I know it’s late, but a fire has been lit under me, and this is a healthy way for me to attempt to deal with my thoughts. Service providers will not be returning to their offices until after 8 am, so I still have five hours before I can speak to someone.
A little bit of background to this post – I am someone who loves using online banking. I’m with PC Financial, and for the most part, I like the services that they provide, and it suits the needs that I have. There are definitely disadvantages, though, such as the delay between when you make a deposit and when it shows up in your balance, as well as the wait that is required to move money from your savings to your chequing account.
Now, I often review my chequing account to make sure everything is sound. I like to have a cushion in my account in case unexpected fees come up, or I need to write a cheque. Prior to this year, I haven’t really had substantially sized withdrawals from my account, so this year has been an exercise in dealing with shock and in appropriately allotting money.
So with all that in mind, onto the real subject matter of the post – pre authorized payments. I have a huge number of pre-authorized payments set up – all my utilities bills, cell phone, security, charitable giving. I’d say I’m up to about 7 or 8 items that I need to keep track of. I like to think I’m pretty organized, and I know exactly when the bills are supposed to be due. Up until recently, this has worked very well for me. However…
In the last 2 months, due to a combination of cheques being cashed all at once, transfers not happening in time, and dates moving around, I have been dinged with two NSF fees. And with PC, these fees are $45 a pop. That’s $90 I’ve just thrown out the window. Add to that the NSF fees charged to me by my service providers, and that’s a pretty penny that had just vanished into thin air. Definitely not amused.
So, in my outrage (at both myself and the situation) and as a hopeful solution, I have decided to cancel most of my PAPs and return to Internet banking. This way, I can pay when the money is there, and save the money I would otherwise be spending on NSF fees for bigger and better things.
That is all. I appreciate your listening ear.