EQ Bank maintenance Oct 11 to 14, 2019 | Page 2 | EQ Bank | Discussion forum

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EQ Bank maintenance Oct 11 to 14, 2019
October 17, 2019
8:11 pm
Norman1
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I reported the issues with the past GIC's and the past GIC transactions to EQ Bank. They are aware of the issues and will fix them. No estimated time to fix.

As NorthernRaven reported, the list of past GIC's is now back. Well, mostly back. The GIC account numbers are missing from the past GIC's.

October 18, 2019
12:49 am
Loonie
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To summarize my transfer experience:
I set up a pre-authorized transfer out (push) from EQ that was supposed to occur Oct 15.
On Oct 14, EQ notified me that they had debited my account.
The transfer-out is dated Oct 15 at EQ.
The money showed up at the external bank on Oct 16.
Oct 14 was not a business day; Oct 15 and 16 were business days.

It seems, from what others have reported, that this transaction can take place in the course of one business day at other banks.
I don't really understand why it took 3 days overall.
Would it be correct to assume that interest would be paid at EQ through Oct 14, none on the 15th, and at the external bank beginning Oct 16 (if it paid interest)? Or some other arrangement?
Having pre-scheduled the transfer, I thought that should make it go as efficiently as possible. Is there any rule about how long they can take to do it? And which bank does one blame for slowness - sender or receiver?

I haven't really paid much attention to this sort of thing before and am trying to get it all straight in my mind so that I can refine my transfer strategies.

October 18, 2019
11:40 am
Bill
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You say you set up a transfer that was to happen Oct 15, you say the transfer-out indeed shows October 15, you say it shows up at your external bank Oct 16. I see no "3 days" or "slowness".

October 18, 2019
5:15 pm
Loonie
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I also say that EQ took the money out of the account on the 14th and it showed up on the 16th. 14, 15, 16 = 3 days.
Other people have reported initiating transfers from other banks in the morning arriving elsewhere same day = 1 day.
I hope that is clearer.

October 18, 2019
6:57 pm
Norman1
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Loonie said

It seems, from what others have reported, that this transaction can take place in the course of one business day at other banks.

That happens only when

  1. the sending bank transmits the direct deposit transaction the same business day, by the last cutoff of 9 pm Eastern time, and
  2. the branch of the receiving bank is a Serviceability Code "0" branch.

Serviceability Code "0" branches are able to post an automated direct deposit and make the funds available within 2 hours of the cutoff time by which the direct deposit is received. There are three cutoff times (9:30 am, 4:30 pm, and 9 pm Eastern time) on business days only.

Other branches have Serviceability Code of "1" or "2". Such branches post and have funds available by opening of business of the next business day or the second business day.

I don't really understand why it took 3 days overall.

Would it be correct to assume that interest would be paid at EQ through Oct 14, none on the 15th, and at the external bank beginning Oct 16 (if it paid interest)? …

Yes, yes, and yes.

Non-business days don't count. So, the transfer only took one business day.

October 18, 2019
7:00 pm
Bill
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They took the money out on the 14th, a non-business day, dated the transfer-out the next day, the 15th (we all understand how dating works re non-business days), thus it was taken out the 15th. It was at destination the 16th, that's 1 day (if a friend says he's coming to visit you in 1 day you think they're showing up the same day?). The fact that sometimes people manage to get money transferred the same day does not make that the normal process or expectation, I don't think anyone else here complains to their bank if it takes overnight to get to destination as that's understood to be the norm. Or even the next day after. There's no issue here.

October 18, 2019
8:14 pm
Loonie
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Thanks, Norman.

I realize non-business days don't "count". However, they are on my calendar, and I didn't ask EQ to do anything whatsoever with my money on the non-business day, but they did anyway. So, in my interpretation, it counts as a day when they were doing business.
I think what you mean is that it took one business day when the money was totally in transit and not earning interest anywhere. However, the various activities involved took place over the course of 3 days. Perhaps I should call the 14th a "busyness" day.

Since the Serviceability codes are on the receiving end, it doesn't seem to matter which FI is the sender, and I'm not sure how we would know how fast the money was actually sent. Do you think I can assume that the receiving institution has a code of 1 in this case, considering that EQ was under some obligation to send the money on the 15th?
It may be that the only way to get a handle on this is to chart one's transfers until a pattern becomes clear.

Would these codes apply equally to funds that are pushed or pulled?

I realize these are very picky details, but the implications can add up over time. 100K @ 3% is $8.22 /day. Throw in a weekend and a stat, and it's more notable. Do that several times a year, and it's not insignificant. Over several years, it's soon several hundred dollars.
It is because of this that I have recently developed a new fodness for cheques. If you have a means to deposit them directly, they start earning interest immediately and there is no delay in getting them there, although they take a while to clear.

October 19, 2019
10:08 am
Vatox
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I have had the same experience Loonie. I did a post dated transaction because I needed the cash for something and didn’t want to have to remember to do it on a Tuesday after a long weekend. I imputed the transaction late on the Friday. The money was withdrawn immediately, so I guess I missed interest over that long weekend. Kinda annoyed at that. I did get the money transferred on time though. I’m thinking it has to do with “business days”. If you initiate the transaction with the assigned moving day as the very next business day, it will withdraw the money instantly. I’m guessing that dating the transaction for the Wednesday would have been better. Oh well, live and learn, right.
sf-laugh

October 19, 2019
12:18 pm
Norman1
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No interest was lost. The immediately-posted transaction was postdated to Tuesday. So, EQ Bank still paid interest on the funds over the long weekend.

In fact, if one looks at the transaction history, one will find that the transaction looks like it was was done on the Tuesday and not during the long weekend.

October 19, 2019
12:36 pm
Norman1
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That's an interesting philosophical question, Loonie: Did the money move over the long weekend?

For sure, a postdated debit was recorded in your EQ Bank savings account. That's similar to me writing a postdated cheque and recording it in my cheque register. Cheque register balance is updated immediately. But, I don't think any money moved immediately. sf-laugh

When a push takes one business day, it doesn't mean the receiving branch is necessarily a Serviceability Code "1" branch. There are two possibilities for that:

  1. EQ Bank had sent the electronic direct deposit out the same business day, before 9 pm Eastern. The receiving Serviceability Code "1" branch needs one business day to post the transaction and make the funds available.
  2. EQ Bank had actually sent the electronic direct deposit out the next business day, before 9 pm Eastern. The receiving Serviceability Code "0" branch needs two hours after the cutoff to post the transaction and make the funds available.

I didn't run into anything in the clearing rules that obligates a sending financial institution to transmit the electronic direct deposit the same day the funds are removed from the customer's account.

However, I did see this in Payment Canada Rule F1 that implies Direct Clearers need to have Serviceability Code "0" for their own branches:

Serviceability Code Assignment

Each Direct Clearer shall designate on the Financial Institutions File a Serviceability Code of:

a. “0” for each of its destination Branches; and

b. Either “0”, “1”, or “2” for each destination Branch of a Financial Institution for which it acts as a Clearing Agent.

Among the Direct Clearers are Bank of Montreal, Bank of Nova Scotia, Royal Bank, TD Bank, National Bank, and CIBC. If one has an account at one of them, one can push funds to the account to see how soon the sending bank transmits the direct deposit transaction into the clearing system.

Bill reported earlier that a push done early enough at Alterna Bank would reach his account at TD by dinner time the same business day! sf-cool

My understanding is that the serviceability codes only reflect servicing of incoming direct deposit transactions. It is definitely possible for a financial institution to have a different service level for incoming pre-authorized debits.

October 19, 2019
4:05 pm
Vatox
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I suppose, what I would like to see is a balance and available funds. That way I can see the money is there and earning interest, then the balance can be changed on the scheduled date. I wasn’t impressed to see my balance pilfered right away.

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