Personal Finance

Who do you have on your speed dial?

  • Last Updated:
  • May 8th, 2013 11:35 pm
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Deal Addict
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Jun 26, 2012
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Who do you have on your speed dial?

Who do you have on your speed dial?
24 replies
Member
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Mar 27, 2007
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I am no expert on this type of matter but I believe the bank has the right to offset and can go in your account and take the money they are owed. Hopefully, someone with more knowledge in this area chimes in but I am pretty sure they can do this.
Sr. Member
Feb 28, 2013
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5 years and just NSF fees? You sure they're still after you and didn't just waive the fees and close the account? Why is 2 more years a magic number for them to forget the fees? You think banks simply forget about bad debts like credit reporting agencies?
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Dec 16, 2008
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I don't know how you can let your account get to negative $1,000 without even knowing?

I think when you go to open your account, they would tell you if you still owe them money or not.
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Nov 30, 2009
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With my recent dealings with TD, I'm inclined to say screw them and look elsewhere.
[QUOTE]I wish there was a way to know you're in the good old days before you've actually left them.[/QUOTE] ~Andy Bernard, The Office (U.S.)
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jeremyhalifax88 wrote:
May 4th, 2013 8:38 am
NSFs cost them virtually nothing.
Really! And you know that because .... ? Your credibility is in question.
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Marzipan wrote:
May 4th, 2013 11:16 am
Really! And you know that because .... ? Your credibility is in question.
because other banks charge less than half of what TD and the big 4 charge
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Feb 28, 2013
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dre145 wrote:
May 4th, 2013 1:37 pm
because other banks charge less than half of what TD and the big 4 charge
Which ones?
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Aug 20, 2008
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jeremyhalifax88 wrote:
May 4th, 2013 8:38 am
In my younger more reckless time of my life I got a membership at premier fitness. That place was such a scam and they pretty much bullied me into taking personal training lessons. I won't say its their fault, I had anxiety and self confidence issues and I didn't want to show up / pay for those lessons so I ignored it all.
Ended up they tried taking bi-weekly payments out of my TD bank account that I didn't have much money in. I ended up with NSF fees for up to $1000, which I didn't think that was even possible...
5 years later I want to open up a TD Bank account and take advantage of the new US accounts they have since I do sail a lot to the US.
I know I should 'pay' them back but I really don't want to, I rather wait up the next 2 years than to pay any cent back. NSFs cost them virtually nothing.

What are my options here, if I open up a new account can they just withdraw the money in the account to pay the old debt off?
Thanks.
Don't do this. I don't know if they can take your money or not, but there was another thread on here about a person who defaulted on their car loan from a company that was later acquired by Scotiabank and the bank just took the money off of that person's account + very unreasonable interest and late charges.
Just look for another bank, there are other US based banks you can open an account with. In your case I don't think it is TD's fault at all (they do tell you what the NSF fees are) but it is clearly the gym's fault: these organizations insist on yearly contracts and direct deposit, they don't take cash or credit cards, they make it impossible to cancel.
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Aug 13, 2008
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Cambridge
Beans1234 wrote:
May 4th, 2013 2:36 pm
Which ones?
TD - $42.50
BMO - $42.50
Scotia - $42.50
BMO - $42.50
CIBC/PC - $45.00
ING - $25.00
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jeremyhalifax88 wrote:
May 4th, 2013 8:38 am
In my younger more reckless time of my life I got a membership at premier fitness. That place was such a scam and they pretty much bullied me into taking personal training lessons. I won't say its their fault, I had anxiety and self confidence issues and I didn't want to show up / pay for those lessons so I ignored it all.
Ended up they tried taking bi-weekly payments out of my TD bank account that I didn't have much money in. I ended up with NSF fees for up to $1000, which I didn't think that was even possible...
5 years later I want to open up a TD Bank account and take advantage of the new US accounts they have since I do sail a lot to the US.
I know I should 'pay' them back but I really don't want to, I rather wait up the next 2 years than to pay any cent back. NSFs cost them virtually nothing.

What are my options here, if I open up a new account can they just withdraw the money in the account to pay the old debt off?
Thanks.
You should pull your own credit reports from both bureaus. They are free. You should see two collection tradelines. One from a collection company collecting for Premier and another for TD Bank.
You can wait the 2yrs in hopes they purge off your bureau but the purge does not and more likely will not affect how TD Bank will view you as a customer. That's if they should decide to allow opening a new account with them now or in two years time.
Every major financial institution has their own internal collections and recovery. While the account may be written off it does not necessarily mean they won't come knocking if they should allow a new account opening.
Furthermore, with past delinquencies they more than likely will limit what accounts they will allow.
If a US account is what you seek I will put money on they won't even qualify you for it.
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Feb 28, 2013
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Toronto
Coolio10 wrote:
May 4th, 2013 4:38 pm
TD - $42.50
BMO - $42.50
Scotia - $42.50
BMO - $42.50
CIBC/PC - $45.00
ING - $25.00

Okay, that's one.
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Jan 11, 2008
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Beans1234 wrote:
May 4th, 2013 9:26 am
You think banks simply forget about bad debts like credit reporting agencies?
mikeymike1 wrote:
May 4th, 2013 4:55 pm
You can wait the 2yrs in hopes they purge off your bureau but the purge does not and more likely will not affect how TD Bank will view you as a customer. That's if they should decide to allow opening a new account with them now or in two years time.
This - although things may fall off your credit report after a certain number of years they don't fall off the records the banks keep. If you owe money or have a bankruptcy and one of the people that lost money is a bank, even after it falls off your credit report it will still be on the bank's records and if there is money owing to them, they won't do business with you.
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Never say never
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Apr 13, 2006
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Because of Canadian regulations with Access to Basic Banking Services, they can't reject someone from opening up a daily account.

However, they could very easily have your account detected and have assets previously owing (possibly interest as well) and seize whatever you put in when its at a reasonable amount.

If you hold negative debt with a bank, there was far too many options out there to go back to them.
My views represent solely my views, and not the company in which I work for.
Sr. Member
Feb 18, 2004
646 posts
96 upvotes
OP: Don't do it.

It's very likely TD will try to recover the $1,000 from your account if you open a new one there and put money in it. It's not certain though, as a lot of things are processed by computers and the money you owed might have been written off. But one thing for sure is that your profile will be flagged, and everything you do with your account will be scrutinized. Also, zero chance for you to get any credit products there.
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