Me to Me Transfer Out and Fees | Alterna Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Me to Me Transfer Out and Fees
May 6, 2017
8:29 am
exxczyk
Member
Members
Forum Posts: 4
Member Since:
December 22, 2016
sp_UserOfflineSmall Offline

I'm about to transfer out my funds but am thinking of the best way to do this back to my BMO account (moving to a brokerage account). I would do this straight from the Alterna account but apparently you can't do Wire or Bank Drafts, so other than the chequing account method it sounds like Me to Me back to my original bank is easiest.

Any suggestions? I also noticed this note (below) at the transfer screen. "may incur a fee?" Does anyone know what these fees are and when they apply?

NOTE: If you are transferring funds to or from your accounts at another financial institution, you may incur a fee for this transaction when it is completed. In addition, the other institution may also impose a transaction fee.

Thanks!

May 6, 2017
8:46 am
SG
Member
Members
Forum Posts: 140
Member Since:
December 18, 2008
sp_UserOfflineSmall Offline

I am not sure you can link a brokerage account under the me to me transfer service (you have to send a pre-printed void cheque or direct deposit form from your bank in order to link it at Alterna) But if you can;

There is no fee to pull funds from your other bank account to Alterna or to send money from Alterna to your other bank if you are using the Me to Me transfer service using your linked bank accounts at another bank.

I believe that disclaimer is there as a reminder that your other bank may charge you fees if pulling from that bank (depending on your banking package at that bank).

I have used the ME to ME transfer service and have incurred no additional fees. Remember though there are limits (when initiated on the Alterna side):
......................................Sending.........Receiving
Transaction Limit..........$25,000.........$100,000
7 Day Limit....................$50,000.........$250,000
30 Day Limit................$125,000.........$500,000

If you can't link using the me to me transfer service, you might have to open a chequing account and write yourself cheques. I am not sure how a BMO brokerage account works, but I have linked my BMO chequing account and send and receive money no problems using me to me transfer service

May 6, 2017
9:07 am
Norman1
Member
Members
Forum Posts: 2005
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

It depends on the Alterna Bank account. If day-to-day transactions are not included in the account's pricing, then Me-to-Me transfers are 80¢ each.

The eSavings account and eChequing account both include unlimited day-to-day transactions. So, the 80¢ fee for each Me-to-Me transfer doesn't apply for those two accounts.

Alterna Bank's full list of accounts and services fees is here.

Are you certain one can't request a $30 wire transfer or $7.50 bank draft through the Alterna Bank call centre?

May 6, 2017
12:17 pm
Loonie
Member
Members
Forum Posts: 4421
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Assuming you don't have more than 100K at AlternaBank savings (as that's all that is currently insured), you would probably be better off to wait out the transfer periods than to open up a chequing account there. Sounds like you have a conventional account at BMO as well? - or somewhere.
It would take you two weeks to transfer 100K, and at least as long (and more costly as you'd have to buy the cheques, which you might have no further use for) to open chequing and receive the cheques in the mail.

May 6, 2017
8:51 pm
exxczyk
Member
Members
Forum Posts: 4
Member Since:
December 22, 2016
sp_UserOfflineSmall Offline

Thanks everyone, really appreciate the input.

I am not sure how a BMO brokerage account works, but I have linked my BMO chequing account and send and receive money no problems using me to me transfer service

The brokerage account is elsewhere. But without being able to get a draft I'm basically moving the funds back to BMO to take out a draft for the full amount.

Are you certain one can't request a $30 wire transfer or $7.50 bank draft through the Alterna Bank call centre?

Yes, unless the agent I spoke to was misinformed she advised that neither are an option because there's no physical branch to process these properly. I'll call back and see if I get told the same.

Assuming you don't have more than 100K at AlternaBank savings (as that's all that is currently insured), you would probably be better off to wait out the transfer periods than to open up a chequing account there.

I'm over, but only when combined across HISA/TFSA which as I've understood are each covered to 100K. Same goes for my wife's accounts. Agreed the cheques would be too costly and probably take just as long either way.

May 6, 2017
9:47 pm
Norman1
Member
Members
Forum Posts: 2005
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Alterna Bank's eSavings account does have free bill payment. Would your brokerage account be one of those that can receive deposits through bill payment?

Among such brokerage accounts are BMO InvestorLine brokerage accounts. See BMO Wealth FAQs - Existing Clients - Account Features.

Scotia iTRADE brokerage accounts can also receive deposits through bill payment.

May 6, 2017
9:50 pm
Norman1
Member
Members
Forum Posts: 2005
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

exxczyk said

Are you certain one can't request a $30 wire transfer or $7.50 bank draft through the Alterna Bank call centre?

Yes, unless the agent I spoke to was misinformed she advised that neither are an option because there's no physical branch to process these properly. I'll call back and see if I get told the same.
 

That's quite a revelation! sf-surprised Let us know what you find.

I'm surprised because branchless PC Financial allows one to request wire transfers and drafts by calling in.

May 8, 2017
4:24 pm
exxczyk
Member
Members
Forum Posts: 4
Member Since:
December 22, 2016
sp_UserOfflineSmall Offline

Called in again, different agent confirmed the same. No bank drafts or wires for outgoing transactions. Basically the suggestion is again to order cheques or use me to me and work within the limits.

Norman, regarding the bill payment suggestion, I see there's a $60,000 limit per payment so potentially this will work. The brokerage is Raymond James which IS listed. Thanks for the idea!

May 9, 2017
4:36 pm
Norman1
Member
Members
Forum Posts: 2005
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

You're welcome, exxczyk!

Thanks for sharing your finding of no drafts or wires from their eSavings account.

May 9, 2017
4:44 pm
Cranston
Member
Members
Forum Posts: 206
Member Since:
April 7, 2017
sp_UserOfflineSmall Offline

exxczyk said
Called in again, different agent confirmed the same. No bank drafts or wires for outgoing transactions. Basically the suggestion is again to order cheques or use me to me and work within the limits.

Norman, regarding the bill payment suggestion, I see there's a $60,000 limit per payment so potentially this will work. The brokerage is Raymond James which IS listed. Thanks for the idea!  

exxczyk said
Called in again, different agent confirmed the same. No bank drafts or wires for outgoing transactions. Basically the suggestion is again to order cheques or use me to me and work within the limits.

Norman, regarding the bill payment suggestion, I see there's a $60,000 limit per payment so potentially this will work. The brokerage is Raymond James which IS listed. Thanks for the idea!  

I have iTrade as a brokerage account. At first I had to set them up as a bill payment and wait for the funds to show on iTrade. But now iTrade has a second improved option as I can pull the money into iTrade and also begin trading immediately. So does Raymond James offer that and to use Raymond James don't you have an adviser that can pull it in for you?

Please write your comments in the forum.