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Online transfer out limits
July 5, 2017
9:10 am
Bill
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With all this moving large sums around it might be nice to have a thread re ins and outs of online transfer out limits.

For example, EQ only allows me to transfer out $30K per day, as far as I know.

PC Financial limits you to $50K per transaction but I've done up to 3 transactions for $50K each in one day - maybe you can do more?

Alterna Bank has $25K daily limit, $50K 7-day limit, $125K 30-day limit.

Are things different if you phone in? Any other techniques or tricks to get our money moving out faster to where we want it to be today?

July 5, 2017
2:44 pm
Loonie
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Someone suggested moving the funds to matching chequing account and moving out through writing a cheque. This only applies to FIs that have chequing accounts.

Meridian has maximum of 20K at a time, but you can do it repeatedly. I don't know if there is an ultimate max. but don't think so.

Of course, three's nothing to prevent any of them from changing the rules.

July 5, 2017
5:32 pm
Rick
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Bill said
For example, EQ only allows me to transfer out $30K per day, as far as I know.
 

EQ's limit is 30K per transaction...not per day. I had to move it from EQ to Tang for a promo back in January and did it all in one day via 3 separate transfers from EQ.

Also, most of those limits are for pushing funds out of the sending institution. Their limits wouldn't (shouldn"t) apply if you pull them from the receiving institution. That would be like capping the amount of a cheque they would honor. Correct??

Anyone know Tang's Limits? I can't recall and can't find it anywhere on their site. Almost like it's purposely hidden.

July 6, 2017
10:42 am
Nehpets
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Loonie said
Meridian has maximum of 20K at a time, but you can do it repeatedly. I don't know if there is an ultimate max. but don't think so.

Of course, three's nothing to prevent any of them from changing the rules.  

This is from an email I received yesterday from Meridian Customer Service:

Please note that transferring funds between external accounts will take up to three business days to be completed. Any transfers to another financial institution scheduled to take place in the future must be set up more than three business days before the start date. Funds set to be transferred at a future date must be in your account at least three days prior to the transfer.

Additionally, there is a $10,000 daily limit for Money Mover transfers. If you do wish to transfer more than this daily limit, please call our Contact Centre directly at 1-866-592-2226 and one of our Representatives would be pleased to assist you.

Our hours of operation are: Monday to Friday 8:00 A.M. to 12:00 A.M EST Saturday 8:00 A.M. to 8:00 P.M EST Sunday 12:00 P.M. to 4:00 P.M EST Thank you, we appreciate your Membership.

Natasha W.| Contact Centre Representative Meridian™ 531 Lake Street 2nd Floor St Catharines, ON L2N 4H6 Tel 1-866-592-2226 Fax 1-800-265-6306 meridiancu.ca

July 7, 2017
4:39 pm
SavingIsGood
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Tang's push limit is, I believe, 50K. Over the limit, you have to call and talk to cust.rep. Nevertheless, nobody made a fuss when I pulled from Hubert 1/2 mill.

July 19, 2017
9:50 pm
Norman1
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EQ Bank's Savings Plus account and Alterna Bank's eSavings account have free bill payments. One can use bill payment to push funds out to a brokerage account that can accept deposits by bill payment (like Scotia iTRADE, BMO InvestorLine, or Raymond James).

Another member reported that Alterna Bank allows up to $60,000 per bill payment.

Scotia iTRADE has linked bank accounts. So, one could push received funds in a Scotia iTRADE brokerage account out to a bank account.

July 20, 2017
1:06 am
Loonie
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Nehpets said

This is from an email I received yesterday from Meridian Customer Service:

Please note that transferring funds between external accounts will take up to three business days to be completed. Any transfers to another financial institution scheduled to take place in the future must be set up more than three business days before the start date. Funds set to be transferred at a future date must be in your account at least three days prior to the transfer.

Additionally, there is a $10,000 daily limit for Money Mover transfers. If you do wish to transfer more than this daily limit, please call our Contact Centre directly at 1-866-592-2226 and one of our Representatives would be pleased to assist you.

Our hours of operation are: Monday to Friday 8:00 A.M. to 12:00 A.M EST Saturday 8:00 A.M. to 8:00 P.M EST Sunday 12:00 P.M. to 4:00 P.M EST Thank you, we appreciate your Membership.

Natasha W.| Contact Centre Representative Meridian™ 531 Lake Street 2nd Floor St Catharines, ON L2N 4H6 Tel 1-866-592-2226 Fax 1-800-265-6306 meridiancu.ca

  

I made a mistake earlier when I said you could move 20K at a time from Meridian. It's only 10K.
However, I just moved out 30K in 3 separate transactions a few minutes ago and did it online. But now they appear to have cut me off.
Back in March, I was able to move out 50K in 5 transactions, one after another. I don't know what's going on there but it's very annoying - along with the fact that they just dropped their rate as the BoC rate went up.sf-frown
Poor show. I'm not a happy "member".

July 20, 2017
6:29 am
Nehpets
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Loonie said
However, I just moved out 30K in 3 separate transactions a few minutes ago and did it online. But now they appear to have cut me off.
Back in March, I was able to move out 50K in 5 transactions, one after another. I don't know what's going on there but it's very annoying - along with the fact that they just dropped their rate as the BoC rate went up.sf-frown
Poor show. I'm not a happy "member".  

Have you called the customer contact center 866-592-2226 for assistance to complete the transaction(s)?

I find that calling the branch manager at the local branch where I have accounts / GIC's that the manager has discretion to override some policies.

Will be interesting to hear if and how you succeed in resolving the problem.

Stephen

August 20, 2020
7:19 am
Bruford
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Loonie said
Someone suggested moving the funds to matching chequing account and moving out through writing a cheque. This only applies to FIs that have chequing accounts.

Meridian has maximum of 20K at a time, but you can do it repeatedly. I don't know if there is an ultimate max. but don't think so.

Of course, three's nothing to prevent any of them from changing the rules.  

Meridian now has a $10K/day limit.
No problem to transfer in as much as you like, but just try and remove it and they clamp the doors tight. Never again Meridian will you get my deposits.

August 20, 2020
7:39 am
savemoresaveoften
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Bruford said

Meridian now has a $10K/day limit.
No problem to transfer in as much as you like, but just try and remove it and they clamp the doors tight. Never again Meridian will you get my deposits.  

$10k is only online. If you call them and speak to a rep, they can accommodate the amount you want.

I did that yesterday.

August 20, 2020
2:48 pm
Loonie
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Meridian has chequing accounts - free for seniors. You can transfer as much as you want by cheque.

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