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February 14, 2019
10:12 am
commonboy
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Their FAQ says there's a $30,000 outbound EFT limit to a linked external bank per transaction, but what happens if I initiate an outbound transfer of more than $30K FROM the external bank? Can I get around the limit this way?

February 15, 2019
5:50 pm
Doug
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Yes, it should be fine, provided your external bank account has transfer limits within that range. EQ Bank does have a maximum balance limit, though, for accounts opened after a certain period of time, so be careful not to transfer in to EQ Bank from your external bank account an amount that exceeds that limit or it likely will be refused. But otherwise, you should be fine. 🙂

Cheers,
Doug

February 15, 2019
11:47 pm
Loonie
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It's a per transaction limit, not per day. I did several transactions in one day last September to circumvent the rule. As far as I know, this is still possible.

February 16, 2019
4:33 am
Kidd
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I found Outlook had very restrictive eft withdrawal limits. How i got around it. I wrote myself a cheque (a me to me cheque). A 5 business day hold was placed on the cheque but the funds were where i wanted them.

February 16, 2019
5:39 am
Top It Up
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Kidd said
I wrote myself a cheque (a me to me cheque).  

That's my go-to method as well - cut the cheque and deposit it using the FIs smartphone app - done.

February 16, 2019
3:34 pm
Rick
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We've had this discussion before. Isn't the 30K limit for pushing funds only? Otherwise, it would be like the bank saying we won't honor this check because it's over 30K. I pulled 30700.00 from EQ last Nov. just to test, and it went through no problem. Why waste a cheque?

February 16, 2019
5:59 pm
Doug
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Loonie said
It's a per transaction limit, not per day. I did several transactions in one day last September to circumvent the rule. As far as I know, this is still possible.  

That's good to know, Loonie. A pain in the butt, but if it's per transaction, that's not so bad. 🙂

Cheers,
Doug

February 17, 2019
2:44 am
Loonie
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Rick said
We've had this discussion before. Isn't the 30K limit for pushing funds only? Otherwise, it would be like the bank saying we won't honor this check because it's over 30K. I pulled 30700.00 from EQ last Nov. just to test, and it went through no problem. Why waste a cheque?  

Yes, we did discuss some of this before, Rick.
But some of us don't have everything linked like you do. Maybe one of these days I'll get around to it! You may have to keep reminding me! lol
I don't even know if my "main" bank accounts at TD and CIBC are set up for this. I've always assumed they're not but will have to look into it.

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