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Holds on funds at hubert
January 19, 2022
11:27 am
christinad
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How long is the hold on hubert funds when i transfer it from another bank. Its annoying i can't buy the 1 year gic with the money right away. Will they waive the hold if i phone in?

January 19, 2022
11:29 am
HermanH
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If you PUSH money to Hubert via a bank link from another institution, it should be instantaneously available. If you use a Hubert link to PULL the money into Hubert, then the usual hold period applies. I believe that it is 5 days.

January 19, 2022
11:43 am
christinad
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Thanks. I decided to try and phone and they let me buy it right away. I had to do it while i was on the phone. I'm wondering if i should have waited and seen what is happening with rates but feel better having it locked in. I have other money i can put in later.

January 19, 2022
12:08 pm
Bill
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Not much risk if rates rise dramatically, can cash it in at each quarter-end.

You can also tell them at the same time as you're setting up the gic to set it not to auto renew, which is their default and can't be changed online. Or you can call them anytime before maturity date to do so.

January 19, 2022
2:30 pm
Nehpets
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christinad said I'm wondering if i should have waited and seen what is happening with rates but feel better having it locked in. I have other money i can put in later.  

In addition to Bill's comment about cashing in at the end of the quarter, Hubert will let you cash in your 1 yr GIC anytime during the quarter, but you forfeit the interest for that quarter.

If rates increase significantly within days or a week after initiation, it may be worth using that option.

This is explained on the Hubert website HERE this way:

you can choose to redeem your 1-year term at any time. If you do, all interest that has been paid to you is yours to keep, but if you redeem between a quarter you will not receive any interest from that quarter. For example, if you redeem after seven months, you’ll only receive interest up to month six!

Stephen

January 20, 2022
6:45 am
Winnie
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christinad said
...Its annoying i can't buy the 1 year gic with the money right away...  

Yes, you can buy GIC right away, when your money actually at another institution.
Immediately after opening GIC of your choice online, just choose "Transfer money from external bank" to that particular GIC.

Transferred money will appear in your GIC the same day a few hour later after your transfer done processing at Hubert.
I did it many many times, always worked perfectly.

January 20, 2022
11:33 am
christinad
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Thanks. Good to know.

January 27, 2022
2:51 pm
rhvic
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I contacted Hubert yesterday to talk to them about buying the one year GIC at 2%. I had transferred money to them but it was still on hold. They were very happy to release the hold early, thus allowing me to buy the GICs now. Excellent service from Hubert!

January 28, 2022
7:28 pm
Doug
British Columbia, Canada
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christinad said
How long is the hold on hubert funds when i transfer it from another bank. Its annoying i can't buy the 1 year gic with the money right away. Will they waive the hold if i phone in?  

10 calendar days, if I remember correctly.

They will not waive the hold, generally, but might for small value transfers. If you push the money from your external bank, there's no hold, though. Transfers are fast, so if you do the push before 7:30 am Pacific time Monday through Friday, it should post to Hubert by the end of the business day. They used to have two payment processing periods per day, and may still, at 7:30 am and 2:30 pm Pacific time. I wouldn't rely on the 2:30 pm payment processing period, though, and would just aim for the 7:30 am one. sf-cool

Cheers,
Doug

January 28, 2022
7:38 pm
Bobbyjet11
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Doug said

10 calendar days, if I remember correctly.

They will not waive the hold, generally, but might for small value transfers. If you push the money from your external bank, there's no hold, though. Transfers are fast, so if you do the push before 7:30 am Pacific time Monday through Friday, it should post to Hubert by the end of the business day. They used to have two payment processing periods per day, and may still, at 7:30 am and 2:30 pm Pacific time. I wouldn't rely on the 2:30 pm payment processing period, though, and would just aim for the 7:30 am one. sf-cool

Cheers,
Doug  

That's interesting and I wasn't aware of the push option to avoid the held funds at the receiving end. Good to know.

January 28, 2022
7:54 pm
Loonie
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I believe they will waive the Hold as long as you are keeping the money at Hubert, e.g. buying a GIC, but not to transfer out.

January 28, 2022
10:43 pm
christinad
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Yes when they removed the hold for me they actually had me buy the gic when we were on the phone so they were definitely making sure you bought one. My gic was small though.

January 29, 2022
4:36 am
cgouimet
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Something I have done although not recently ...

1. Buy GIC.
2. Transfer $ from say Tangerine to the GIC.

Once the funds arrive, 24-48hrs, the GIC is earning without the Hold ...

CGO
January 29, 2022
5:37 am
savemoresaveoften
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cgouimet said
Something I have done although not recently ...

1. Buy GIC.
2. Transfer $ from say Tangerine to the GIC.

Once the funds arrive, 24-48hrs, the GIC is earning without the Hold ...  

yeah I was told by the rep as long as you setup the GIC first, then you can choose to do the "Transfer" to the GIC "account" directly, this way the new GIC starts same date / next date. Dont transfer to ur savings account first cuz that will be automatically held for x number of days and the only way to use it to buy GIC is to call in.

January 29, 2022
9:53 am
Norman1
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The exact workflow at Hubert seems to be the following:

  1. Open a Hubert GIC. It looks like another account. For some time, the new GIC will appear in the list of destinations for transfers.
  2. Initiate the transfers from internal and external account to the new GIC.

As savemoresaveoften wrote, it is better to transfer directly from external accounts to the new GIC to avoid having funds stuck in a hold in another account.

That's in contrast to EQ Bank that requires one to transfer the external funds to a savings account first to be stuck there in a hold for some days.

January 29, 2022
10:09 am
archangel
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Winnie said

Yes, you can buy GIC right away, when your money actually at another institution.
Immediately after opening GIC of your choice online, just choose "Transfer money from external bank" to that particular GIC.

Transferred money will appear in your GIC the same day a few hour later after your transfer done processing at Hubert.
I did it many many times, always worked perfectly.  

Yup, this is the excellent response. I set up a transfer, and then opened a GIC to lock in the rate and, then, realized - oops - you can just transfer directly into GIC.

January 29, 2022
11:07 am
Doug
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Loonie said
I believe they will waive the Hold as long as you are keeping the money at Hubert, e.g. buying a GIC, but not to transfer out.  

Yep, I forgot to mention that I have, in the past, had the hold removed by Hubert when buying a GIC. I think the GIC was under $100,000, but not by much. They may not have a maximum threshold if used to purchase a Hubert GIC.

Cheers,
Doug

January 29, 2022
11:10 am
Doug
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Norman1 said
The exact workflow at Hubert seems to be the following:

  1. Open a Hubert GIC. It looks like another account. For some time, the new GIC will appear in the list of destinations for transfers.
  2. Initiate the transfers from internal and external account to the new GIC.

As savemoresaveoften wrote, it is better to transfer directly from external accounts to the new GIC to avoid having funds stuck in a hold in another account.

That's in contrast to EQ Bank that requires one to transfer the external funds to a savings account first to be stuck there in a hold for some days.  

Ah, interesting. Yeah, makes sense that that would work with Hubert and is quite streamlined. When I did it, I transferred it to my Hubert HISA, then called Hubert, who processed the transfer, and either moved or removed the hold, to the new GIC. Both options work, but good to know there's a self-serve option.

Cheers,
Doug

January 29, 2022
11:21 am
cgouimet
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Doug said

Yep, I forgot to mention that I have, in the past, had the hold removed by Hubert when buying a GIC. I think the GIC was under $100,000, but not by much. They may not have a maximum threshold if used to purchase a Hubert GIC.

Cheers,
Doug  

Big GIC. I usually stagger mine and in 25-30k pieces so that if I need to close one, I only close as much as I want/need and there is always one that will collect its quarterly interest in 30 days or less.

CGO

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