EQ Bank Interac transfer limits | EQ Bank | Discussion forum

Alexandre said
I have not seen anyone posting this. EQ Bank increased Interac daily transfer limit to $5,000. Used to be $3,000.

Now it is the following:

$5,000 per 24-hour period
$10,000 per 7-day period
$20,000 per 30-day period

Just sent $5,000 transfer and it went through with no issues.  

That's good to see. I think 24-hour period limits make sense, but their utility becomes less over longer periods. A $20,000 30-day limit is still very low, and if we're to migrate away from the EFT system, that needs to disappear.

Cheers,
Doug

Doug said
A $20,000 30-day limit is still very low, and if we're to migrate away from the EFT system, that needs to disappear.
 

re EQ Interac is an option but there’s also bank connect to tsf out 30k per transaction and tsf in 100k per transaction IIRC?

AltaRed said
I think the comparison here is between Interac e-transfer and Bill Payment (EFT) to vendors, not to linked bank accounts of one owner. Different purposes in mind.  

That's true, and a reason for having lower daily transfer limits for Interac e-Transfers certainly (i.e., as a fraud mitigation measure). I think a weekly transfer limit is also useful for this purpose; however, a 30-day limit is less useful, provided people are diligently monitoring their accounts at least once per week.

It might be nice if Interac Corp. added functionality to distinguish between third-party e-Transfers and self-to-self e-Transfers, which are becoming more more common, so as to provide for higher limits in the latter case.

Cheers,
Doug