[ 05 August 2004: Message edited by: exiled_armadillo ]

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Originally posted by exiled_armadillo:
So they go after him for the loan of $1000.00 he's already paid over 728.00 in admin fees alone and they award the guy 2928.00. some people have all the luck.

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I'm not sure if I understand your post. What the court did was disallow all of the interest and "administrative charges", credited the $728. that he had paid towards the loan principal, and ordered the loan co. to pay him the $3000. market value of his car, less the remaining $272. principal, plus $200. in costs in favour of the borrower.

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Originally posted by Bacchus:
I dont think you can get punitive damages in small claims.

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I could be wrong, but I don't know of anything that prevents a claim for punative or exemplary damages in Sm. C.C. (at least in Ontario.)

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Originally posted by Bacchus:
I dont think you can get punitive damages in small claims.

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Start a new thread even but i'd be curious to hear the story.

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Originally posted by Socrates:
Hey James, if you don't mind talking about it I'd love to hear what happened to your son. The OPP beat him up?

Start a new thread even but i'd be curious to hear the story.

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Originally posted by lagatta:
But as long as poor people are denied access to basic banking services, MoneyMart and company will thrive - or even more uncontrollable, underground loan sharks will take up the slack.

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Its not just poor people. Lots of people with good jobs just have no idea how to handle credit. And you also have people who suffered from a bad set of circumstances (eg. divorce or business failure) that destroyed a good history.

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Originally posted by Socrates:
Hey James, if you don't mind talking about it I'd love to hear what happened to your son. The OPP beat him up?

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Originally posted by lagatta:
By poor people, I did not mean only people receiving welfare, UI or other government cheques. Usually those can be cashed. I'm thinking as much of the many people (including self) on "contingent" employment.

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They must know using paper cheques puts
some of their employees through heck, waiting several days to access their pay.

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As a starving student I was paid with paper cheques. I don't know if there are banks that will refuse to honour a deposited cheque on the same day, but my basic account with TD allowed me to immediately withdraw any cheque I deposited.

The only exception, and I found this out the hard way, was an ABM deposit of a cheque over $1000, which I found out has a five day wait for clearance. This threatened to mess up my weekend, so I called TD and over the phone they cleared me $150.

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Originally posted by Mr. Magoo:

The only exception, and I found this out the hard way, was an ABM deposit of a cheque over $1000, which I found out has a five day wait for clearance. This threatened to mess up my weekend, so I called TD and over the phone they cleared me $150.

If your bank won't let you access your own paycheques, switch banks!

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Actually, switching banks is the last think you should do. There are two reasons why a bank will hold, or partially hold, a cheque: if you have bad credit or if you're a new customer. If you have bad credit it will follow you where ever you go. If its cuz you're new, its better to wait the few months it takes for the bank to feel it can trust you than start all over again elsewhere (all banks and credit unions are very similar with this).

The way holds work is bank will release so much depending on the above criteria. If you deposit a $500 cheque, and the bank has your account set at "hold all but $300" than you'll be able to immediately access $300, and $200 is held for a week. Sometimes its just a matter of calling the bank and requesting your holds be reviewed. Again, if you know you have good credit and are a long-time customer, you may get it improved more or less permanently.

However, the Metro Credit Union in Toronto will allow you access to your paycheques automatically if they're direct-deposit. And they told me when I opened the account that if I didn't have the option of direct deposit, then if I brought the cheque in person, I could request access to it right away if it was a paycheque, and they would do it.

They also said that if I couldn't make it to the bank in person during business hours, I could deposit it by machine, and then call the bank (and at credit unions, they get to know you on a first-name basis if you have regular dealings with them by phone) during business hours and ask them to give you access to the money (or enough of the money that you can get by) and it's no problem.

Direct deposit is probably your best option if possible though. I don't think they'll hold it in that case. I'm not sure if there's less time if it's the same bank as your employer. But what I do know is that at the Metro Credit Union, I once went there (in person) with a personal cheque written to me by another person who banks there. And they cashed it immediately, even though they have a holds policy on cheques, especially personal cheques. So they likely would with cheques from employers too.

[ 05 August 2004: Message edited by: Michelle ]

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Originally posted by Mr. Magoo:
Hmmm. The only thing that doesn't make sense about that is that I can't imagine, for the life of me, ever having had good credit.

Would it be of any help to get an account at the same branch as your company paymaster? In other words, if my employer's bank is CIBC, and my paycheque says CIBC, if I have an account at CIBC could I not get my entire paycheque deposited and available?

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Good credit is a relative term. You may think yours is bad, but it appears there are people with a lot worse credit than yours as I know for a fact many people can't get any amount released early. I bet you're a long-time TD customer. I've had a TD account since I was a child and I have no holds at all.

Michelle, your credit can't be that bad, especially if you can cash personal cheques.

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Originally posted by Privateer:
Federal government cheques to a certain amount, $1500 I believe, are insured and anyone can cash those immediately.

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I had my bank hassle me over a $1200 income tax refund check back in 1996. Jesus christ almighty.

And I used to get checks from the Ministry of Skills, Training and Labour when I was going to a technical school, and one lady said something like "Well, what if they put a stop on the check?" or some insanely dumb crap like that. I had to point out that it was a government check and that the government was always good for its money.

About the only good thing CIBC ever did for me was take all the holds off after I'd cash those Skills, Training and Labour checks every month and take it in cash because if I deposited it in the ATM, all the money would be locked up solider than a drum for 5 days. So one day the lady at the till pulled the holds off. I assume it was because the bank wanted to get rid of me.

But then I had a roommate bounce a check on me for rent in 1998, and BAM, the holds were put back on. Three phone calls later, still no resolution of the problem so I said fuck it and switched banks.

Today? My current bank lets me get at the first $500 of any cash/instrument deposit and the remainder after 5 days. And electronic deposits ... sky's the limit.

One old thread about pawn shops and payday loan places.
Another old thread about rent-to-own and payday loans.

[ 05 August 2004: Message edited by: DrConway ]

Re: with Federal government cheques (and only Federal), the amount that is insured has changed over the years. But I can guarantee you that if you walk into YOUR bank with an income tax refund under $1500 you can get it in cash providing you have proper ID and assuming they have enough cash in the safe. If the teller says no, talk to the manager. Note: Do not deposit it in the ABM, this only works at the teller.