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TFSA fund transfer from Hubert to EQ
January 11, 2021
8:08 am
davidgeorge
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I requested a TFSA fund transfer from Hubert to EQ. My Hubert account shows that the fund was paidout on Jan. 5th, but I still haven't seen the fund on my EQ TFSA account. Does anybody know how long it will take for the fund to show up on my EQ bank account? I am losing interests between Jan. 5 and the date the fund deposited into my EQ account.

January 11, 2021
8:15 am
Barb.
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I'm in the same situation transferring from Achieva to EQ only my request is dated Dec. 15, so going on close to a month!. Why do TFSA transfers take so long? Did no one work @ the FIs between Xmas & New Years?

January 11, 2021
8:37 am
gicjunkie
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davidgeorge said
I requested a TFSA fund transfer from Hubert to EQ. My Hubert account shows that the fund was paidout on Jan. 5th, but I still haven't seen the fund on my EQ TFSA account. Does anybody know how long it will take for the fund to show up on my EQ bank account? I am losing interests between Jan. 5 and the date the fund deposited into my EQ account.  

I did this in November from Hubert to another credit union. Hubert actually mails a cheque to the receiving institution. It is not an electronic transfer, so it depends on the mail service and then the quickness of the physical posting at EQ.

January 11, 2021
9:02 am
davidgeorge
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gicjunkie said

I did this in November from Hubert to another credit union. Hubert actually mails a cheque to the receiving institution. It is not an electronic transfer, so it depends on the mail service and then the quickness of the physical posting at EQ.  

Thanks. Good to know that Hubert mails a cheque to the receiving institution instead of electronic transfer. I think my fund should show up on my EQ account sometimes this week since Hubert paidout on Jan. 5th (hope Hubert mailed out the cheque on Jan. 5th or 6th).

January 11, 2021
9:04 am
Bobbyjet11
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Such transfers can take weeks (especially from TD Bank I have found). I tried the following approach:
- redeemed most of the money in my old Tangerine TFSA account in late December to a Tangerine savings acct
- transferred the money to an EQ savings account in December
- opened a new TFSA GIC at EQ in January 2021. It took about 3 days to set up ..... but no matter how you do it you end up losing several days of interest.

January 11, 2021
10:41 am
Barb.
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Mails the cheque? Who does that in this day & age given how slow Canada Post is in moving snail mail? Wishing I'd followed Bobbyjet's method.

January 11, 2021
11:11 am
Dean
Valhalla Mountains, British Columbia
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Bobbyjet11 said

Such transfers can take weeks (especially from TD Bank I have found). I tried the following approach:
- redeemed most of the money in my old Tangerine TFSA account in late December to a Tangerine savings acct
- transferred the money to an EQ savings account in December
- opened a new TFSA GIC at EQ in January 2021.
It took about 3 days to set up ..... but no matter how you do it you end up losing several days of interest.  

Yup ... that's how most of us do it.

I call it the 'Year-end TFSA Shuffle'.

No muss, no fuss, no fees. sf-smile

    Dean

sf-cool " Live Long And Prosper " sf-cool

January 11, 2021
11:30 am
davidgeorge
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Bobbyjet11 said
Such transfers can take weeks (especially from TD Bank I have found). I tried the following approach:
- redeemed most of the money in my old Tangerine TFSA account in late December to a Tangerine savings acct
- transferred the money to an EQ savings account in December
- opened a new TFSA GIC at EQ in January 2021. It took about 3 days to set up ..... but no matter how you do it you end up losing several days of interest.  

This approach can't apply to my situation. My TFSA GIC matured on January 2nd.

January 11, 2021
12:26 pm
Norman1
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Barb. said
Mails the cheque? Who does that in this day & age given how slow Canada Post is in moving snail mail? Wishing I'd followed Bobbyjet's method.

All the financial institutions do external direct transfers of registered accounts by mail and cheque.

There isn't a universal way yet to include the required direct transfer documentation with funds pushed electronically. That is still in the works as the ISO 20022 part of the Payments Canada system modernization.

January 11, 2021
1:21 pm
Dean
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Norman1 said

. . .

There isn't a universal way yet to include the required direct transfer documentation with funds pushed electronically. That is still in the works as the ISO 20022 part of the Payments Canada system modernization.  

Thanks for that , Norman ... Very Interesting ❗

If I read the info on that website you linked above correctly, ISO 20022 will start to be rolled out (testing, etc.) in Canada, this month.

I wonder when it will be fully operational ... sometime in 2022 ❓

    Dean

sf-cool " Live Long And Prosper " sf-cool

January 11, 2021
1:22 pm
Alexandre
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Not directly related to the topic, but in regard to registered accounts transfer.

November 29, 2020 - requested RRSP funds transfer from RBC to EQ
December 31, 2021 - RBC executed "Transfer Out." Yes, someone did work at RBC on New Year's Eve.
January 11, 2021 - funds still have not appeared at EQ.

Short summary: patience is a virtue, when it comes to registered accounts transfers.

January 11, 2021
2:27 pm
Alexandre
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Alexandre said
Not directly related to the topic, but in regard to registered accounts transfer.

November 29, 2020 - requested RRSP funds transfer from RBC to EQ
December 31, 2021 - RBC executed "Transfer Out." Yes, someone did work at RBC on New Year's Eve.
January 11, 2021 - funds still have not appeared at EQ.

Short summary: patience is a virtue, when it comes to registered accounts transfers.  

Literally an hour after I posted this I suddenly got an email from EQ reminding that TFSA/RRSP transfer can take up to 6-8 weeks to complete.

What a coincidence.

January 11, 2021
3:16 pm
Norman1
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Dean said

If I read the info on that website you linked above correctly, ISO 20022 will start to be rolled out (testing, etc.) in Canada, this month.

I wonder when it will be fully operational ... sometime in 2022 ❓

ISO 20022 support will allow additional info to be sent with a push request. There will still be work afterwards to improve the workflow for registered account transfers.

The registered account issuers will need to come to an agreement on what that additional info will be.

That step, the payment with some documentation, is step #2 of the three step process to transfer an RRSP or RRIF. Steps #1 and #3 are document-only steps that don't involve a payment. Reform to those steps is outside of payment system modernization.

January 11, 2021
8:02 pm
Loonie
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This problem was predictable on EQ's end. They should have hired and trained extra staff, even if only temporary, to handle the anticipated influx. It's what happens when you are the only one offering well above average rates.

However, since these are physical documents, that means you need people who actually come in to the office and don't work from home. That in turn requires extra space in which they can work due to social distancing requirements. EQ probably doesn't have that extra space readily available so they have to limit the number of workers - maybe even FEWER than normal. Add to that the impact of covid itself and quarantines etc., and you have a lot of problems.

It may take a while. Nothing is necessarily normal these days.

January 12, 2021
2:24 am
RetirEd
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There's a catch-22 in the way TF-GIC rules work: one wants to make deposits early in the year to start reducing taxes immediately, but have maturities at the end of the year for the Year-end Shuffle. Coat Capital's 33-month 4% was great for that, moving maturities to near the end of the year. I seem to recall that at least some financial institutions allow random term lengths, with the rate based on the short end of the tier. (That is, if they give 1.2% for up to 90 days and 1.5 for 180 days, you can get 100 days at 1.2%.) Anyone seen this recently?

There are sometimes 1.5-year or 15-month terms available. I see PT has NON-registered rates:

15 month 1.45%
1 year 1.45%
2 year 1.55%
...

But they DON'T offer this on TFSA or RRSP rates, perhaps wanting to make the year-end-shuffle less convenient.
-RetirEd

January 12, 2021
5:18 am
Barb.
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Alexandre said

Literally an hour after I posted this I suddenly got an email from EQ reminding that TFSA/RRSP transfer can take up to 6-8 weeks to complete.

What a coincidence.  

Whaddya know! Me too!!!sf-laugh

January 12, 2021
12:23 pm
davidgeorge
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I received the email too:

"Keep in mind the transfer process can take up to 6-8 weeks, depending on how quickly your other financial institution initiates the transfer, as well as the time it takes for us to receive all necessary documentation.

Once we’ve received everything on our end, we’ll deposit your funds right away. You can check the status of your transfer from your account dashboard."

January 12, 2021
12:59 pm
rk
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My TFSA transfer from Hubert to EQ was fast (a couple of weeks). Probably because it was done outside the rrsp/tfsa season, early December. I have another one from PT to EQ (sent the request to EQ on Jan. 8th).
I have an RRSP transfer out from Tang to EQ, as well (also, just initiated a few days ago).
Loosing interest on the funds while in transfer is one thing - that is something that I was aware of.
However, what if the current GIC posted rates at EQ go down between when I requested the transfer and the day the funds become available at EQ? I called them and asked the question (for the RRSP transfer, but the question also applies to TFSA). The CSR said that they cannot hold the rate - this is weird, because most of the FIs will do it. On the other hand, she said that I will be compensated with the difference, so if the GIC rate goes down, I will get the difference in cash upfront. OK, that sounds good to me.
But when I asked her to send me an email confirming what we discussed, she said that she cannot do it right away. Instead, I can send her an email and she will reply to it... I am still waiting for the reply after 3 days or so. I do have the reference number for our discussion, but that alone is not a guarantee.
Anyone knows what happens if the GIC rates go down before our transfers are complete?

January 12, 2021
4:47 pm
Loonie
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If it's any comfort, I seem to remember EQ doing something like that once before, giving a lump sum compensation, but can't remember the circumstances.

January 12, 2021
5:49 pm
Norman1
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That involved their 3-month 3.33% term deposit in December 2018.

The 3.33% rate ended while some of us were waiting for the hold on funds transferred in to end. We were advise to proceed with the GIC purchase at the new lower rate and the bank would adjust the rate on the GIC afterwards. It looked like EQ Bank encountered some kind of obstacle when they tried to change the rate on a booked GIC.

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