Customers contributing more to bank profits

Recently, I was charged $40 NSF (insufficient funds) for a stop payment I made on my account for a pre-authorized transaction. The company I was to pay was notified and a new date was set up for them to withdraw funds. The stop payment was placed a few days before the withdrawal was to occur. Placing a stop payment on an account is supposed catch the transaction and although the original payment will go through the account, it will be returned into the account and marked as 'stop payment', avoiding an NSF charge. Bank of Nova Scotia charged me $12.50 for this service.

According to them, since I did not have the funds to cover the original payment that the company was going to take out, I am being charged for NSF. My question is this, if I had the funds to cover my payment, why would I need to put a stop payment? Is my bank kidding me? I am being charged $40 because I used a stop payment for what it was intended.

This is apparently their new policy. I've requested this 'policy' in writing, as I was never notified by phone, email, message center, mail or in person regarding this new 'policy'. When I was placing the stop payment on the account, I was not informed at that time either. What the bank has also failed to do is reverse my NSF fee or my stop payment fee, for a total of $52.50 in charges. I have left a message with them to request the reversal of one of these charges.

I am sick and tired of banks sneaking 'new policies' in at every whim and not notifying customers. It's interesting how these policies always seem to favour the banks' profits. It's also funny how they use their rules to try and sell you their products (VISA card, overdraft, personal line of credit, etc.) which are supposed to help you save money and avoid unnecessary 'charges.'

It looks like the banks have found another way to take more money away from hardworking consumers, (who are already feeling the financial pinch) and add to their already billions of dollars in profits. As consumers, it is our responsibility to check our bank books and transactions often and to take up any discrepancies with our banks. Most of us work too hard for our money to watch it being 'stolen' by institutions that already have way too much.

Happy Shopping!!

Tips for Saving Money

1. Open an ING account and have your funds automatically deposited into it.
   
2.  Save the Rest at Bank of Nova Scotia automatically deposits $1 or $5 into a separate account for short term savings such as a vacation or car repairs.
3. Start clipping coupons. Search online, newspapers, magazines and in-store.
4. Make a list before going grocery shopping and eat first before you go. Once at the grocery store, shop on the outer perimeter of the grocery store, this is where all the fresh food is kept. Vegetables, fruits, breads, meats and dairy. Don't forget to stick to your list. 
5. Plan your meals, at least a couple days in advance if not longer. There are some wonderful meal plans online. Search under meal plans.
6. Start using cash. Leave your debit and credit cards at home. By doing this, you won't give in to impulse spending.
7. Budget. Write out your expenses and allocate your funds accordingly. Don't forget to include some fun things like entertainment. Stick to your budget. You might get off track once in a while, but do not make it a habit. Too many times off course and the budget won't work.
8. Shop for items when they are on sale. 
9. Adopt the jar method. Allocate into jars, money for those expenses that are not fixed, for example: gas, entertainment, groceries, transportation, spending. Once the funds in the jar are finished, the do not get replenished until next payday. This method works best by pay period.
10. Open an RRSP account. You can start as low as $25/mth with most banks.
11. Swap children's clothing with friends. Kids grow up so fast, it gets expensive buying them a new wardrobe everytime.
12. Shop at second-hand stores such as Goodwill, Salvation Army, Value Village and Once Upon a Child.
13. Watch movies at home instead of going to the theatre. 
14. Make gourmet meals at home instead of going to an expensive restaurant. 
15. DIY. Learning to do-it-yourself will save you hundreds of dollars a year. Everything from home improvements to interior design can be done by you. It just takes time and patience. 

 If you have any money-saving tips, please email me and I will post your suggestion.


Happy Shopping!!