How long is your EFT into EQ taking? | EQ Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
How long is your EFT into EQ taking?
April 13, 2016
7:39 pm
MMMoney
Newbie
Members
Forum Posts: 2
Member Since:
April 5, 2016
sp_UserOfflineSmall Offline

$100 app cheque and I can access the funds immediately.
$2000 EFT from CIBC to EQ 3 business day's and I could access the funds.
$5000 EFT from CIBC to EQ 7 full business day's. Money was out of CIBC on day 2.

I believe their FAQ say's 10 business day's for $10k!

Seems like a long time to be able to access the funds in this day and age, especially when I see the $$ taken out of my CIBC account in 2 business day's (6 days).

Anyone know why such long hold periods?

Oh and FYI if you plan to take a while to type up a secure message, know that their time out timer doesn't track keystrokes in the message section so you'll get timed out even if your typing the whole time your entering your message.

TIA

April 13, 2016
8:16 pm
MarkFog
Toronto
Member
Members
Forum Posts: 44
Member Since:
April 1, 2016
sp_UserOfflineSmall Offline

Yes EQ Bank has long holds on transfers from what I have experienced with them compared to Tang or Zag. I've noticed that it doesn't matter the amount it will be on hold for 5 business days. I transferred $1000 on April 5 and the hold was cleared this morning April 13.

It is one of those policies that you have to evaluate when shopping around for an on-line bank. I've only recently dove interest this and it takes getting used to.

April 14, 2016
8:46 am
Norman1
Member
Members
Forum Posts: 3294
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

There's a hold period on funds pulled by preauthorized debit from another institution because such transfers are not final. I wrote about this in a previous post.

How long the hold period is varies. It depends on how much risk the receiving institution is willing to take on in having the transfer reversed by the other institution. NSF can be determined very quickly. But, other reasons for reversal may not be.

April 14, 2016
9:14 am
jgclghrn
Member
Members
Forum Posts: 127
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

The hold period does take some getting use to but at least you get interest from the day you initiate the transfer.

April 17, 2016
2:56 pm
Miron
Member
Members
Forum Posts: 106
Member Since:
January 20, 2016
sp_UserOfflineSmall Offline

jgclghrn said

The hold period does take some getting use to but at least you get interest from the day you initiate the transfer.

Exactly... unlike ZAG that has no holds (at least not for small amounts) but you don't get any interest until the money arrive! It might take a few days, at least two.

Too bad that C. Tire has low rates... their transfers (in and out) are very fast, actually 24 hours, if you initiate the transfer before 1 pm.

Please write your comments in the forum.