View Full Version : how to pay for monthly expenses using Scotia LOC?
08-15-2011, 08:06 PM
08-15-2011, 08:13 PM
Just transfer the money from your LOC to your checking/savings account? If you really have a $1000 daily limit, then transfer part on one day, then the rest on the next I guess. I don't think you can have cheques directly for the LOC account.
08-15-2011, 11:01 PM
Are you sure you have a limit of $1000 a day? I have a Scotia LOC and I have a limit on my debit card of $1000 (which is standard with any bank for security reasons, but you can always call and get them to raise it if you need to), but I can transfer more than that from my LOC to my checking account (the most I've done at a time was $5000), and I can make online payments (like to my credit card or whatever) or more than $1000. I do have cheques, but I'm going to set up automatic payments for my rent so I don't have to remember to write cheques. :)
08-16-2011, 01:24 AM
The limit you are referring to is most likely a debit limit.
Paying rent by cheque or making online payments does not play into this.
If you pay rent with cash withdrawals then you might have an issue, but most landlords prefer post dated cheques.
Just transfer the rent amount over from your loc to your checking account and write the rent cheques out to your landlord. Easy peasy lemon squeezey.
08-16-2011, 05:51 PM
I don't think you can have cheques directly for the LOC account.
I write cheques on my LOC. You can have cheques attached directly to your LOC if you want with Scotia Bank. Or to your chequing account. Or sets of both. And I have, unfortunately, written bigger cheques than $1000 on my LOC cheques, no problem!
Now, my landlord does this direct deposit thing where the money just automatically comes out of the account. And *that* they couldn't hook up to the LOC - they had to hook it up to the chequing account, and I had to make sure that I had the money in there each month.
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