76, Amount: 5 M/per person).

– Travel Accident Insurance (up to $1,000,000 CAD, No age limit).

– Auto Rental Theft and Collision/Loss Damage Insurance (Up to 48 days)

– Trip Cancellation Insurance ($2,000 each).

– Trip Interruption Insurance (Unlimited).

– Flight Delay Insurance (Not clear – No mention of after how many hours, Looks like $2,000, but please call Meridian to confirm).

– Lost and Delayed Luggage (Not clear - No mention of after how many hours, Looks like $500-$1,000, but please call Meridian to confirm).

– Extended Warranty Insurance (1 additional year, $50,000 lifetime limit).

– Purchase Security (90 days, $50,000 lifetime limit).

– Price Protection Insurance (60 days, $100 per item, $500 per year limit)

– Mobile Device Insurance (Up to $1,000)

What’s Missing

– Hotel/Motel Burglary Insurance

Meridian Visa Infinite Travel Rewards Card - My Take

The Meridian Visa Infinite Travel Rewards Card is a new entrant on the Canadian credit card market. The rewards points earning rate is not that great because it generates only 1.5 percent return on everyday purchases. However, the 3 percent return on foreign purchases would offset the 2.5 percent foreign transaction fees and there will still be a half percent return. Most Canadian cards charge foreign transaction fees. If you want to know which cards do not charge foreign fees, watch my video on that.

The interesting twist this card has is its insurance. It offers rich travel insurance for a $99 annual fee. Also, the Emergency Medical Insurance offers longer coverage than most other Canadian travel credit cards (and a higher amount, up to $5 million) for up to 75 years old.

If you pay careful attention to insurance providers, there are two providers working together here. For travel related insurances such as emergency medical, trip interruption, trip cancellation, baggage delay, etc., the provider is Desjardins Financial Security Life Assurance Company. For other segments of insurance such as auto rental, mobile device, purchase + price protection, extended warranty, etc., the provider is American Bankers Insurance Company of Florida (ABIC).

Whichever travel credit cards you use (such as Scotia Gold Amex, Capital One Aspire Travel World Elite MasterCard, and many other Canadian cards), travel insurances are provided by American Bankers Insurance Company of Florida. I would stay away from these, as there are numerous complaints and bad reviews online about these providers when it actually comes to processing claims. So, for the travel insurance elements, the provider is Desjardins and not ABIC, which is a good thing.

Now, it all comes up to your decision making if you are comfortable trusting Desjardins as your insurance provider. Of course, I am assuming they are better than ABIC, but I am not too familiar with Desjardins when it comes to processing claims. You don’t want to take chances paying out of pocket for, let’s say, a $500,000 bill should you require an airlift from a foreign country to Canada and your provider is finding causes to decline your claims.

To wrap it up, Meridian Visa Infinite Travel Rewards Card should not be your primary card to maximize rewards/points earning (except foreign transactions). But it can be a good card for travel insurances if you are fine with Desjardins being the travel insurance provider. Always do your research and make an educated decision.

As of this writing, I do not hold this card.

 

What Is An RRSP?

Invest Now: A Canadian's Guide to Investing ,by Dawn, A. ( 2008 ) Paperback

CDN$ 15.16

The following is an Excerpt from my first book Invest Now. Invest Now is jam-packed with timely information and timeless advice for the beginning Canadian investor. Invest Now covers a broad range of topics including RRSP. Invest Now will be published in a few weeks.

What Is An RRSP?

An RRSP (registered retirement savings plan), or registered account, is not something you actually buy. This is just an account type, and you buy qualified investments to hold inside that registered plan. Think of the RRSP as an umbrella sheltering you from the sun. Think of the sun as the Canada Revenue Agency. As long as you are under the umbrella, you are protected from the heat. As long as you are inside your registered plan, you are protected from taxes.

Advantages of an RRSP

• Deposits generate tax receipts to provide tax breaks.
• If the account generates income, no taxes have to be paid, because income is sheltered.
• If you sell your holdings and achieve profits, you pay no taxes on capital gains, but you pay withholding taxes on withdrawals.
• You pay no taxes on growth and switches made inside your account, as long as you are not going outside the registered plan

Disadvantages of a Registered Account

• The account is registered with Canada revenue Agency (CRA). That’s where the term registered comes from.
• You are only allowed to deposit so much money.
• Withdrawals are restricted.
• You are taxed on the amount you withdraw. The more money you withdraw, the more taxes you pay. See withholding tax rates listed at the end of this chapter.
• You can’t keep this account forever. The account has to be terminated once you are 71, and you have to convert this account to a Registered Income Fund (RIF), from which you have to receive annual income by law. Also, you can take out all your money once you are 71, but this is not a good idea, as you have to pay hefty taxes.

First Published: ADawnJournal.com Feb 26, 2008

Alternative to iRobot Roomba Vacuum Cleaner

ILIFE A4 Robotic Vacuum Cleaner Review

I’ve been contemplating buying a robotic vacuum cleaner for some time. Especially seeing my nephew grabbing one and talking highly about how it saves lots of time and does a good job cleaning. However, the steep price tag (around $1000) has always refrained me from getting one of these modern day marvels.

My curiosity remained, however, and I thought to myself that there must be some cheaper versions of Roomba that would work just fine. After searching for months and going through lots of reviews, finally I decided on ILIFE A4.

The main difference I can see is that ILIFE does not follow a mapped pattern or advanced navigation system to program its movement, so it does not keep repeating same spots. Rather, it cleans randomly going here and there. In my condo, I found out that there are some places it keeps going back again and again and again. Also, it does not have Wi-Fi or smart phone connection.

At the end of the day, ILIFE does its job, possibly taking longer and repeating some places more than others. However, these are minor flaws and I don’t mind, considering the fraction of a price I paid. And I don’t really need Wi-Fi or a fancy smartphone app to track its movement or obtaining a cleaning report.

The quality of cleaning is something I cannot complain about as well. It does the same level of cleaning I would do with a hand-held vacuum. So the precious time it’s saving me is sweet and I can even program it to clean my condo when I am at work; one less thing to worry about in life.

After finishing its job, ILIFE goes back to its home (or docking station) and sleeps there quietly until it’s next shift. I have made 2 videos on ILIFE where you can see me unboxing and following ILIFE all around my condo. I will provide you with those links here for you to watch.

The only regret I have at this point is that I did not buy this modern-day marvel before; it would have saved me so much time and hassle. If you are planning to buy a low-cost robot vacuum, research well before buying anything so you don’t regret it later. They exist and you don’t have to break your bank to enjoy one.