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Pushing and pulling from linked bank accounts
October 7, 2019
7:46 pm
Darkchild
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Hi everyone,
First off, forgive any ignorance I may have regarding the ins and outs and nuances of HISA's and how to move my money around.
Usually I bank with one of the Big 5 and stick with their online platforms. Besides an actual physical cheque or wire, I've never transferred money between banking institutions.
I just opened a B2B HISA and did the required steps to link to my main RBC account. The question I have now is what next? I don't see anything on the RBC side regarding transferring money, besides standard bill payments or e-transfer.
Note: The amount that I want to deposit is large and would not be feasible given the max daily limits on these e-transfers.
On the B2B side, I see my account is linked, but I cannot see anywhere the option for me to pull some money from RBC.
Any advice? I don't really think RBC is too keen on clients moving their money somewhere else, because they are certainly not making it easy. BTW I'm still figuring out the push and pull thing and not sure which end is better to initiate on.

October 7, 2019
8:56 pm
gicbroker
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When moving money with most of the HISA's, you "push" and "pull" from the HISA. In your example, you would transfer funds (large amounts too) from RBC to B2B from within B2B. If you want to move money back into your RBC, then you would transfer funds to RBC from within B2B. The transfers usually take a business day or two so it is not instantaneous. You are exactly right in that the Big Banks do not allow for you to transfer funds out to a third party HISA from their side. Sometimes the Big Banks offer promo rates or "teaser" savings account rates themselves and of course you can instantly transfer between your internal accounts.

October 8, 2019
5:43 am
Loonie
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To perhaps simplify it further, the transfer will need to be initiated when you are logged into B2B, no matter which direction you are moving the money.

Perhaps someone who has an account there can point you to where the transfer function is located on the B2B site. If not, phone them and ask.

Most of these "alternative" banks and credit unions have dollar limits for transfers, in the range of 10,000 to 50,000.
I don't know about B2B. If you are transferring a large amount, you may exceed their limit. With most banks and CUs, you can still do the transfer but you need to do it over the phone.

To send the funds from RBC to B2B, you will be "pulling" the money. Depending again on the specific financial institution's policies, this can usually be accomplished in one or two business days but sometimes as many as four business days.

In addition, you need to be aware that there is a further delay before you can access the money once it arrives. This is the time needed to "clear" the deposit. It's a legal thing, giving the sender (RBC) time to change its mind in case you didn't really have the money to send.

The money will earn interest as soon as it arrives at B2B but you will have to wait several more days if you want to move it again because of the clearing time. The entire process from start to finish can take up to two weeks. When banks quote you X days to do such-and-such, they are referring only to their business days, which means Mon-Fri and excludes stat holidays.
You will learn through experience how long it takes to move your money with B2B and how long it takes to clear.

I'm not sure how much you are planning on transferring, but be aware that only 100,000 including interest will be insured by CDIC against the bank defaulting. If you have more money than that, you may wish to consider opening an additional account somewhere else or setting up an additional joint account at B2B.

Sorry, I don't have an account there so can't be more specific about B2B's practices.

Congratulations on having opened an account at B2B. That's quite an accomplishment in itself!sf-smile

October 8, 2019
7:09 pm
Darkchild
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Thanks for the replies.
Update: I did have to phone B2B to inquire about how to transfer $$$ over.
It seems like they just redesigned their website, so menu where you could initiate transfers was not overly visible, but it was there.
What I think was more concerning for me was the bare minimum information needed to verify my identity via CSR. All he asked me was my account number and DOB. Maybe I'm just overly cautious, but I do think that there needs to be a further step/verification needed--I did suggest this to CSR and he did say he'd run it by his manager. Not sure anything will come of it, but just the fact that they actively look to improve service/quality, and that they are genuinely friendly, is a plus.

Loonie: Opening an account was actually very quick and went smoothly.
I've heard more horror stories with Motive. That's why I decided on B2B. It remains to be seen how long their 3.3% rate lasts.sf-wink

October 9, 2019
4:04 am
Loonie
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Thanks for the feedback. I'm glad you got it sorted out.

I would agree that that is not much for verification. On the other hand, even when more questions are asked, I don't think they are necessarily going to protect us as most do not require answers that are very difficult to get if you're in the fraud business..
Tangerine is now using voice recognition software, FYI.

October 9, 2019
5:14 am
Bill
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B2B transfer link is on the right side of my screen, "quick transfer" option. It's kind of finicky for me, and also there's no warning saying you are about to transfer money, it just goes the first time so make sure to review your details before you hit "transfer".

So far B2B system seems fragile to me, but their people have been very good on the phone.

October 9, 2019
7:15 am
Canadianbull
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Darkchild said
Thanks for the replies.
Update: I did have to phone B2B to inquire about how to transfer $$$ over.
It seems like they just redesigned their website, so menu where you could initiate transfers was not overly visible, but it was there.
What I think was more concerning for me was the bare minimum information needed to verify my identity via CSR. All he asked me was my account number and DOB. Maybe I'm just overly cautious, but I do think that there needs to be a further step/verification needed--I did suggest this to CSR and he did say he'd run it by his manager. Not sure anything will come of it, but just the fact that they actively look to improve service/quality, and that they are genuinely friendly, is a plus.

Loonie: Opening an account was actually very quick and went smoothly.
I've heard more horror stories with Motive. That's why I decided on B2B. It remains to be seen how long their 3.3% rate lasts.sf-wink  

Did you use any referral code during account opening process?

October 9, 2019
10:14 am
Bill
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No delay when pulling to B2B, I just made a transfer and it showed up, dated today, within seconds.

I also like that they send me a paper statement.

October 10, 2019
12:12 pm
Darkchild
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Hi Bill, thanks for the heads up regarding the transferring process. I agree with you that the platform they use seems shaky, however, their customer service seems great.

Canadianbull: I asked a CSR about the referral code and they said to ignore. It doesn't stop you from opening an account.

October 11, 2019
8:08 am
Rick
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Bill said
No delay when pulling to B2B, I just made a transfer and it showed up, dated today, within seconds.

I also like that they send me a paper statement.  

Did it actually get instantly pulled from the target FI...or are they part of the Me2Me system. Motive does that as well...shows up in your account instantly, but funds are still sitting in the other FI for the usual 1 - 3 days. Good way to get double interest if you pull late Friday before a long weekend. 😉

October 11, 2019
8:32 am
Bill
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Rick, I don't know, all I know is it starts earning interest same day. Some folks on here regularly remind about ethics, and so to be ethical I don't play the double interest game. But good luck to you if you do! sf-wink

October 12, 2019
4:58 am
savemoresaveoften
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Rick said

Did it actually get instantly pulled from the target FI...or are they part of the Me2Me system. Motive does that as well...shows up in your account instantly, but funds are still sitting in the other FI for the usual 1 - 3 days. Good way to get double interest if you pull late Friday before a long weekend. 😉  

Its an honor system assume the funds will indeed come in, and thats why it accrues interest but funds not available until clear and past holding period. So yes double dipping is possible, but given my link is usually a big5 checking acct, it pays $0 interest on the overlap days anyway...

B2B website is indeed a bit finicky and a little unconventional to navigate. Others have also reported having a hard time to go thru the online application process. But given they are the highest HISA out there, its worth it. Dont know how long the teaser rate will last tho...

October 12, 2019
6:45 am
Norman1
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Some financial institutions, like Simplii Financial, will neutralize the double interest by using the effective date of the pre-authorized debit generated by the pull request, instead of the posting date.

For example, one dies a pull at Alterna Bank to pull money from an account at Simplii Financial yesterday (Friday before Thanksgiving long weekend). If done early enough in the day, the pre-authorized debit would be generated Friday, effective Friday, and sent into the Payments Canada Retail clearing system.

Simplli requires one business day to post pre-authorized debits. So, the debit would be posted today (Saturday), effective Tuesday, the next business day. However, for interest calculations, Simplii uses the effective date, Friday, and not the posting date, Tuesday. So, no double interest results.

October 12, 2019
12:18 pm
Rick
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Bill said
Rick, I don't know, all I know is it starts earning interest same day. Some folks on here regularly remind about ethics, and so to be ethical I don't play the double interest game. But good luck to you if you do! sf-wink  

I don't use a big 5 so my funds are always earning interest...even in a chequing account, meagre as the rate is. Rarely see a FI that removes funds the same day on a pull from another FI. It has happened if the timing was right, but far from a regular occurrence. If your cash is earning interest the same day, you are playing the game. Not sure what ethics has to do with it. The system is the system. Nothing unethical about it. Try moving money you don't have and see what happens. Last bank I talked to about it had a $48.00 charge for reversing a NSF EFT. Start moving funds that aren't due to be in the account to take advantage of the delay might be unethical, and taking a big chance nothing goes wrong, but using the system as intended ? Don't see anything unethical about it at all. I'll take any advantage I can to keep my money earning as much interest as possible. No hesitation for reducing the billions of dollars in profit the banks take every quarter by a buck or two. Guess that makes me unethical.

October 12, 2019
7:43 pm
Bill
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Rick, I've got a tip: The big banks are publicly owned, be an owner and you'll get a share of those billions in profits every quarter, probably a lot more than a buck or two.

October 14, 2019
2:51 pm
harbottle
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Bill said
B2B transfer link is on the right side of my screen, "quick transfer" option. It's kind of finicky for me, and also there's no warning saying you are about to transfer money, it just goes the first time so make sure to review your details before you hit "transfer".

So far B2B system seems fragile to me, but their people have been very good on the phone.  

Or you can do it this way (red circled):
1. Click on your High Interest Savings Account. It brings you to the next screen (image 2).
2. Select transfer, Outgoing or Incoming, Select linked account.

ur welcome.
B2B-transfer1.jpgB2B-transfer2.jpg

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