| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
 | | 
11-04-2011, 09:44 PM
|
#1 | | Need my Daily Fix of RS
Join Date: Apr 2011 Location: van
Posts: 258
Thanked 211 Times in 37 Posts
Failed 112 Times in 22 Posts
| Credit card cheques for monthly insurance payment, will it work?
dumb question, but hoping someone will know, i have some credit card cheques laying around and was hoping this will work for monthly car insurance payments, i hate having to pay full cash at one time just to insure my car since i am tight on cash... i have no time to go to the bank to get a void check... if the credit card cheques doesnt work how about just normal bank checks? are the bank cheques the same as void cheques? just that void cheques only work once to prevent fraud? i am a cheque rookie, never liked cheques cause my signature is super easy to copy
| 
|  | |
11-04-2011, 09:46 PM
|
#2 | | Captain Happy Bubble is my Homeboy
Join Date: Nov 2008 Location: Vancouver
Posts: 314
Thanked 136 Times in 43 Posts
Failed 14 Times in 7 Posts
|
Negative. Cheques for insurance must be from a branch bank account with your name already printed on cheque.
__________________
It is what it is
| |
| | |
11-04-2011, 09:53 PM
|
#3 | | Need my Daily Fix of RS
Join Date: Apr 2011 Location: van
Posts: 258
Thanked 211 Times in 37 Posts
Failed 112 Times in 22 Posts
|
damn, another question, would a void cheque even work if i have almost no money in the bank?? every time i put my pay cheques in my bank it goes pretty much striaght off right away to paying off my credit cards, so there is pretty much only 100 bucks or less in my bank account most of the time due to credit card payments..
edit: say if my yearly insurance payment was 2,200 a year, do i need to have 2,200 in my bank account for them to take out monthly payments?? i brought void cheques in a long time ago but didnt work, i am guessing because i didnt have enough cash in account?
Last edited by gretzky; 11-04-2011 at 10:00 PM.
| |
| | |
11-04-2011, 09:59 PM
|
#4 | | Captain Happy Bubble is my Homeboy
Join Date: Nov 2008 Location: Vancouver
Posts: 314
Thanked 136 Times in 43 Posts
Failed 14 Times in 7 Posts
|
If the first payment that ICBC tries to withdraw from your bank account goes NSF pretty much meaning the money was not available to be taken out, then ICBC will charge you $18 for the first time it was not able to come out. ICBC then tries to withdraw the money again a few days later. If this keeps happening or if your payment can't be withdrawn the 3rd time then your account will be closed and you will owe the whole amount to ICBC and it will follow you as a debt. In the future if you try to get auto insurance or make any changes in your insurance it will pop up saying you owe money and are not allowed to do any transactions. ICBC will also not allow you to go on monthly payment again until you built up a credit with them for few years.
__________________
It is what it is
| |
| | |
11-04-2011, 10:11 PM
|
#5 | | Need my Daily Fix of RS
Join Date: Apr 2011 Location: van
Posts: 258
Thanked 211 Times in 37 Posts
Failed 112 Times in 22 Posts
|
okay so pretty much when i hand in the void cheque i have to make sure i have atleast 300 bucks in my bank account which will cover for the first month of insurance.
| |
| | |
11-04-2011, 10:23 PM
|
#6 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
Posts: 4,409
Thanked 1,105 Times in 540 Posts
Failed 555 Times in 222 Posts
|
Why not just pay with your CC? I pay mine in full every year on my CC.
| |
| | |
11-04-2011, 10:27 PM
|
#7 | | Need my Daily Fix of RS
Join Date: Apr 2011 Location: van
Posts: 258
Thanked 211 Times in 37 Posts
Failed 112 Times in 22 Posts
| Quote:
Originally Posted by taylor192  Why not just pay with your CC? I pay mine in full every year on my CC. | that way you would have to pretty much have pay off in full the next month right? i dont have the money to pay off in full, if i do i will be late for my credit card payment next month lol.. so monthly payments would be best for me.
| |
| | |
11-04-2011, 10:50 PM
|
#8 | | Rs has made me the woman i am today!
Join Date: Mar 2010 Location: PM
Posts: 4,477
Thanked 3,341 Times in 842 Posts
Failed 207 Times in 86 Posts
|
Just pay for a month of insurance on your credit card.
| |
| | |
11-04-2011, 10:54 PM
|
#9 | | Need my Daily Fix of RS
Join Date: Apr 2011 Location: van
Posts: 258
Thanked 211 Times in 37 Posts
Failed 112 Times in 22 Posts
|
minimum is 3 months. that is what i usually pay on my credit card, but the thing is my aircare is due in a few months so i wanna pay off for 1 year and i kind of dont have enough cash for that, unless i pay off monthly from automatic withdrawels from my bank account
| |
| | |
11-04-2011, 10:56 PM
|
#10 | | Rs has made me the woman i am today!
Join Date: Mar 2010 Location: PM
Posts: 4,477
Thanked 3,341 Times in 842 Posts
Failed 207 Times in 86 Posts
|
Take the bus?
| |
| | |
11-04-2011, 11:16 PM
|
#11 | | I'll never be Diggy, no matter how hard I try
Join Date: Apr 2001 Location: ☺
Posts: 5,011
Thanked 2,111 Times in 633 Posts
Failed 59 Times in 40 Posts
| Quote:
Originally Posted by taylor192 Why not just pay with your CC? I pay mine in full every year on my CC. | Quote:
Originally Posted by gretzky that way you would have to pretty much have pay off in full the next month right? i dont have the money to pay off in full, if i do i will be late for my credit card payment next month lol.. so monthly payments would be best for me. | he's saying pay your entire premium on your CC.
however, to answer your question: yes, have enough money in your account on the day payment is withdrawn and you'll be fine.
| |
| | |
11-04-2011, 11:28 PM
|
#12 | | Captain Happy Bubble is my Homeboy
Join Date: Nov 2008 Location: Vancouver
Posts: 314
Thanked 136 Times in 43 Posts
Failed 14 Times in 7 Posts
|
I think you can also set it up on monthly payment and go into an autoplan insurance place to 'prepay' every month a few days before your withdrawal date. It will just be left sitting on your account as a credit, therefore the credit will be the first amount they access first before your bank account.
__________________
It is what it is
| |
| | |
11-05-2011, 12:01 AM
|
#13 | | I *Fwap* *Fwap* *Fwap* to RS
Join Date: Aug 2006 Location: Vancouver
Posts: 1,584
Thanked 2,315 Times in 370 Posts
Failed 87 Times in 26 Posts
|
apply for overdraft at your bank
| |
| | |
11-05-2011, 12:36 AM
|
#14 | | Need my Daily Fix of RS
Join Date: Apr 2011 Location: van
Posts: 258
Thanked 211 Times in 37 Posts
Failed 112 Times in 22 Posts
|
my plan is to get a void check, make sure i have at least $500 in bank account befor i hand in the void check to the insurance guy and i should be good to go. thanks all!
| |
| | |
11-05-2011, 01:39 AM
|
#15 | | I'm invisible
Join Date: Jun 2002 Location: 604 Vancouver
Posts: 4,458
Thanked 178 Times in 101 Posts
Failed 6 Times in 4 Posts
|
You can set it up on monthly payments with a void cheque or a pre authorization form. As others have said, you can "pre-pay" for that particular month using credit card, cash or debit.
If you the withdrawal comes out and there's no money:
1. The payment will come back
2. Will try again in few days and plus a $18 NSF charge
3. If second try comes back again
4. ICBC will try a final third attempt (double-up) next month, for 2 payments (previous month + current month).
5. If this "double-up" payment returns, there is another $18 charge and icbc will close the account. You will then need to pay the difference in full.
6. If you don't pay in full, it will turn to debt owed to icbc. icbc will first remove optional coverages off your insurance, and the refund will be applied to debt.
7. If you still don't pay the difference they will send out a bailiff to get your plates and you are then forced to cancel (refund gets applied to debt), and if you want to re-insure your vehicle you must pay the difference.
8. You will be placed on "cash status" for the next 2 years = no payment plan.
__________________
REVscene.net
| |
| | |
11-05-2011, 05:09 AM
|
#16 | | I *Fwap* *Fwap* *Fwap* to RS
Join Date: Aug 2006 Location: Vancouver
Posts: 1,584
Thanked 2,315 Times in 370 Posts
Failed 87 Times in 26 Posts
|
also remember, the bank may charge you a 42.50 NSF charge on the banks end too, so 42.50 + 18 all together.
| |
| | |
11-05-2011, 11:21 AM
|
#17 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
Posts: 4,409
Thanked 1,105 Times in 540 Posts
Failed 555 Times in 222 Posts
| Quote:
Originally Posted by gretzky minimum is 3 months. that is what i usually pay on my credit card, but the thing is my aircare is due in a few months so i wanna pay off for 1 year and i kind of dont have enough cash for that | Why does aircare factor into this? Are you trying to avoid aircare?
| |
| | |
11-05-2011, 11:49 AM
|
#18 | | Revscene.net has a homepage?!
Join Date: Dec 2006 Location: surrey
Posts: 1,203
Thanked 2,719 Times in 392 Posts
Failed 430 Times in 81 Posts
|
Sounds like you have credit card problems. How much credit card debt do you have. I would fuck driving untill my debt is in order.
__________________
2014 Taco TRD
2006 3 GT
1993 Integra RS
1982 TE72
1988 5.0
1990 S13 Coupe
2006 Mazda B4000 4x4
1987 Ae86 Coupe
1988 Cressida Wagon
1985 Cressida 7m Swap
1987 Ae86 Hatch
1989 FC | |
| | |
11-05-2011, 11:54 AM
|
#19 | | Rs has made me the woman i am today!
Join Date: Mar 2004 Location: Vancouver
Posts: 4,310
Thanked 580 Times in 230 Posts
Failed 771 Times in 208 Posts
|
First time i tried using those cheques found out they have like a 25$ service charge or something. Never again.
| |
| | |
11-05-2011, 01:56 PM
|
#20 | | I answer every Emotion with an emoticon
Join Date: Feb 2005 Location: somewhere
Posts: 7,906
Thanked 2,485 Times in 1,007 Posts
Failed 1,234 Times in 307 Posts
|
just get a direct deposit from the bank... go to your insurance and do a pre-authorized payment on your credit card...
thats what i do... i pretty must use my credit card.. put 85-90% of my money onto my card, keep 10-15% in my savings account to save up... prolly a bad idea but oh wellz...
| |
| | |
11-05-2011, 02:23 PM
|
#21 | | I *heart* Revscene.net very Muchie
Join Date: May 2001 Location: Burnaby, BC
Posts: 3,564
Thanked 330 Times in 163 Posts
Failed 182 Times in 61 Posts
|
Guy, you need to learn some financial basics.
A "void cheque" is a regular personalized cheque with the letters VOID written across it (by you). You make it. You take a regular cheque (for your bank account) and take it to the insurance broker. The numbers on the bottom of the cheque allow ICBC to debit your bank account for the payments.
If you don't have the money for your payments in the bank account, the payment bounces. ICBC will even give you a print out of when the payments are going to be taken out of your account, and for how much. So you can plan ahead.
You need financial help.
__________________
Don't be the next RS.net statistic - If you drink, don't drive. You'll lose your licence, and the rest of us will laugh at you.
| |
| | |
11-05-2011, 08:46 PM
|
#22 | | Need my Daily Fix of RS
Join Date: Apr 2011 Location: van
Posts: 258
Thanked 211 Times in 37 Posts
Failed 112 Times in 22 Posts
| Quote:
Originally Posted by cressydrift Sounds like you have credit card problems. How much credit card debt do you have. I would fuck driving untill my debt is in order. | i don't actually but almost, i don't use cash, i use a credit cards to pay for everything unless its $10 or under. reason for this is so i can track my spendings. pretty much i have been spending my money on stupid things, maybe that can stop and i can actually save some money if i use my brain properly. barely making enough money to get by but atleast i am not in debt yet, 10 bucks an hour is not helping me much.. Quote:
Originally Posted by taylor192 Why does aircare factor into this? Are you trying to avoid aircare? | my aircare is over in feb which is 3 months from now, i usualy insure my car every 3 months and if i do that now than i will have to renew my aircare when the insurance is over and i don't wanna go threw the hassle.
but if i insure for maybe 6 months or 12 months that would hold off air care for a bit, i am not sure if it will pass because the car is a 88 shitbox
| |
| | |
11-05-2011, 11:15 PM
|
#23 | | retired
Join Date: Nov 2003 Location: Richmond
Posts: 3,597
Thanked 153 Times in 85 Posts
Failed 5 Times in 3 Posts
|
You don't have to have all the money in the bank all the time. Just make sure you have the amount for your due date. My insurance payments come out of a bank account I barely use. I just make sure I put money in it every month.
| |
| | |
11-05-2011, 11:18 PM
|
#24 | | Revscene.net has a homepage?!
Join Date: Dec 2006 Location: surrey
Posts: 1,203
Thanked 2,719 Times in 392 Posts
Failed 430 Times in 81 Posts
|
Credit cards to track your spending? Ever heard of bank statements, and online banking? I know I am coming across as a dick but you should chop up them cards.
For me personally, credit cards are only for online purchases, buying flights/hotels, and other random only credit card uses. So my total transactions a month are 3-5. I don't buy a flight etc unless I have preloaded the visa account. 18% interest is silly and bad habits are easy to fall into.
Adjust living to means accordingly.
__________________
2014 Taco TRD
2006 3 GT
1993 Integra RS
1982 TE72
1988 5.0
1990 S13 Coupe
2006 Mazda B4000 4x4
1987 Ae86 Coupe
1988 Cressida Wagon
1985 Cressida 7m Swap
1987 Ae86 Hatch
1989 FC | |
| | |
11-05-2011, 11:53 PM
|
#25 | | OMGWTFBBQ is a common word I say everyday
Join Date: May 2004 Location: Toronto
Posts: 5,039
Thanked 512 Times in 96 Posts
Failed 96 Times in 11 Posts
|
I'm the opposite. I buy everything on my credit cards. I pay it all off fully every month too. I figure that if I'm buying essential goods regardless, why not buy it on one of my cards that gives me a good return, rather than paying cash or using debit and not getting anything back.
__________________ My Flickr Quote:
Originally Posted by MelonBoy really?.. some reason im afraid of taking shits after ghost movies.. i always think about what if a ghost's hand came out of the toilet and grabbed my nuts or stuck its hand in my ass -___________-.... i mean if it came outa the mirror id have reaction time to run but the toilets.. thats a pretty good blind spot to sneak up on people from -_____- ... | | |
| | | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 02:13 AM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
