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EQ: "speed demon"
July 18, 2019
8:52 pm
Loonie
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This evening I initiated a pull, TD to EQ.
I wish I'd written down the exact time, but it had to be no earlier than 7pm, and I think it was later.
However, it had to be before 8:12 because, at 8:11 they sent me an email saying the money had been deposited in my EQ account!!
Still have to wait a week or so for it to clear, but that's OK because I intend to just put it into the 3 month GIC for now. If I phone them, they may agree to start the GIC earlier.

The transfer speed, being close to instantaneous, shows what can be done when they set their minds to the process. Meridian and Motus need to wake up, fast. This is an era of increasingly short attention spans - ask any teacher - and people just aren't going to be willing to wait 3 days for a transfer to move or for it to even show up as pending.

July 18, 2019
9:16 pm
Norman1
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That's EQ Bank's internal crediting of the funds from the pull request. The funds likely haven't actually been transferred yet as the pre-authorized debit generated hasn't been sent to TD Bank.

Now, if you log into TD's online banking and actually see the pull request from EQ Bank posted to your TD account within two hours, then that would be impressive!

It is similar to the immediate crediting of a paper cheque deposited at an ATM. The cheque is still in the ATM and not been sent yet to the financial institution it is drawn on.

July 18, 2019
9:51 pm
Loonie
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I don't have online access to my TD account and it's going to be too hot here tomorrow to motivate me to go to the ATM to check.
Maybe I just never noticed this before, but now that I understand my pulls and pushes better, I'm watching more closely.

This was the wording, and I don't remember receiving a note like this from them before:
"An Electronic Funds Transfer has been deposited to your account ending in XXXX."
The wording suggested to me that they'd actually done something, and weren't just verifying that I'd made the request, but words can be ambiguous.
In any case, I appreciate that a record of it shows up. At Motus, I have to wait 3 days just for that. It can be confusing when they don't provide a reliable record of the transactions you've made.

July 18, 2019
10:14 pm
AltaRed
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Why not try to buy the GIC online tomorrow and see if it will 'take'? If yes, you saved a phone call.

July 19, 2019
2:45 am
3oakwest
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I pulled from Meridian to EQ and it showed up in a few minutes.
Then had to wait for the five days to purchase the three month GiC.

During the five days I will receive interest on my pull at the current 2.3 %.

Excellent service!!

July 19, 2019
4:01 am
Loonie
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It won't let me buy the GIC yet.
"The transaction you have requested exceeds the available funds in your account."

However, I'm getting a little smarter.sf-smile When they had this promo before, I wasn't fast enough with my GIC so could only put in half of what I intended. I was waiting for the transfer to complete, and intended to buy the GIC by combining that transfer with funds already at EQ because it was tidier for my bookkeeping.
Then they cancelled the promo and would only allow me to use the funds that were in process of transfer.
This time, I will likely have 3 separate GICs, which is a nuisance but more profitable. Every time some money moves in, I buy the GIC asap.
I'm sure everyone else has already figured this out!
I'm now also waiting for the money I took out of Tangerine today -. For 2.75%, I would have left it at Tang, but they've forced me to get 3% at EQ instead.sf-laugh I can manage tying this money up for 3 months, but wouldn't want to put it away for any longer.

July 19, 2019
8:01 am
Doug
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Yeah, Norman's right that that's just EQ Bank crediting your account straight away before receiving the funds. It'll be interesting to see when your TDCT account is debited, but I suspect it'll be debited by end of day today.

A good indicator of how fast an FI's EFT processing time is when you push funds out from the losing FI to the gaining FI. For example, with Hubert, if you initiate a push (from another FI) before 10-10:30 am ET (7-7:30 am PT) on a business day, your Hubert account will almost always be credited by the end of the business day - and that was when there were only two day clearing windows per day out west (now there are three). DP (data point) is that Hubert's two cut-off times on operating business days are 7-7:30 am and 2-2:30 pm Pacific Time. No idea when their third clearing window cut-off time is.

So far, outside of the "Big 5," HSBC, and Hubert, I've not found an FI that matches them on EFT processing times. sf-cool

Cheers,
Doug

July 20, 2019
2:08 pm
Dean
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Loonie said

I don't have online access to my TD account . . .
 

Wow sf-surprised ... why not, Loonie ?

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 20, 2019
2:19 pm
Loonie
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Why not? It's a very old account with seniors pricing. I don't even know if they offer online access to it.

July 20, 2019
3:35 pm
Norman1
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It have been many years since I signed up for TD Bank's EasyWeb online banking. I think it is available now to anyone who has their TD Access Card for ATM access.

One can try to sign up for it by clicking on "Register" in the "EasyWeb Online Banking" section located in the right side of their Personal Banking page. Need TD Access Card number, first name, last name, date of birth, and postal code.

The login seems to be by TD customer and not by TD product/account.

July 20, 2019
4:00 pm
Doug
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Loonie said
Why not? It's a very old account with seniors pricing. I don't even know if they offer online access to it.  

Norman's advice at post # 10 is likely correct and should work, provided that your TDCT account in question is not coded to restrict online or other electronic access. Most, if not all, of the "Big 5" have such limitations they can apply in their core banking system. However, even if that's the case, you should be go to see your friendly revolving door of TDCT CSRs, due to their relatively high employee turnover, who most likely won't be able to put a name to your face, and ask them to enable your account for online access. Better yet, you could even have them sign you up for online access so they can put a sales opportunity on for you so they get a sale towards their annual sales, cross-sell, and referral targets. 😉

Cheers,
Doug

July 20, 2019
7:11 pm
Loonie
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Sounds like a barrel of laughs, Doug. I can't wait to run into TD with this request and meet the latest recruits.
One of these days, maybe...It seems I always have other priorities.

Thanks for the tips, Norman. Will make a note for "one of these days".

In any event, went to the bank machine today and all is well.
EQ still won't let me buy the GIc online though.

July 20, 2019
7:29 pm
Norman1
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Loonie said

In any event, went to the bank machine today and all is well.
EQ still won't let me buy the GIc online though.

Well, EQ Bank can't actually tell that the debit has been posted.

TD Bank doesn't send any notification back to EQ Bank when the pre-authorized debit has been posted to your TD account.

July 20, 2019
9:04 pm
Loonie
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I didn't think they would do it. I was just following up on AltaRed's suggestion.

However, EQ doesn't really need to know that the debit has been posted in order to do the GIC. It it should bounce back, they can cancel the GIC just as well as the deposit. I believe someone reported during the last offer that they could open the GIC if they phoned in.

I would be willing to put a small bet tat the most common reason for transfers not being honoured is because of the lengthy transit times - as Saver-Mom experienced. In the electronic age, I think it's difficult for most people to imagine that it can take up to two weeks to transfer funds electronically.

The other day when I transferred out the balance of my Tangerine account after being offered a woefully inadequate rate, the CSR quoted me a balance that I knew was too high because, earlier in the day, I had transferred out about 7% of it already. If I hadn't been on the ball to correct her, she would have put through a higher amount than was available. This is a system and human error which could easily cause a transfer to fail.

July 20, 2019
11:44 pm
Doug
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No problem, Loonie. 😉

Still, EQ Bank should at least follow common credit union good business practice, and indeed even Tangerine's practice, of manually removing the hold when the funds are used to purchase a GIC. Tangerine even has a cool feature no other financial institution has (that I've encountered). Even if you don't have an access to funds limit that grants you immediate access to your deposited funds, or it exceeds the amount of your access to funds limits, they have a feature they implemented a few years ago called "automatic hold transfer" whereby you can still transfer, internally, to another savings account or GIC in the same beneficial ownership and, presumably, registration type (i.e., non.-reg., TFSA, RRSP, or RRIF), and that portion of the hold on the original account (the debit account) will transfer with that portion transferred over.

This would be a perfectly reasonable solution for EQ Bank to implement, at least until they introduce access to funds limits, which they should do if they want to retain me as a client. And, I won't be afraid to close my account in a year even if they tell me they can never re-open it again (as they told @Shawguy) as I will just tell them they'd better, if they know what's good for them, as I would initiate expeditiously an official complaint with the Privacy Commissioner of Canada for unlawful and/or unreasonable retention of my online banking profile. They're entitled to maintain, for the typical 7-10 years, my personal information and transaction histories for any accounts I have with them, but they don't necessarily need to keep active an online banking profile or debit card to which no accounts are associated. The Privacy Commissioner would likely be quite disturbed to hear my report, particularly when no other federally-regulated chartered financial institution, to my knowledge, mandates keeping active an online banking profile after all remaining accounts are closed. 😉

(On that latter point, I speak with first-hand knowledge as both a former employee and customer of HSBC Bank Canada and a current or former customer of several Canadian banks, none of whom maintain online banking profiles after you close your last accounts with them.)

Cheers,
Doug

July 21, 2019
3:56 am
Loonie
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Yes, I've transferred held funds from one account to another at Tangerine, but it was by phone. They seemed quite flexible about it.
I suppose it depends on how you define "access", but, to my mind, when you put your money into a GIC, you are making it quite inaccessible! You aren't accessing itl; you are redirecting it. If they allowed you to transfer directly to GIC, it wouldn't be an issue. So, from my perspective, the holds issue would be irrelevant.

I recall that Nehpets had the actual experience of not being permitted to open an EQ account after having closed it.

July 21, 2019
11:18 am
Norman1
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I think we found out last winter that EQ Bank has an inflexible setup for dealing with GIC purchases with funds that still have a five-day hold. One just can't do it!

There was no workaround. People who called in were instructed to wait until the hold on the savings account funds passed and then purchase the GIC at the lower rate. Rate on the GIC would then be adjusted afterwards or a "goodwill" payment would be made to bring the net yield up to the expired 3.33% rate.

Obviously, a 90-day GIC is equivalent to a 90-day hold. So, nothing would be lost if one could purchase a 90-day GIC using funds that are still under a five-day hold.

July 21, 2019
4:42 pm
Canadianbull
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Loonie said
This evening I initiated a pull, TD to EQ.
I wish I'd written down the exact time, but it had to be no earlier than 7pm, and I think it was later.
However, it had to be before 8:12 because, at 8:11 they sent me an email saying the money had been deposited in my EQ account!!
Still have to wait a week or so for it to clear, but that's OK because I intend to just put it into the 3 month GIC for now. If I phone them, they may agree to start the GIC earlier.

The transfer speed, being close to instantaneous, shows what can be done when they set their minds to the process. Meridian and Motus need to wake up, fast. This is an era of increasingly short attention spans - ask any teacher - and people just aren't going to be willing to wait 3 days for a transfer to move or for it to even show up as pending.  

I am wondering why u didn't go with Meridian and decided to go with EQ?
I have account with both. I am planning to move funds from Motive to Meridian.

July 22, 2019
2:00 am
Loonie
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The reason is that I think it unlikely that I'll qualify for the deal at Meridian when all is said and done.
But, if I do qualify, there is still time to pull the funds back from EQ in a week , after the Hold comes off. I wanted to initiate the transfer to EQ just in case they withdrew that deal this week. As long as the money is in motion, it gives me another week to play with and see if Meridian or anyone else comes up with anything better. I'd prefer something of longer duration, even if it pays a little less. This is one case where pulling is better than pushing.
When I initiated my first two transfers to EQ, the Meridian offer had not been revealed. I've now sent a third one.

July 22, 2019
11:24 am
Doug
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Loonie said
[snip]

This is one case where pulling is better than pushing.
When I initiated my first two transfers to EQ, the Meridian offer had not been revealed. I've now sent a third one.  

How so? If you'd pushed the funds, you'd have booked the 3-month gimmicky EQ Bank GIC straight away. Sure, you're not missing out on 1-2 day's interest at the 2.30% HISA rate, but arguably, having to wait a week at 2.3% instead of missing 1-2 day's interest and getting 3% straight away is less beneficial. Or do you mean because you're waiting, it's not in a GIC, so if Meridian comes through for you, you can still transfer back? In that case, though, there are the following downsides with each:
- pushing the funds to Meridian would mean 3-4 business days without earning any interest, due to Meridian's slow transaction processing; and,
- pulling the funds to Meridian would mean a 6 business day hold on your funds due to Meridian's strict hold policy and lack of access to funds limits. You may be able to get Meridian to remove the hold, if it were going in to a GIC, but since it's in a HISA, the hold doesn't matter. Yeah, you're probably better pulling, but only because it's Meridian. If it were any other FI, I'd probably recommend pushing, unless you didn't need access to the funds. Even still, you'd have to wait 3-4 business days because it's Meridian. So I'd actually probably push the funds to Meridian - at least that way the funds aren't held!

Cheers,
Doug

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