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Balance transfer: paying more then credit limit and atm withdrawal?

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[OP]
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May 27, 2007
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Balance transfer: paying more then credit limit and atm withdrawal?

Ive been thinking about taking this TD 0% interest for 12 months and 3% fee that expires in few days.
The only credit card that I am able to transfer to is a lower limit one.
Want to pay off higher interest% loans.

If limits on RBC visa is 1000.
I use TD to balance transfer 2000+ onto that card and trasfer over the limit. (is this even allowed?)
Can I withdraw from the RBC ATM straight from the RBC credit card without fees or have to go teller and transfer to RBC bank account first?
(ATM and daily withdrawal limit excluded; closest bank is recommending everyone use ATM and CSR line is a long wait and preferring everyone use ATM)
TIA (cant reach anybody on phone and want to avoid lines)

What's the best thing to take advantage of this offer?
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May 8, 2009
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In this scenario...
  1. BT and have TD CT CC pay $2k+ to RBC VISA
  2. Once funds land over RBC side, have credit balance transferred to deposit account
  3. From deposit account, do whatever you want with the $$ that you borrowed from TD at 3% cost (for 12 months)
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[OP]
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titaniumtux wrote: In this scenario...
  1. BT and have TD CT CC pay $2k+ to RBC VISA
  2. Once funds land over RBC side, have credit balance transferred to deposit account
  3. From deposit account, do whatever you want with the $$ that you borrowed from TD at 3% cost (for 12 months)
Do you think that TD and RBC would even approve that?
Lets say the TD is 10k+ credit limit.
RBC is 1K limit.
TD transfer 5k to RBC.
Go to RBC and ask them to put in the account and then take it out.

Will TD or RBC decline that transfer saying it's above the limit on RBC card by A LOT?
ex: i've depostited over the credit limit on RBC by a few $100s and I was able to use that whole number no problems.
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Triad wrote: Do you think that TD and RBC would even approve that?
Lets say the TD is 10k+ credit limit.
RBC is 1K limit.
TD transfer 5k to RBC.
Go to RBC and ask them to put in the account and then take it out.

Will TD or RBC decline that transfer saying it's above the limit on RBC card by A LOT?
ex: i've depostited over the credit limit on RBC by a few $100s and I was able to use that whole number no problems.
You shouldn't have any issues, except RBC might hold the funds on the CC for a while upon receiving the overpayment. But, they are a big bank and cannot stop you from cash advancing or spending out the funds.

I basically did what you wish to do but with other issuers. I BT'd using PCF to overpay my drawered MBNA card. Then MBNA held the funds for ten business days (MBNA doesn't offer deposit accounts so I was at the mercy of customer service unless I wanted to hit the ATM and incur higher fees). I called in after the hold and had the funds transferred to a credit union where I funded one of my TFSA's. FWIW, the funds I transferred from PCF to MBNA were way over the CL of that MBNA card.
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[OP]
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Thanks for your experience! Really feeling the crunch of my lay off to pay somethings off and 12 months BT is a nice temporary relief.
Per the bolded, Ive read that you might be able to do a cash advance with a negative balance on an ATM and all you will pay is an ATM charge of ~$3.
Is there something I am missing when you said you will incur higher fees?
titaniumtux wrote: You shouldn't have any issues, except RBC might hold the funds on the CC for a while upon receiving the overpayment. But, they are a big bank and cannot stop you from cash advancing or spending out the funds.

I basically did what you wish to do but with other issuers. I BT'd using PCF to overpay my drawered MBNA card. Then MBNA held the funds for ten business days (MBNA doesn't offer deposit accounts so I was at the mercy of customer service unless I wanted to hit the ATM and incur higher fees). I called in after the hold and had the funds transferred to a credit union where I funded one of my TFSA's. FWIW, the funds I transferred from PCF to MBNA were way over the CL of that MBNA card.
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Triad wrote: Thanks for your experience! Really feeling the crunch of my lay off to pay somethings off and 12 months BT is a nice temporary relief.
Per the bolded, Ive read that you might be able to do a cash advance with a negative balance on an ATM and all you will pay is an ATM charge of ~$3.
Is there something I am missing when you said you will incur higher fees?
Depends on the issuer. MBNA is $7.50
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I did something somewhat similar to what you did ages ago but not because of interest rates or promotion.

This was with TD Canada Trust... I think back then, it was known as Toronto Dominion Bank in Canada so you get an idea of how far back this is (before TD purchased Canada Trust and merged some of Canada Trust's branches to make it their own). I had a TD Visa card that I didn't use for anything. I would use it to fund my cheque writing since TD Visa gave me personalized cheques on the account which worked as balance transfers or cash advances but in cheque form. My chequing account plan back then either charged me for cheques I was writing or I was writing more than my plan allowed and being charged extra for each cheque (I forget which).

So I would transfer the money from my TD chequing account to my TD Visa so it had a positive balance. I would then write a TD Visa cheque for this positive balance for things like rent, extra car payment where my car loan was with a different banking institution, deposit it at a different bank (ex: RBC) using my RBC ATM card to fund a pre-authorized monthly purchase plan, etc. This saved me the higher cost of using a cheque from my chequing account and TD was also paying to have these TD Visa cheques personalized for me so I was saving on ordering cheques.

This can't be done any more since TD Canada Trust got wise and even though they might still offer personalized TD Visa cheques (I don't know since I don't have any Canadian dollar TD credit cards), they now charge a minimum fee for a cash advance (which is what using one of their cheques is equivalent to doing).

I don't see any real problems with what you're trying to do provided that the credit card company that you are withdrawing the funds from (treated as cash advance) doesn't charge a minimum fee for this and perhaps waiting 1 or 2 days so that the positive balance shows up on your credit card.
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I'm thinking of doing the same. RBC shouldn't charge me a fee correct to move the negative balance into my chequing account?

I intend to BT into it for a lot more than $1k though.

CIBC only offers to BT into credit cards and the only ones on the list that I have are MBNA Mastercards (active BT offers) and RBC VIsas / Mastercards. There is no CIBC BT offer, I'm just going to suck it up and pay the 11.99% for a few months.
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alanbrenton wrote: I'm thinking of doing the same. RBC shouldn't charge me a fee correct to move the negative balance into my chequing account?

I intend to BT into it for a lot more than $1k though.

CIBC only offers to BT into credit cards and the only ones on the list that I have are MBNA Mastercards (active BT offers) and RBC VIsas / Mastercards. There is no CIBC BT offer, I'm just going to suck it up and pay the 11.99% for a few months.
1. Open a CIBC chequing account.
2. Link the CIBC chequing account to EQ/Tangerine or some other online financial institution.
3. Call CSR to do BT transfer into CIBC chequing account.
4. Pull the funds out of CIBC from EQ/Tangerine or some other online financial institution.
5. (optional) Unlink your CIBC chequing account

easy peasy. took me 3 business days to set this up to transfer $15K.
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Triad wrote: Ive been thinking about taking this TD 0% interest for 12 months and 3% fee that expires in few days.
The only credit card that I am able to transfer to is a lower limit one.
Want to pay off higher interest% loans.

If limits on RBC visa is 1000.
I use TD to balance transfer 2000+ onto that card and trasfer over the limit. (is this even allowed?)
Can I withdraw from the RBC ATM straight from the RBC credit card without fees or have to go teller and transfer to RBC bank account first?
(ATM and daily withdrawal limit excluded; closest bank is recommending everyone use ATM and CSR line is a long wait and preferring everyone use ATM)
TIA (cant reach anybody on phone and want to avoid lines)

What's the best thing to take advantage of this offer?
Do you mean you want to transfer 2k balance from td card to rbc credit card which has 1k limit? I think this transaction likely gets declined
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alanbrenton wrote: I'm thinking of doing the same. RBC shouldn't charge me a fee correct to move the negative balance into my chequing account?

I intend to BT into it for a lot more than $1k though.

CIBC only offers to BT into credit cards and the only ones on the list that I have are MBNA Mastercards (active BT offers) and RBC VIsas / Mastercards. There is no CIBC BT offer, I'm just going to suck it up and pay the 11.99% for a few months.
You can also order convenience cheques. they are free and though they say it may take up to 2 weeks to receive them, I got them in 5 business days.
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komodor wrote: You can also order convenience cheques. they are free and though they say it may take up to 2 weeks to receive them, I got them in 5 business days.
Even when there is no BT offer? Hmmm...

I'm going to wait until early September most likely.
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alanbrenton wrote: Even when there is no BT offer? Hmmm...

I'm going to wait until early September most likely.
Of course you need to have received a BT offer. The convenience cheques are personalized with you name and CC account number. I was addressing the part in your post in which you seemed to be wondering if "CIBC only offers to BT into credit cards" (which I bolded in your OP).

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