Log In
Register
Topic RSS
Facebook
Twitter
Email this12:32 pm
April 19, 2019
Offline
Hi,
Big 5 banks do not have a feature (at least not showing online) to initiate an EFT transaction. For example one can not initiate EFT to on CIBC online account to pull money from EQ bank. But the reverse is possible and EQ can have CIBC account linked to it as an external account and push money to CIBC account. This method has a limit of $25k or $50k and so. Or has daily limits etc.
Has anyone found any other way that is NOT wire transfer (due to fees) that is free and fast and can transfer quickly between online banks and big 5?
And the draft from online bank getting mailed is not convenient and time consuming and risky...
Thanks.
1:20 pm
April 21, 2022
Offline
butterflycharm said
Hi,Big 5 banks do not have a feature (at least not showing online) to initiate an EFT transaction. For example one can not initiate EFT to on CIBC online account to pull money from EQ bank. But the reverse is possible and EQ can have CIBC account linked to it as an external account and push money to CIBC account. This method has a limit of $25k or $50k and so. Or has daily limits etc.
Has anyone found any other way that is NOT wire transfer (due to fees) that is free and fast and can transfer quickly between online banks and big 5?
And the draft from online bank getting mailed is not convenient and time consuming and risky...
Thanks.
Write a cheque to yourself and e-Deposit it using a bank app. I don't think e-Transfers were what you had in mind.
2:40 pm
August 4, 2010
Offline
The limits on EFT transfers can sometimes be bypassed by calling customer service and having them initiate the transfer, I believe.
EQ doesn't have cheques, although Wealthsimple and Tangerine do, and you can usually get a first book of 50 free one way or another. Always be aware of the hold policy for deposited cheques, a quick look at CIBC shows that big, app-deposited cheques at 8 business days, and a big cheque in certain circumstances, even to yourself, might trigger some of the internal controls for a longer hold?
4:35 pm
April 6, 2013
Offline
The $30,000 limit on EQ Bank Personal Account outbound EFT's is per transaction and not per day.
I have done multiple outbound EFT's on the same account the same day to transfer out more than $30,000 in one day.
6:37 pm
January 12, 2019
Offline
.
- Ditto ⬆️
.
Dun that many times @ EQ.
- Dean
" Live Long, Healthy ... And Prosper! "
6:25 am
April 21, 2022
Offline
Manulife is the same, multiple 50K, or call in for larger amounts.
10:08 am
January 12, 2019
Offline
.
Personally, I don't mind the FIs with $ limits per EFT, as I get worried about Transferring overly Large amounts in anyone EFT.
And making multiple EFTs per day is not a big deal for me, cuz if one of them ever happens to go 'Sideways', I haven't lost everything. But I have to admit, it hasn't happened to me yet ... Fingers Still Crossed 
- Dean
P.S.
However, what I don't like are the small EFT $ limits per 'Day'.
Tangerine quickly comes to mind ($25K Max / Day). 
" Live Long, Healthy ... And Prosper! "
12:51 pm
February 7, 2019
Offline
Dean said
.
Personally, I don't mind the FIs with $ limits per EFT, as I get worried about Transferring overly Large amounts in anyone EFT.And making multiple EFTs per day is not a big deal for me, cuz if one of them ever happens to go 'Sideways', I haven't lost everything. But I have to admit, it hasn't happened to me yet ... Fingers Still Crossed
Dean
P.S.
However, what I don't like are the small EFT $ limits per 'Day'.
Tangerine quickly comes to mind ($25K Max / Day).
I too layer my EFT's. $25k max each and no more than 2 per account per day.
| CGO |
3:17 pm
January 12, 2019
Offline
.
Speaking of EFTs . . .
Have we ever had a serious, stand-alone discussion (thread/subject) on how safe EFTs are, and what precautions should be taken❓
If we did, I guess I missed it.
- Dean
" Live Long, Healthy ... And Prosper! "
6:01 pm
March 15, 2019
Offline
I'm old school. I just write a cheque on my online Bank account and deposit that cheque to my BIG 6 bank.
4:42 am
September 6, 2022
Offline
I, too, have been searching for details on EFTs with Big-5 banks. TD in particular.
In my case, I will be looking to transfer OUT of a Big-5 (TD) savings account. I can find no information about whether this is possible, if there are any limits or fees. Does anyone have first-hand knowledge?
I'd prefer not to have to also open a chequing account, pay monthly fees and order a bunch of cheques just to do a couple of transfers.
I suppose (based on earlier answers) I could do a PULL from the external e-bank.
6:51 am
February 7, 2019
Offline
RaySee said
I suppose (based on earlier answers) I could do a PULL from the external e-bank.
That's what I do, i.e. all transfers intitiated from online banks such as TNG, Oaken, EQB, etc. TD and BMO only allow transfers between our own accounts and Interac externally.
| CGO |
8:25 am
April 6, 2013
Offline
Direct deposits and pre-authorized debits are known as Customer Automated Funds Transfers (CAFT). They were previously discussed in this topic.
TD does not offer sending CAFT's to personal banking clients. TD does offer that to business banking clients as part of Cash Management services.
Same with RBC Royal Bank. Business banking clients only: Payment and Cash Management Solutions
8:57 am
October 27, 2013
Offline
I have used EQ Bank to pull and/or push funds (EFT) to chequing accounts at big banks BMO and BNS from time to time. The process has to be initiated from EQ Bank though.
9:37 am
April 27, 2017
Offline
I also tend to use Wealthsimple to push/pull. Pulling makes at least some of the funds available right away; within investment accounts you can usually invest the full amount. RBC lets you etransfer up to $10k.
10:50 am
April 21, 2022
Offline
mordko said
I also tend to use Wealthsimple to push/pull. Pulling makes at least some of the funds available right away; within investment accounts you can usually invest the full amount. RBC lets you etransfer up to $10k.
In your experience pulling funds into WS from other FI's, do they restrict pushing the same funds out to other FI's? I'm thinking in terms of using WS as a hub. I had read sometime ago that funds can only be pushed to the FI they originated from once the hold is released, with that restriction only removed after the funds have remained on deposit for a number months. I'm doubting there's any truth to it.
2:55 pm
April 27, 2017
Offline
JohnnyCash said
In your experience pulling funds into WS from other FI's, do they restrict pushing the same funds out to other FI's? I'm thinking in terms of using WS as a hub. I had read sometime ago that funds can only be pushed to the FI they originated from once the hold is released, with that restriction only removed after the funds have remained on deposit for a number months. I'm doubting there's any truth to it.
Right. Completely made up.
I find that moving cash to WS chequing account results in all the money counting towards the balance right away but only some of the funds being available. Usually more than half would be subject to a hold period of almost a week. Once that is over you are free to do whatever you want and send it anywhere.
If I push from WS to another FI, money shows up in the receiving account by the end of the same day.
3:13 pm
April 6, 2013
Offline
That's likely Interactive Brokers Canada:
| Connect Your Bank via EFT One-time setup of a template at IBKR to link to your bank account. After initial setup, use your login at IBKR to initiate transfers. |
|
| Withdrawal Hold | Funds are available for withdrawal to the originating bank account after five business days. If you wish to withdraw the funds to an account other than the originating bank account, the hold period is 66 business days. |
Please write your comments in the forum.