Will bank refund the processing fee if my home loan get rejected?

When is the last day I can submit a refund request?

Students who are unable to begin their program by the 5th day of classes, must notify the International Centre through the Humber International Contact form before the 10th day of classes to be eligible for a tuition refund.

Refund requests made after the 10th day of classes will not be granted. Only subsequent semester fees will be refunded.

For the upcoming academic year the last day you can submit a refund request is noted below:

Start Last day to submit a refund request
Fall 2021 termEnglish for Academic Purposes – November start September 20, 2021November 12, 2021

Winter 2022 termEnglish for Academic Purposes – March start

January 21, 2022March 18, 2022

Summer 2022 termEnglish for Academic Purposes – June start

May 13, 2022July 11, 2022

Home Loan Fees and Charges for Documents

  1. Stamping Charge: This is applicable on any legal document between you and the bank that needs to be signed on stamp paper. The charges will depend on the actual costs incurred.
  2. Income Tax Certificate Charge: Most banks will not charge you anything to provide a provisional or final income tax certificate towards your home loan interest and principal repayment. However, when charged, it ranges from zero to Rs.500 each time you want one.
  3. Interest Certificate Charge: This is when you need a certificate of the amount of interest you paid during your loan repayment from the bank. The fee ranges from zero to Rs.500 per request.
  4. NOC/NDC Charge: This is the fee you have to pay to get a No Objection Certificate (NOC) or No Dues Certificate (NDC). The fee ranges from zero to Rs.500 per request.
  5. Duplicate NOC or NDC Charge: If you need a duplicate copy of the NOC or NDC of the loan account or the property, then you may have to pay a certain fee. Usually this ranges from Rs.100 to Rs.500 per instance.
  6. Fee for Revalidation of NOC: This is if you need the bank to revalidate your No Objection Certificate. The usual charge is around Rs.100 to Rs.500.
  7. Agreement Copy Fee: If you need a copy of the loan agreement, then you may have to pay a certain fee to the bank. This ranges from zero to Rs.500. These charges are applicable to any document that you request from your lender.
  8. Issuance Charge for Photocopy of Title Documents: You may have to pay between zero to Rs.1,000 each time you request for a copy of your property’s Title Documents, the originals of which will be with the bank until the loan is completely repaid.
  9. Duplicate Statement Issuance Charge: This has to be paid if you need a duplicate statement of your loan account. It’s also known as Statement Charge or Statement of Account Issuance Fee. The amount charged ranges from zero to Rs.250 per request.
  10. Amortisation Schedule Issuance Fee: If you want a detailed amortisation schedule for your loan tenure, then you may have to pay between zero to Rs.250 per request.
  11. Document Retrieval Charge: This is applicable at the closure of loan, when you need all the original documents of your property back from the bank/finance company. The charges range from Rs.500 to Rs.5,000.
  12. CIBIL Report Fee: This fee is charged if you want a copy of your CIBIL credit report, and it is usually between zero to Rs.1,000 per instance.

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How will I receive my refund?

  • Refund of fees paid by credit card will be returned to the original credit card

  • Refund of fees paid by web banking and debit card (from a Canadian account) will be returned by EFT (back to the original sender and (from and International account) will be returned by wire transfer to the original sender

  • Refund of fees transferred from another Education Institution will be returned to the same institution.

  • Refund of fees paid by Flywire will be returned to Flywire. Interim Flywire will return to the original method of payment.

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2. Truebill

Truebill is another option among those seeking to cancel overdraft fees and save money in other ways.

Like Trim, Truebill sends alerts to users when they get overdraft fees. Rather than sending an email, Trim can send a letter to your financial institution to request a refund from it. (It can’t call the bank on your behalf, as they need to speak to the accountholder.) While it generally takes a couple of weeks all told, Mokhtarzada estimates the approach works about 60 percent of the time  —  the outcome hinges on factors like how long you’ve had the account and how many times you’ve asked for a refund.

Truebill can also cancel unwanted subscriptions and automate savings transfers, among other things.

Cost: Truebill is free to download. The premium plan starts at $3 per month. Bill negotiation will cost you 40 percent of the amount Truebill saves you.

Who should use this app: Anyone looking for ways to save without having to do the work.

New Fee Refund Policy

PayPal has begun sending all account holders an email notifying users about this policy update.  Here is the copy I received.

How to Limit Bank Fees

To that end, here are some ways you can reduce or eliminate bank fees to ensure the money you deposit in checking and savings is used by you and not by your bank.

  • Shop around for a maintenance-fee free checking and savings account at an online or brick-and-mortar banks. 
  • Read the fine print before signing up for an account. 
  • Check account statements regularly for unexpected fees and make sure you avoid those fees in the future.
  • Meet minimum balance requirements if you can’t find an account with a “no minimum balance” requirement that appeals to you. 
  • Avoid fancy checks, which always cost more, by remembering that your payees don’t care what your check looks like—they only care that they get their money. Also, checks purchased through your bank are almost always more expensive than those bought from a trusted private supplier.
  • Use a credit card—or the credit card function on your debit card—to avoid debit card transaction fees.
  • Use a bank that reimburses out-of-network ATM fees, and withdraw cash from the teller or in the drive-thru to avoid ATM fees. 
  • Get cashback when making a purchase at a retail establishment.
  • Don’t elect overdraft protection, but keep tabs on your balance to avoid an overdraft fee.
  • Link savings or a line of credit to checking to obtain less expensive) overdraft protection.
  • Seek a bank with free or discounted wire-transfer services if you use that service frequently.
  • Use an automated clearing house (ACH) transfers instead of wiring funds, although it is slower.
  • Consider peer-to-peer (P2P) services such as Zelle, Google Pay, PayPal Venmo, etc. instead of a wire transfer whenever possible. 

Minimum Balance Fees

Many banks will reduce or eliminate the monthly maintenance fee if you maintain a minimum balance in your account. The minimum can be anywhere from $500 to $1,000 or more. 

Unfortunately, if you fall below the minimum, you must pay the maintenance fee for that month. Worse yet, even if you maintain the minimum you are effectively giving your bank an interest-free loan. The bank can use a portion of your money to make money and you get nothing in return.

5. Receiving Funds

5.1. Risk of Reversals, Chargebacks and Claims

When you receive a payment, you are liable to EBANX for the full amount of thepayment sent to you plus any Fees if the payment is later invalidated for any reason. This means that, in addition to any other liability, you will be responsible for the amount of the payment sent by the sender plus the applicable Fees listed in Section 6 (Fees)of this Agreement in case you lose a Claim or a Chargeback or if there is a Reversal of the payment. You hereby undertake to allow EBANX to recover any amounts due to EBANX by means of debit from your Business Account. If there are insufficient funds in your Business Account to cover your liability, you hereby agree to reimburse EBANX through other means. If a payee files a card Chargeback, the card issuer, not EBANX, shall determine who wins the Chargeback.

5.2. Taxes

You must inform to your Customers that your products or services might be subject to taxation by the Customs/Tax Authorities of the Territories, not limited to the taxes described on the Clause below.

5.2.1. EBANX’s responsibility to withhold or collect taxes in the Territories in Latin America in which it operates, for the purposes of this Agreement, is restricted to taxes established by local legislation as mandatorily with holdable or collectable by theProcessor. Such taxes will be charged at the moment of the Transaction from the Customer and paid to the authority by the local Collection Agent of EBANX. Therefore, the collection, payment, remittance and liability associated with such taxes shall be borne by EBANX.

5.3. EBANX’s responsibility to collect taxes is currently restricted to the IOF-FX in Brazil and VAT and/or the PAIS tax in Argentina. Any other taxes that may be levied for the sale of goods or services are not EBANX’s responsibility, and it’s your duty to inform your Customers that other taxes may apply to the Transaction.

5.4. Notice: EBANX shall promptly inform you in the event of any applicable legislation or regulation that affects the Services come into force during the term of this Agreement.

5.5. Management Reports

EBANX shall provide to you online access on a 24/7 basis to reports and related Customer’s data with respect toTransactions, including: (a) all payment notifications served by you confirming that a payment has been made; (b) any charges deducted; (c) your current balance; and (d) the history of all Settlements to you. Such reports, Customer’s data and all other reports shall qualify as Confidential Information and shall be held by EBANX in accordance with applicable regulations.

2. Payment Processing Rules

2.1. Eligibility

To be eligible to use EBANX Services, all of your physical goods and/or online services must be provided outside the Territory from which you are collecting money through EBANX Payment Methods. The Payment Methods offered by EBANX were developed exclusively for international transactions, meaning that all the physical goods and online services must be sold by you from outside the Territory, directly to your Customers. In the event it is determined that any services or goods are being provided from within a Territory, EBANX shall immediately suspend its services at its own discretion until it is proven otherwise.

2.2. Identity Authentication 

You hereby authorize EBANX to, directly or through third parties, make any necessary inquiries to validate your identity pursuant to local laws and compliance directives. This may include requesting you further information, requiring you to provide your date of birth, a taxpayer identification number or any other information that will allow EBANX toreasonably identify you, requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit check report, or verifying your information against third-party databases or through other sources. We may also request to check your driver’s license or any other identification documents at any time. EBANX reserves the right to close, suspend, or limit access to your Business Account and/or EBANX Services in the event we are unable to obtain or verify the information within 72 hours after the request.

2.3. Customer Monthly Limit

EBANX must control a Monthly Limit in transactions per Customer ID. The Monthly Limit is USD 10,000.00 per Customer on the total value of transactions on businesses operating with EBANX.

4. Dave

Mark Cuban-backed Dave is a fintech company popular among young adults to sidestep overdraft fees with something that costs less: Instead of paying interest, you will pay $1 per month and an optional tip to get a small cash advance ahead of your next payday. Dave also alerts you if it believes you are in danger of getting charged an overdraft fee as well as connects you to side hustles to make more money.

You can also sign up for the Dave Banking account that won’t charge you overdraft fees. In opening an account, Dave will park your money at its partner bank, Evolve Bank & Trust. Like the non-bank app, Dave Banking will float small cash advances.

Cost: $1 a month, plus optional tipping for the non-bank Dave app.

Who this is for: Those who are living paycheck to paycheck and may be seeking a way to bridge cash flow gaps.

How to Avoid PayPal Fees from Refunds

Regardless of how you feel about this policy change, and whether or not you will be continuing to use PayPal or not, there are things you should do to protect yourself from paying unnecessary fees related to refunds.

Base Credit Card Processing Fees

Base credit card processing fees are made up of interchange and assessments, and they’re the same for all processors. No processor can give you a lower rate or a better deal on base costs. For example, First Data (the largest credit card processor) pays the same interchange fees and assessments as a small local bank.

It’s important to note that even though interchange rates don’t vary among processors, it is possible to optimize interchange charges to achieve lower costs. Check out our information on interchange fees for more details on interchange optimization.

Interchange

Interchange accounts for the largest portion of credit card processing expense and it’s paid to card-issuing banks. Believe it or not, your processor and the card brands (Visa, MasterCard, and Discover) don’t see any revenue from interchange.

The stakeholders of Visa, MasterCard and Discover (the banks) get together and decide how much they want to charge when you accept their credit cards.

The banks consider things like processing method (swiped, keyed, e-commerce), card type (rewards, business, consumer), your business type (merchant category code), and a host of other variables to create a long, exhausting list of interchange fees.

Visa and Mastercard both publish their interchange tables, while Discover does not. American Express doesn’t refer to their fees as interchange, but it functions similarly. However, they don’t post their fees publicly, either.

Interchange fees are typically two parts, consisting of a percentage and a transaction fee. For example, 1.51% plus $0.10 is the current Visa interchange fee for a swiped consumer credit card.

You can view Visa’s interchange table here. Mastercard’s is available here.

How To Handle Credit Card Refunds

Refunds can be a pain for the merchant and the cus

Refunds can be a pain for the merchant and the customer alike. Your customer may have expected one thing but gotten another. Of course, this expectation is not always the merchant’s fault, but we still want the customer to leave happy. It’s true that going to the post office for a return or heading back to the store takes time for the customer, but the merchant also may lose time in repacking or re-stocking. And depending on the condition of the item, the product may not even be resellable when you get it back from the customer.

For all of these reasons, returns can be especially tricky for the merchant. On the one hand, you want to be approachable and fair for customers, but you also need to protect your business. Too strict of a return policy or an unclear return policy may make you vulnerable to a chargeback, so keep the entire landscape in mind when you start making decisions.  

Setting up a clear return policy prevents a lot of issues down the line. Consider some of these questions when it comes to returns:

  • How long does your customer have before returning an item?
  • What constitutes a full vs. partial refund, exchange, or store credit?
  • Will you offer partial credit for an opened package?
  • Does it cost you to repackage or restock the item?
  • Who pays return shipping?

Whatever you decide, make your return policies crystal clear on your site and on your packing slip or receipt, so your customers have no room for doubt. Check out our chargeback prevention post for tips on how to reduce this unpleasant and costly situation.

What About Restocking Fees?

When you are creating your return policy, consider a restocking fee for opened and customized items. If you are an eCommerce shop, a restocking fee can help you strike a balance between an overly strict or equally over-generous return policy.

You can deduct the restocking fee from the total amount of the return, which you’ll key in during the refund transaction. Whatever you decide as far as restocking fees, remember to be clear in your communication so that your customers understand exactly what to expect.

What About Shipping Costs?

Shipping is a pretty big consideration when you ar

Shipping is a pretty big consideration when you are creating your refund policy. You could approach returns from many different angles, but it ultimately comes down to your business model more than anything. If you have the people, you could manage returns and dole out shipping labels on a case-by-case basis, or you could be really generous and send out return labels with the items. Consider the demographics of your shopper as well as the size and weight of the item.

Whatever you decide, the truth is that shipping costs can be a deciding factor when shoppers make their way through the checkout. Studies show the majority of shoppers do review the return policy and want free return shipping. While this is true, shipping is certainly not the most important thing — your product and customer care are equally, if not more, important!

With shipping and returns, it can also be a bit of “smoke and mirrors” when you get down to it. eCommerce merchants often create a pricing structure that packs shipping into the cost of the item to give them more wiggle room. It’s all about perception, so make all of this information work for you and not against you when creating your shipping refund policy!

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