Moving on with my fantastic projects and why you should say no to BMO Bank of Montreal MasterCard

Ok, I go laid off from BMO Bank of Montreal, but it doesn’t mean it will stop me in my projects. I am actually better this way when it come to BMO Bank of Montreal. Want to know why? BMO Bank of Montreal recently had another bad idea, after my laid off. BMO Bank of Montreal came recently with this: they had reduced the payment on its very disgusting BMO Bank of Montreal MasterCard to 2%. This new measure is being valid for BMO Gold Air Miles MasterCard, BMO Air Miles MasterCard, BMO Premium CashBack MasterCard, BMO CashBack MasterCard, BMO SPC Air Miles MasterCard, BMO SPC CashBack MasterCard, BMO Preferred Rate MasterCard, BMO Prepaid Travel MasterCard, BMO U.S. Dollar MasterCard and BMO MasterCard for Business.

Usually, on credit card, customers had to pay the minimum of 3% of the balance they own on the credit card. Now, thinking being smart, BMO Bank of Montreal is reducing the payment to 2%. What’s supposed to be a good gesture is really not. And I am going to explain why. Credit card debts are not good debts. By reducing the minimum payment of their credit cards to 2%, BMO Bank of Montreal is helping Canadians to increase their level of debts. And nothing more than that.

Ok, you might told yourself, the poor girl had been laid off from BMO Bank of Montreal and she has more than 20 000$ in debts. Yes, I have more than 20 000$ in debts. But those debts are good debts. The interest rate for those debts is not 19.5% like on regular BMO Bank of Montreal MasterCard. Ok, BMO Bank of Montreal offers a 11.9% interest rate on credit card, but they charge for it. The fee is 35$ per year. Is that being brilliant? No that’s being dumb.

And what BMO Bank of Montreal customers do not know, unfortunately, is that BMO Bank of Montreal is not welling to help reducing their level of debts. BMO Bank of Montreal is actually going on the exact opposite direction. BMO Bank of Montreal hidding message is: « please fully use your credit card, reach your limit and enjoy. You don’t have to worry about one thing; you’ll only have to pay 2% of the full amount due. » This is how BMO Bank of Montreal is helping Canadians: by creating more debts. Which is really really bad. The exposure to heavy debt can rise easily with this new payment rule.

Credit card debts are the worst kind of debts an individual can hold. When it comes to credit products, you need to play smart. Instead of having a credit card with BMO MasterCard that you are paying 35$ per month to have the too high interest rate of 11.5%, why customer do not turn to TD Canada Trust an open a credit line at 8% interest rate, free of charge by the way. Why customers are willing to pay 35$ for a higher interest rate while its possible to get a lower interest rate, at no extra fee, with another bank? You have one life, one credit life. Do not let it ruin by BMO Bank of Montreal MasterCard. Be smart. And don’t forget to beat the steel when it’s hot… ok?

Bank of Nova Scotia services are poor

I am still waiting for my RSP loan. At this point, I am just willing to move forward and continue with TD because Bank of Nova Scotia are not good to deal with. The branch of Bank of Nova Scotia opening hours are horrible. It’s really difficult to take an appointment with somebody. Basicly, people at the branch are never available. And they seem extremely lazy. So try to have something done in those conditions! I first set up an apointment on Monday, I bring my papers and so on. A few days past. Than Wednesday, I had been told by a customer service representative over the phone that the lon request was ok… But since that time, nothing move. And when I called to have news of my loan today, I was told that I had to deal with the branch…. I also speak to a manager of the branch. We set up an apointment, but it will only be good for next week… Do you really think, dumb people of Bank of Nova Scotia that I am going to wait? Again! No way. iTrade can say good-bye to my awesome investment portfolio. I don’t want of iTrade anymore because I don’t like Bank of Nova Scotia way of doing business. Like for the manager, she's off today. This is the RSP season and you are taking off? Such a big bunch of idiots out there. Try to avoid the Bank of Nova Scotia of McGill College in Montreal. Their service is really poor.

Bell Aliant declared February dividend

Oh yeah! And this one is a good one. How about 24.17 cents per unit? How do you feel about getting a free 24.17 cents per unit hold of Bell Aliant Regional Communications Income Fund (BA.UN)? Personally, I do not feel any inconvenient at receiving free money, especially a major 24.17 cents dividend passive income per unit hold.

On March 15, 2010, I will receive 24.17$ from Bell Aliant Regional Communications Income Fund (BA.UN). Rock on.

It does actually make me laugh when I learn of their Small Unitholder Selling Program. Who in the world would be dumb enough to sell any of those precious Bell Aliant Regional Communications Fund units? They are as precious as gold…

Sprott Inc. (SII) 2009 fourth quarter dividend

Hellooooo dividend money! I really like that stuff. Sprott Inc. (SII) declared a dividend 2.5 cents per stocks. The dividend should be paid on March 16, 2010. Which mean we will received 12.63$ - which mean we will welcome 4 to 5 free stocks in our investment portfolio.

$$$

Great news regarding Yellow Pages Income Fund (YLO.UN)

Yellow Pages Income Fund (YLO.UN) is doing better on the TSX. I first invested 2 224.47$ in Yellow Pages Income Fund (YLO.UN) a couple of months ago. I always believe in this company as I find the dividend really good for the stock price value. Also, it’s a Montreal-based company, and I live in Montreal. So let’s say that from there, me and Yellow Pages Income Fund were set for a long-term relationship. Ever since, it’s been love, love, love.

Want to know why? As I explain, I first invested 2 224.47$ in Yellow Pages Income Fund (YLO.UN). Not that much, would you say, but all those « not that much » form my investment portfolio are part of my investment portfolio. In date of today, my investment worth 2 505.36$. This represent a nice increase of 280.89$ right there. Kind of nice. Yellow Pages Income Fund (YLO.UN) units value is currently at 5.84$, and I am confident that the company will soon reach the 6$ per unit.

Ok, so for now, Yellow Pages Income Fund (YLO.UN) is a .UN investment like I like to call them. But you don’t have to worry about the Yellow Pages Income Fund situation according to Gordon Pape. I regularly read Gordon Pape articles through my TD Waterhouse online broker account. So according to Gordon Pape, Yellow Pages Income Fund (YLO.UN) distribution will remain the same. Isn’t fantastic? What small investors worry about are distributions and with Yellow Pages Income Fund (YLO.UN), there’s really nothing to worry about. There’s again, it’s according to Gordon Pape. And The Dividend Girl lol.

The 100 000$ investment portfolio goal: the dream is slowly taking form

Teeth, sorry man, but I got approve for the RSP loan (read previous comments in one of recent post to have an idea of who’s Teeth).

Since Monday, I cannot think, I only have one thing on mind: will I get approve for my RSP loan? Well, I gave a call to the representative this morning since today Wednesday was supposed to be the day. But of course, it didn’t happen this way. The representative told me I had to wait until Friday. So I said ok… and went to work. I was upset because I hold number of assets, like I am f****** rich lol, I am working and so on. So what’s taking so long? Why couldn’t I get approve for a RSP loan right away? Is it because I am not rich enough? Geesssssss those Quebeckers are definitely going to kill me!

So I did the following: I gave a call to the bank customer service. And there, what a surprise: I learn that I got approve for a 7 600$ RSP loan! But the representative at the branch never told me about this approval. At the branch, I had been told that I had been refused, and that they had to send my request I don’t know where so I can get approve. Never it was questioned of a 7 600$ RSP loan at anytime. Taught I was going to get ripped off by Quebeckers? Helloooo not me.

Anyhow, I was quitted happy to learn the great news. When I spoke to the person of the bank customer service over the phone, it’s only there that I had been told that I had been approved, but not for the full amount that I requested, 10 500$. The representative told me that the approval waiting delay was taking longer because they were looking forward to approve me for 11 000$ RSP loan. Ok… But I haven’t been giving this information by the representative at the bank…

Lesson learns: There’s basically jerks a bit everywhere and I strongly recommend to anyone to deal over the phone for loans or whatever else because face-to-face, some bankers really do not have it. One way or the other, at the end, I am getting approved. So why in the world those bankers are willing to make me loose my time? JERKS. I already hate my new bank as you can see.

Later on during the afternoon, I received a message on my famous pager from the branch representative. He sound pretty pissed off that I call the customer service. He re-confirms again that I was going to get approve on Friday and so on and that he had made it clear… I am so terribly upset that I am going to visit the branch tomorrow and make hear the message of that representative to the director of the branch. JERK. JERK. JERK. JERK.

I have enough of stupid Quebeckers. But one day, I will have my revenge.

Just to talk about something else than stupid Quebeckers, this is never been seen before on My First 50 000$ blog: my stocks and units investment portfolio is almost at 40 000$. Today was an extraordinary day on the stock market. I got approved for the RSP loan. I am now at 67 753.62$ in assets. I am invincible. I am the best. I am a genius.

Now, tell me who’s the best between those guys of BMO Bank of Montreal (my late employer who unfairly lay off me) or me Sunny alias The Dividend Girl? Can someone tell me? Who’s the best?

My stock investment portfolio in date of February 12, 2010

Savings:
2.69$ (ING Direct)
915$ (savings for next investment)

TOTAL: 917.69$

Non RSP Investments:
Stocks & Units investment portfolio
Sprott Inc. (SII): 2 126.05$
Timminco (TIM): 214$
Blue Note Mining (BNT): 58$
Bank of Nova Scotia (BNS): 4 950.75$
Hanwei Energy Services (HE): 141$
Methanex Corporation (MX): 2 378.27$
Fortis (FTS): 2 774.72$
Pembina Pipeline Income Fund (PIF.UN): 7 343.10$
Just Energy Income Fund (JE.UN): 6 048.90$
Dumont Nickel Inc. (DNI): 345$
Yellow Pages Income Fund (YLO.UN): 2 405.50$
Bell Aliant Regional Communications Income Fund
(BA.UN): 2 545$
Pengrowth Energy Trust (PGF.UN): 1 147.98$
Enbridge Income Fund (ENF.UN): 3 717.62$
Corby Distilleries Limited (CDL.A): 1 500$
Davis + Henderson Income Fund (DHF.UN): 1 668$

TOTAL: 39 370.89$

Tax-free savings account:
RBC O'Shaughnessy Canadian Equity Fund:
2 557.03$
Creststreet Alternative Energy Fund: 1 202$
Sprott Canadian Equity Fund: 4 776$

TOTAL: 8 535.03$

RSP:
CIBC Dividend Growth Fund: 476.96$
CIBC Emerging Markets Index Fund: 388.62$
CIBC Monthly Income Fund: 945.84$

Energy and Base Metals Term Savings (Indexed term savings):
503.46$
Natural Resources Term Savings (Indexed term savings):
502.06$

GIC National Bank: 1 154.83$
GIC Finance Plus: 1 513.97$
GIC Plus: 500$

TD Canadian Bond: 111.37$
TD Monthly Income: 97.21$
TD Emerging Markets: 76.45$
TD Energy: 78.80$
TD Precious Metals: 100.23$
TD Latin American Growth: 89.05$
TD Entertainment & Communications: 98.68$
TD Dividend Growth: 186.61$
TD U.S. Mid-Cap Growth: 93.80$

Maritime Life International Equity Fund (Templeton):
620.27$
Manulife Simplicity Growth Portfolio: 834.64$
Maritime Life CI Harbour Seg Fund: 967.50$
Maritime Life Fidelity True North Seg Fund: 926.23$
Maritime Life Trimark Europlus Seg Fund: 581.56$

Great West - Various: 1 577.81$

RBC Canadian Dividend Fund: 480.25$
RBC U.S. Mid-Cap Equity Fund C$: 1 685.22$
RBC Global Resources Fund: 837.24$
RBC O'Shaughnessy International Equity Fund:
568.17$
RBC O'Shaughnessy All-Canadian Equity
Fund: 962.84$

GIC Canadian Market: 1 000$

TOTAL: 17 959.67$

Social Capital at Desjardins Membership share for 3 accounts:
40$

Savings + Stocks, units, mutual funds + Tax-free savings account + RRSP + Online Income (62.89$):
66 886.17$
[In date of February 12, 2010]

Hello extra money in my pockets

No news for my RSP loan yet. But it should be for tomorrow. The TSX gain extraordinary gains today. This is really great. My stocks and units investment portfolio is now at 39 839.35$. This represent a gain of 468.46$ compare to February 12, 2010. I am very happy with those gains.

On today, I had received the dividend for Yellow Pages Income Fund (YLO.UN) (28.34$) and Pembina Pipeline Income Fund (PIF.UN) (53.30$). Those dividend earnings are not too much, but those amounts + the gain of 468.46$ for today make an extraordinary increase of value.

I may had been laid off by BMO Bank of Montreal, but my investment portfolio is doing fairly well. Fact is, I am too much talented for BMO Bank of Montreal.

No news or the RSP loan yet but...

My stocks and units portfolio is now at 39 772.81$, which is an increase of 401.92$ compare to our latest 39 370.89$. Yeah! I wake up late again. Yesterday just exhaust me.

And now what?

I had an apointment today for my RSP loan. At first, the representative told me that I didn’t qualify. WHAT?

You hear it right. I do not qualify for the loan, in correctly correct banking terms and agreements. Whatever…. So yeah, the representative gave me the exact same reasons that Teeth post on his comments (see previous post and comments). But it didn’t stop there, I explain everything to the representative, my assets, my situation etc. Since I cannot be approve right away, I guess he will forward the request to someone else and I should received news by Wednesday. This had been quite exhausting for me. The main problem I face is that I hold too much credit. I hold several credit cards, several credit lines, several bank acounts lol. And my salary right now could appear low, but with my current situation + my monthly dividend income, I making around 2 000$ after taxes per month. Actually, at this point, I hold too much credit (use and unused) for the salary that I have. That’s a major problem. But I do not hold a balance on most of my credit cards. That’s what I explain to the representative and also I explain that I have more than 3 000$ in annual dividend income. And also that I never had problem to pay anything and that I was looking forward to transfer my portfolio over to the bank and so on. Which is true. And I also show him that I am a stockholder of the bank.

So now what? I am waiting. And the wait is too long. I just want to get through this and move forward with my projects. I want to see what’s going to happen next. If it work, I am going to transfer my portfolios over and everything. I also told the representative about my 100 000$ goal in assets and that they were going to make money with me (the bank) since I trade on a regular basis. Having 100 000$ in assets is quite something, even when holding a future 30 000$ in debts. Getting this RSP loan is more about if the bank will support my investment efforts or not. If I get the loan, it will a great deal of good publicity for the bank and their trading services. I deserve more than anything this RSP loan. After all, I am an investor, and I own more than 65 000$ in my very own money lol and around 20 000$ in debts at this time. I hold debts yes, and I exposed that to the representative, but I am good when it come to manage my money. If it all work out the way I want, I will be trading at 9.99$ and I will become fantasticly rich. I couldn’t hide my debt situation in something sexy like my bra lol – those guys can really see everything through their credit check.