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Rapid Pulled Transfer
August 2, 2017
3:42 pm
Nehpets
Ontario
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Did a "pull" transfer of funds from a TD account to Alterna yesterday that was completed in a few hours instead of days as has been my experience in the past.

Looks like electronic transfers are becoming more efficient!

Stephen

August 2, 2017
3:54 pm
Bill
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When I push money from Alterna by 10 a.m. or so it's in my TD account by same-day supper-time, approx. Always been that way for me.

August 2, 2017
5:14 pm
Rick
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Nehpets said
Did a "pull" transfer of funds from a TD account to Alterna yesterday that was completed in a few hours instead of days as has been my experience in the past.

Looks like electronic transfers are becoming more efficient!

Stephen  

Do you mean it actually came out of the bank you pulled it from within a few hours, or it showed as deposited in Alterna , or both? I see they utilize Me To Me transfers, so it should show as deposited immediately.

August 2, 2017
5:51 pm
Nehpets
Ontario
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Rick said

Do you mean it actually came out of the bank you pulled it from within a few hours, or it showed as deposited in Alterna , or both? I see they utilize Me To Me transfers, so it should show as deposited immediately.  

Both.

You're right that it shows as a an entry on the Alterna side, but what was unusual for me, was to see the funds withdrawn from TD within hours.

August 4, 2017
1:08 pm
Doug
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Alterna Bank uses the MemberDirect platform developed by Central 1 Credit Union, owned by B.C. and Ontario credit unions, which includes Me-to-Me Transfers. In my experience, if you request a transfer before cut-off time (sometime between 5 and 9 pm Pacific Time, presumably, because they're based in Vancouver), on a business day, the transfer will be debited/credited to your external bank account (except maybe Tangerine) the next business day. I've not heard of same-day transfers except in the case of Hubert Financial (Sunova Credit Union), if you do it before 7 am Pacific Time (9 am Central Time), they occur same-day.

I'd like to know who the transfers are between. These details matter people! 🙂

Cheers,
Doug

August 4, 2017
3:52 pm
Nehpets
Ontario
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Doug said

I'd like to know who the transfers are between. These details matter people! 🙂
Doug  

Doug,
In my case, regarding the same day transfer, was from TD to Alterna, initiated at Alterna, to pull funds from TD.

My experience in the past has been next day transfer until this experience. Not complaining, just highlighting a possible change (improvement)sf-smile
Stephen

August 4, 2017
4:54 pm
Doug
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Nehpets said

Doug,
In my case, regarding the same day transfer, was from TD to Alterna, initiated at Alterna, to pull funds from TD.

My experience in the past has been next day transfer until this experience. Not complaining, just highlighting a possible change (improvement)sf-smile
Stephen  

Hrm, interesting, what time of day did you initiate at Alterna Bank? It could be they bundle EFT requests from after cut-off time and current day and process them that same day if done by a certain time. It's possible clearing times have improved but I haven't seen anything to that effect from Payments Canada, though the Bank of Canada is looking to modernize Canada's clearing infrastructure. 🙂

Cheers,
Doug

August 4, 2017
10:14 pm
Norman1
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Could what is seen be early implementations of the faster funds availability (two hours) that's targeted for September 2018? See Payments Canada: AFT Enhancements.

Certain branches will have credited funds available within two hours after the exchange of the AFT transaction. This is from the updated Rule F1 to take effect in September 2018, among the AFT Rule Changes:

Credit Transaction Funds Availability

8. Where a Credit Transaction Logical Record Type “C” is received by a Payee’s Financial Institution in accordance with section 7 and 13, that Processing Direct Clearer or Indirect Clearer shall, unless precluded by a prior restriction placed on the Payee’s account, be responsible for ensuring the funds are available for withdrawal or other use in accordance with the terms of agreement (for example, an account agreement) between the Payee’s Financial Institution and the Payee within the following timeframes:

(a) Subject to subsections (c) and (d), below, where the destination branch is a Serviceability Code “0”, funds shall be made available within 2 hours of the Exchange Deadline [09:30, 16:30, 21:00 Eastern Time] by which the transaction was received;

(b) Where the destination branch is a Serviceability Code “1” or “2”, funds shall be made available by the opening of business on the Due Date of the transaction;

(c) Subject to subsection (d), below, where the destination branch is an Indirect Clearer with a Serviceability Code “0”, funds shall be made available within 2 hours of the IC Cut-off [11:30, 18:30, 23:00 Eastern Time] by which the transaction was received by the Indirect Clearer.

(d) (i) Where a Credit Transaction is received the Business Day prior to the Due Date, funds shall be made available by the opening of business on the Due Date.

    (ii) Where a Credit Transaction is destined to an account other than a demand deposit account, the transaction may be treated as though destined to a Serviceability Code “1” branch.

    (iii) Where a Credit Transaction destined to a Serviceability Code “0” branch is Exchanged on or before October 14, 2018, the transaction may be treated as though destined to a Serviceability Code “1” branch.

August 13, 2017
4:17 pm
Nehpets
Ontario
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Again had "same day service" pushing funds from Alterna to a BMO account.

Reverse of the process reported in Post #1

...this time Alterna push to BMO, last time pull from TD to Alterna.

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