Canadian Tire Money

I was at Canadian Tire the other day, and bought almost $100 in merchandise. I only received $0.05 back in Canadian Tire money. I thought the cashier had made a mistake and made a mental note to call Canadian Tire when I reached home. I spoke with customer service who informed me that when paying with a credit card at Canadian Tire, you get almost nothing back in their "money". Only paying by cash earns you big Canadian Tire "bucks". Good to know.

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Me vs. The Bank - Part 1

Background - I took a business cheque into my branch to have cashed. I had received it from a part-time job. It was for the amount of $1330. The bank told me they could not cash the cheque and if I deposited it, I would receive my $500 cashback and the rest would be on hold. I have asked my bank on several occasions to increase my cashback limit or decrease the hold time on our account (currently 5 business days), they have refused. (Cashback is the amount the bank will "free" up to you when you deposit a cheque with the teller or at the ABM.)

I have been banking with this certain bank (they shall remain nameless - the red and white guys) for 2 1/2 years. I have both mine and my husband's paycheques directly deposited into the account. I also hold a mortgage with their subsidiary company. Most of our debit transactions and bill payment are done through this account. My bank has not attempted to even meet me halfway regarding this issue. I have been told fraudulent activity (which doesn't apply to me) and the "banking crisis" as excuses for not increasing my cashback amount.

How inconvenient is it, when you have bills to pay and you are waiting for cheques to clear. Therefore, I have had no choice but to write to their Ombudsman and the Canadian Bankers Association to get this issue resolved.

Wish me luck and I will keep you posted.

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Smart Shopping

As we fast approach the holiday shopping season, millions of transactions will be processed using debit. It's important to remember that while buying all your goodies, when paying by debit, to protect your PIN (personal identification number).

As a frequent debit card user, I've always thought I looked kind of weird when shielding the screen as I am paying for a purchase, however, I cannot begin to tell you the amount of debit card fraud stories I have heard. Although in most of the cases the victims were re-compensated by their financial institutions, the process they had to go through before getting their money back was very time consuming. Shielding your PIN not only applies to debit purchases, but also to withdrawing funds at an ABM (automated banking machine.) It's also extremely important to check your financial statements on a regular basis and to notify your financial institution immediately if you find any discrepancies.

If you become a victim of debit card fraud, you are protected by the Canadian Code of Practice for Consumer Debit Card Services. Under this Code, victims of debit card fraud will not suffer any financial losses.

For more information about debit card safety, please visit www.protectyourpin.ca
(courtesy of 2008 Smart Consumer Calendar)

Image: FreeDigitalPhotos.net

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2009 Smart Consumer Calendar

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• What you need to know about home repairs and renovations
• Your rights when dealing with an energy supplier
• How to protect yourself when buying a used car
• Steering clear of auto insurance scams
• What to remember about buying or selling a home
• How to protect yourself from telemarketing fraud
• How to help fight health care fraud – and much more.

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(Courtesy of Government of Ontario website - Ministry of Small Business and Consumer Services)

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