[Jonny5]

When I was looking on the website it says something about a minimum threshold being $20, and the minimum top-up I believe was $20.

So if you have it set to autoload, then if you go below $20, it automatically fills it to $40? So basically you'd never go below $20 and that $20 just sits there ad infinitum?

Yes. This is why I don't do the autoload. It's a part of their revenue generation. Hundreds of thousands of cards, all with at least $20 on them all the time. That can bring in some nice interest to offset expenses. I'd like that interest for myself thank you!

 

[Dan416]

Yes. This is why I don't do the autoload. It's a part of their revenue generation. Hundreds of thousands of cards, all with at least $20 on them all the time. That can bring in some nice interest to offset expenses. I'd like that interest for myself thank you!

I'd prefer having the minimum set to $5 or $10 and doing a $10 or $20 load.

Now I don't even know what to do. Next time I need to take GO my card will go into negative balance unless I top up 24 hours before I next need to ride, which is unlikely to happen. And unnecessarily inconvenient.

 

[Nick.]

Yes. This is why I don't do the autoload. It's a part of their revenue generation. Hundreds of thousands of cards, all with at least $20 on them all the time. That can bring in some nice interest to offset expenses. I'd like that interest for myself thank you!

enjoy your 2 cents

 

[Jonny5]

enjoy your 2 cents

I will!

 

[Lone Primate]

enjoy your 2 cents

Yeah, seriously. It's not 1975 anymore. How many years would twenty bucks sit in an account before a single new penny would appear in it nowadays?

 

[RedRocket191]

Yeah, seriously. It's not 1975 anymore. How many years would twenty bucks sit in an account before a single new penny would appear in it nowadays?

Prime is 1% right now, so 2 years. Maybe a little over a year if you used ING direct...

 

[CDL.TO]

Prime is 1% right now, so 2 years. Maybe a little over a year if you used ING direct...

1% of $20 is 20 cents. So he would get a penny once every 18.25 days or so, depending on how many significant digits his bank uses when calculating interest.

 

[nfitz]

Prime is 1% right now, so 2 years. Maybe a little over a year if you used ING direct...

Prime is currently 3%.

Ing is paying 1.5% That's 30¢ a year. A penny in a couple of weeks.

Still, I'll happily pay 30¢ a year for the convenience of not having to remember to add money regularly.

oops ... beaten by half a minute!

 

[CDL.TO]

No one has mentioned that the minimum floor is set to $20 likely because of the cost of GO fares. A single GO fare from Peterborough bus terminal to Union station is $16.50. If you could set your floor to $10 then even single trip would put you into a negative balance and require a visit to a ticket agency.

Presto has to pay for the privilege of drawing money from your bank account or credit card. Clearly, they would want to minimize both people going into negative balances AND their costs.

 

[RedRocket191]

Prime is currently 3%.

Ing is paying 1.5% That's 30¢ a year. A penny in a couple of weeks.

Still, I'll happily pay 30¢ a year for the convenience of not having to remember to add money regularly.

oops ... beaten by half a minute!

My math brain was off. Sorry everyone.

The Bank of Canada's overnight lending rate was listed at 1% though...

 

[jsjaker]

Does anyone know if there is a penalty or loss of funds for inactivity on the Presto card? Due to the YRT strike, I have had to drive to work rather than take YRT and GO into the city since the stike began and won't be able to again until it is over.

 

[Jonny5]

Haha... For me that $20 is more likely to be offsetting a LoC balance, so about 3 times that amount is interest savings.

But seriously, I don't need to have money permanently on deposit at Presto as I use the card irregularly and I have never had difficulty or inconvenience loading as I go. I found out last night I would be taking a trip today which will be the first in about two weeks. There was no hassle going to the website and loading my card with the exact amount necessary. Even if I just found out about it now, the loading station at Union has never had a line when I need to ad money and it only takes about 15 to 20 seconds to do it. Saving 15 seconds is not worth abandoning my principles (yes I'm one of those people!)

 

[Jonny5]

Does anyone know if there is a penalty or loss of funds for inactivity on the Presto card? Due to the YRT strike, I have had to drive to work rather than take YRT and GO into the city since the stike began and won't be able to again until it is over.

AFAIK, there is no penalty for inactivity. However the cards do expire after a few years. You can transfer the balance to a new card, but it costs $6.

 

[leopetr]

AFAIK, there is no penalty for inactivity. However the cards do expire after a few years. You can transfer the balance to a new card, but it costs $6.

!

That sounds positively absurd. Banks don't charge you for issuing you a fresh plastic card -- why would Metrolinx? It's impossible to not have a balance on an active Presto card -- unless something has changed, the card kills itself and requires a trip to Union whenever the balance disappears.

 

[Platform 27]

How do we know Presto cards won't be replaced for free when they age past their expiry dates? The oldest ones out there won't be expiring for what, another 3.5, 4 years?