Personal Finance

Money mart cheque cashing

  • Last Updated:
  • Jan 3rd, 2012 11:16 am
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[OP]
Newbie
Jan 1, 2012
2 posts
2 upvotes
OSHAWA

Money mart cheque cashing

Hello,

Looking for a few answers to confirm my research.

The Bills of Exchange Act

In regards to a post-dated cheque bouncing when cashed at Money Mart (whether stop payment or closed account), they have the right to collect from the issuer of the check, correct? To my knowledge, Money Mart will almost always win in these cases. Is this then recorded to a collection/credit agency? Or can criminal charges be pursued?

Basically I find that all Payday Loan, Cheque Cashing companies can follow with these procedures but often just leave threatening messages, send collection letters and harass your friends/family day and night. Big deal right? It isn't until it becomes a legal matter which I'm sure many just couldn't avoid. However does Money Mart honor the post-dating of cheques? Or cash it immediately due to the possible liability of taking the cheque?


Thank you,
6 replies
Deal Expert
User avatar
Aug 18, 2005
21021 posts
5601 upvotes
Burlington-Hamilton
Debt is not criminalized in Canada.

But if they win a law suit against you, it means they can garnish your bank account and / or your pay cheque, among other things.

A judgement against you will probably show up on your credit report, and could then cause you other problems.
- casual gastronomist -
Deal Addict
Nov 26, 2005
3147 posts
321 upvotes
Vancouver
Jucius Maximus wrote: Debt is not criminalized in Canada.

But if they win a law suit against you, it means they can garnish your bank account and / or your pay cheque, among other things.

A judgement against you will probably show up on your credit report, and could then cause you other problems.

debt is not illegal, but bounced cheque is illegal. it is up to doj to decide whether or not to charge the writer.
Jr. Member
May 30, 2006
161 posts
1 upvote
Mississauga
kbrown91 wrote: Hello,

Looking for a few answers to confirm my research.

The Bills of Exchange Act

In regards to a post-dated cheque bouncing when cashed at Money Mart (whether stop payment or closed account), they have the right to collect from the issuer of the check, correct? To my knowledge, Money Mart will almost always win in these cases. Is this then recorded to a collection/credit agency? Or can criminal charges be pursued?

Basically I find that all Payday Loan, Cheque Cashing companies can follow with these procedures but often just leave threatening messages, send collection letters and harass your friends/family day and night. Big deal right? It isn't until it becomes a legal matter which I'm sure many just couldn't avoid. However does Money Mart honor the post-dating of cheques? Or cash it immediately due to the possible liability of taking the cheque?


Thank you,


If the cheque is bounced they have EFT to auto debit your account the night before your pay so it will be in negative the next day and when your direct deposit goes in it will minus automatically. If that fails, they will try once more and keep contacting you and then pursue legal matters and will garnish your pay. You will end up paying legals, interest and debt owed. A buddy of mine owns a few and I helped as I tried to do some business with them so saw their procedures.

Money Mart will honour the post-dating of cheques(if pay day loan otherwise they will hold until it clears) and can sue the employer or cheque issuer if it were from a company. They will check on 411 and call and confirm the cheque and some may also have their own relations with the banks to verify if funds are in the account. Criminal charges will only be pursued if the amount is large and the instrument was fraudulent.
Banned
Jan 1, 2012
13 posts
1 upvote
YORK
To OP:

Avoid Money Mart @ aaaaall cost, there are others who want your business.

Here is my nightmare with story just 2 weeks ago:

my employer pays only by cheque, so employer issued $1900 for the whole month salary and went straight to Money Mart near by job after job, so the lady @ the store had to confirm by calling supervisor but the office is already closed 15 minutes ago, so the lady told me it can not be confirmed because nobody pick the phone, ok, after i went out paged the office clerk via email that i need her cell to confirm so she answered after 30 minutes, then went to ttc subway fot home, then i noticed another money mart store on downtown subway, i tried to cash in, then suddenly guess what? They put me on 'potential alert fraudter', bacause i was 'other money mart store' doh, i told her 'here is supervisor cell phone' then she called district manager who blatantly said 'you are officialy banned from dealing with money mart'.

I worked off, and cashed another store next intersection within 10 minutes.

Ok, some of you will ask why you didnt cash in @ institutional banks because my limit is just $500
and rent was due date that day otherwise i would just wait my bank to clear 5 business days, again its bmo with its babysitting hours.
Deal Addict
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Feb 1, 2005
2182 posts
214 upvotes
yongestclair wrote: To OP:

Avoid Money Mart @ aaaaall cost, there are others who want your business.

...

Ok, some of you will ask why you didnt cash in @ institutional banks because my limit is just $500
and rent was due date that day otherwise i would just wait my bank to clear 5 business days, again its bmo with its babysitting hours.

Not defending Money Mart, but how about:

Avoid BMO @ aaaaall cost, there are others who want your business?

Other Big 5/6 Banks have more flexible hours. Also, if you have a long-standing relationship with a bank, you can ask for the limit to be increased (but this is a risk because if you are a victim of fraud, the damage might be larger than it might otherwise be with the lower limit).
Banned
Jan 1, 2012
13 posts
1 upvote
YORK
ShopperfiendTO wrote: Not defending Money Mart, but how about:

Avoid BMO @ aaaaall cost, there are others who want your business?

Other Big 5/6 Banks have more flexible hours. Also, if you have a long-standing relationship with a bank, you can ask for the limit to be increased (but this is a risk because if you are a victim of fraud, the damage might be larger than it might otherwise be with the lower limit).



i bank with free bmo club sobeys. I agree with you proper bmo branches have very shity hrs,but since i am not GO branch person its ok, have good $500 atm/cheque deposit available right away which is fair enough,

I have been banking with all big 5, they are all crap interms of fees, charges, account freezers, rbc even threatned me for police after i lost my avion credit card and somebody bought stuff who found it in club(they tried to milk me so get scared liable for amount spent by card founder)

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