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RM> easily and virtually instantly tranfer up to usually $3000
RM> between financial institutions but, any more that that,
RM> and your options are a Bank Draft, a pain and maybe not
RM> free, or write a cheque.

AA>The 24hr limit is $3000.  .: you can then send more next around
  >the same time.   But I agree.. that can be annoying when
  >wanting to settle an outstanding invoice/bill that is just a
  >bit over $3000, or when multiple bills need to be settled
  >quickly and the eTransfer is limited to $10K for 7 days.

The current case I was thinking of was transferring $10k from one
bank to another (I have accounts in both) to purchase a GIC.
(Guaranteed Investment Certificate) That has to pretty much be done
all at once since the interest rates on them is often only good
for a couple of days often.

RM> Cheques work fairly well for me since the larger sums are
RM> generally investment oriented and, since the investment
RM> itself acts as collateral, an uncertified cheque can be
RM> accepted and used instantly.

AA>What indicates that one of those cheques is backed by
  >collateral?  In my experience, all the bank cares about is if
  >the recipient has sufficient funds to cover the cheque incase
  >it bounces.

As mentioned above, the funds often have to move immediately but I
can avoid paying for a bank draft or certified cheque in the above
case because the bank holds that GIC and, if my cheque bounces, they
can seize that to cover the cost.

RM> I think the biggest problem these days, and one of the
RM> things that cause the service charges in banks to be so
RM> high, is how quick they are to give large amounts of
RM> credit to people who often can't afford it.

AA>Nah... the charges are due to "because they can", and we the
  >public allowed it to become common practice.

I've seen a lot of people go bankrupt in recent years due to easy
credit, and the banks are insured if those people go bankrupt, so
their only cost, the insurance premiums, are added onto everyone's
service charges. In a lot of cases the banks like to 'slightly'
overwhelm people's credit so they can put them on a payment plan
at their high interest rates that will go on for years since most
people don't want a bankruptcy on their records or they have too
much equity in a house and such to be able to go bankrupt.

Banks do love their charges, and in 90% of cases, a good client can
have service charges reversed, often for no good reason, because the
banks much prefer customers they feel they can trust to handle their
finances intelligently if they are making good money from them in
other ways.

Example.. I once had a cheque written to me bounce. That caused a
cheque I had written to go onto my bank overdraft to keep it from
bouncing as well which incurs a $5 service charge. That happened
right at the end of a month so the next day, the usualy account
service charge would have come out but, no funds to cover it, so
a second $5 charge. I talked to my banking person and said the first
one was my fault but I figured the second $5 charge for a $4.50
overdraft was maybe excessive.. Her response was, yes, don't worry
about it I'll reverse the charges.. Charges? Not just the one Charge?
She gave me her patent look that suggests I'm annoying to deal with
but she did cancel both charges.

I've gotten spoiled though, my rather complex accounts at 3 places
don't have any regular service charges at all, no minimum balance
required, since I have multiple accounts, chequing, investment,
lines of credit and tax free savings accounts and investments in
their institution's mutual funds so they all want to keep me happy
so I don't move all that elsewhere.

It also makes the banks compete with each other, like my sister has
a perfect credit history and income about 3.5 times what mine is yet
she has trouble getting a line of credit below Prime plus 3.5%.
My bank gave me an unsecured LOC at Prime plus 1.99%.

AA>Currently, I have two offers:

AA>[1] 0% on Balance Transfer until May 4 2024 + 3% fee.
  >[2] 1.99% on Balance Transfer until Jan 2 2024 + 1% fee.

That's the killer though, that 3% service charge. Basically that
means if they offer you the funds for 6 months, you are paying the
first 6% (annual) up front so, whatever you're doing with the money
had better give you a higher return than that.

One of my banks gave my $25,000 at 0% with no service charge for
6 months, and another gave me $14,000 at 0% with a 1% charge so
those were worth playing with to put the money out and make a profit.

These were flat out credit card limit loans, BTW, not a Balance
transfer which the banks prefer doing since that moves more of your
business from other financial institutions into theirs.

It may sound like it at times but I'm far from rich and a ways above
poor as well but I tend to be treated differently than 'ordinary'
customers since I've primarily lived off of investments for the past
35 years so they tend to treat me more like a business than a person.

---
 * SLMR Rob  * This is abuse... arguments are down the hall
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