A Series of (Unpleasant) Events

Today is payday!

Checking your bank account to see that there’s suddenly more moolah is great … until you see are surprised with bank fees. There were three charges listed:

Other bank fee 1.50
Value account fee 3.95
Withdrawal fees 12.00

Normally, I have zero bank fees. I always keep the minimal balance to have the fees waived and go to my own bank to withdraw cash. Under the unusual situation when you currently live on a reserve in the middle of nowhere and are about 7.5 hours drive from the nearest Toronto-Dominion bank, you don’t have much of a choice but to withdraw when you run out (I made sure that I had enough cash for the past two months up here). And yes, I withdrew the maximum amount of $500.

There were a chain of events that lead to the high bank charges. I still haven’t been able to find my lost Visa card and while it’s suppose to expire at the end of November, I can’t get the new one since Toronto-Dominion won’t mail to a P.O. box – the only option on a reserve. While I picked up a prepaid Visa, I’d lent it to my coworker since she had to be flown out for a hospital visit for a foot injury. She doesn’t have a credit card and started using a prepaid Visa, but only put $100 on it, even though there is a $15 activation fee (not exactly the wisest choice). With a $200 hotel charge pending on my card, I haven’t been able to use it and instead, resorted to swiping with my debit card. My account, normally only allowing 10 transactions, accumulated to about 30 transactions over the month of October (since I had little cash).

Therefore, I’ve paid $17.50 in bank fees and $18 for the prepaid Visa ($15 activation plus $3 monthly charge), to a grand total of $35.50. This could have been a new shirt, a bag of groceries or two bottles of wine. Honestly, I abhor paying fees. I also hate prepaid Visas and how my coworker talks about it as if it’s a credit card. ! It is not a credit card at all; it’s just a debit card you have loaded with money with a bunch of unnecessary fees. Obviously, I would never, ever have purchased one if I hadn’t lost my Visa to begin with. After reflecting on all this, I’ve made a few conclusions:

1. I’m generous and trusting with others when it comes to money, that I’m willing to lend my card out.
2. I’m usually aware of what fees/charges there are to an account. Most of the time, I avoid paying fees.
3. Prepaid credit cards are not actually credit cards.
4. I need to refrain from being overly generous.



2 thoughts on “A Series of (Unpleasant) Events

  1. Ouch. That’s a lot of fees. Maybe you can call TD to up your withdraw limit so you can take more money at a time? Then when your replaced Visa comes, you can change it back down to $500?

  2. Pingback: November Update | Stumbling Through My Thirties

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