Paying my bill too fast??

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Hey guys, quick question. I setup Koodo as a 'payee' through online banking, and it automatically transfers a certain amount every Friday...in order to keep ahead. So my amount owing has been in the minus, due to regular payments, and it says ''your bill is already showing a negative amount owing, and we cannot accept any further payments at this time'' ....yet every friday the payment goes through, and lowers my bill even more. Anyone else do this, and is it bad that they have mentioned no more payments? Thanks! Cheers :)
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CHRIS LEBLANC

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Posted 5 years ago

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Marcus Fenix

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Koodo's payment system is set up so that it will only take 10% over the balance on the account with a credit card. When doing the payment through online banking, you can put as much as you want.
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MatB

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Best way to pay your bill through your online banking is to subscribe to Pre-authorized payment with your debit account, the bank will transfer to Koodo directly your monthly bill amount on due date, no less, no more!
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Mayumi, Mobile Master

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Why did you set it up to pay every Friday? Can you lower the amounts or set it up for once a month?
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Ahmad

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I don't think his personal life is something to be discussed here. None of what you are asking is relevant to the topic. He is just asking if it's bad that he's overpaying, which its not.
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Mayumi, Mobile Master

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I didn't discuss his personal life here. I asked those questions because I thought his weekly payments makes his credit deeper and deeper. How is that a personal question? I thought it might be better for him if he lowered the amount of weekly payments or making payments once a month. That could improve his situation
You are right overpaying is not a bad thing. I simply asked and suggested there could be a better way. But I guess I was wrong
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Dennis, Mobile Master

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It's not bad, but it sure isnt common practice.
I see this as using Koodo as a nifty savings plan by over paying. But since Koodo is not a financial institution, you will need to ensure you keep a watchful eye on your account to ensure you are not short-changed every bill.

If a mistake is made (more likely when compared to a financial institution), Koodo technically has you by the tail since they hold your money and will use it to pay any outstanding bills.

Also if you ever need the money, Koodo wont pay you out unless you cancel your account. You would only be able to stop payment until your credit is all used. And even when you cancel, there would be a delay before you receive a cheque from Koodo
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Chad Burr, Mobile Master

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Actually that's the way I pay my bills. I know what my nut is every month so I set up weekly payments for everyone through the bank. That way if I'm a little short one week I can postpone one or two of them and make up for it the next week. My pay check is never the same so this method works for me

I've never had an issue with koodo taking money from the credit balance.
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Steve

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I imagine that would also be helpful to people who run up against the $200 limit (or whatever the amount is) and get their account suspended at some point as the outstanding balance is too high. As a financial trader, part of my backup plan if my internet were to be out for any amount of time (5 minutes or 5 days) is to use tethering. In the case of a major outage of a week or more I could easily run up a couple of hundred dollars in data overage charges - that wouldn't bother me at all because it would be "necessary" but it would be troublesome if Koodo suspended my service because my bill was getting too high so perhaps carrying a credit balance could be helpful in that situation?

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