Hubert new transaction limits | Hubert Financial | Discussion forum

Kidd said
My view on this.

This is NOT for the clients benefit, and it has nothing to do with fraudulent withdrawals. It's a means for a financial institution to hold funds for a longer period of time. Ever see, "it's a wonderful life"? The banks DO NOT have all of our money on hand, it's invested. So if you want to take out your millions, the banks need time to gather it.

Outlook in Manitoba also have withdrawal limits and as i have mentioned in another post, a way around this is to write yourself a cheque. Be forewarned, a HOLD will be be placed on that cheque but your money will have been moved, hopefully.  

BUT IT DOES SAY........
If you wish to transfer more than the above limits, have no fear! All you have to do is contact one of our friendly representatives and they will be happy to assist you in completing your transaction

Kidd said
a way around this is to write yourself a cheque. Be forewarned, a HOLD will be be placed on that cheque but your money will have been moved, hopefully.  

Hubert does not offer chequing.

Kidd said
This is NOT for the clients benefit, and it has nothing to do with fraudulent withdrawals.  

I'm not a banker, so I can't say, but my view is that since Hubert is the online subsidiary of Sunova CU, there may be an accounting purpose for the administration of Hubert to more effectively manage incoming and outgoing funds, that may be linked to the parent company.

The fraudulent rationale may be just spin, to make give the policy better "customer appeal", but the amounts are not unreasonable for most situations, which, as has been mentioned, can easily be overridden by a CSR.

The CSR override may be a way for the admins to proactively manage funds transfers between Sunova and Hubert, rather than having to do it reactively in a scramble n the event of an extremely large withdrawal.

Would be interesting to hear feedback from a banker on the rationale for setting limits to transactions.

I think we have to be realistic about how the banking landscape has changed.

Not only are there new security risks associated with computerized banking, but, because of forums like this, more people are aware of more alternatives as to where they can put their money. We may be a small portion of the banking industry as a whole but we are probably a large portion of the customers of the smaller FIs like Hubert.

Because Hubert has unlimited deposit insurance, it's a good place for people to store unlimited funds, even if temporarily. However, if people are going to move out large sums of money every time a new 3-month offer (or similar) comes along, then the FI is going to feel it and is going to react with limits like these.

They certainly don't want to find themselves in the position that Home Capital was in last year, although that was for a different reason. As a member, I too wouldn't want Hubert to be in that position, and would expect them to take measures to protect against it.

What, realistically, did you expect them to do?

I think there is some truth to the notion that they are protecting the consumer. Consider, for example, the people with large numbers of Optimum points who claim someone else stole their points. It didn't happen to those with smaller accounts.

As a Hubert member who might have reason to complain, I don't feel inconvenienced by this announcement. To me, it seems like a reasonable compromise between access and safety.

But I do wish they'd get on with addressing some of the concerns I raised in their recent survey!

Mary said
So the alert thing. Every time I log in to Hubert I get an email alert.

Every time we do a withdrawal at BMO or a purchase with BMO Mastercard I get an email alert. We set dollar value when the alert will be sent.

Why do I have to set up “mobile” banking for Hubert alerts?  

You can do things on the Hubert mobile app that you can't do on the website....yet. You can set up recurring transfers and rename your accounts.

Mary said
Loonie. Correct. Iam and old Fart that does not want to pay for texting. Makes more sense to email as it works with mobile data and with internet access.

Don't know who your carrier is, but mine offers free unlimited texts global wide. I thought most carriers do now. Might want to check your plan. Could be time for a new one. Getting emails on the phone probably uses more data than texts.

My answer is long and continues to slide further off topic.

Since the years of MS-DOS and all the Windows versions my interest slid away once Windows 8 and 10 made me have to relearn how to use Windows and not to mention all the waits for this and that and updates of the ever so crappy product. And then I remembered all those commercials by Apple thanking Microsoft for their screwed up versions of Windows. And I now wonder how much time is wasted at the business level for those that use Windows? To me it would make sense for business to buy the more expensive Apple products when you take into account non productive time and the wages wasted.

So I made the leap and bought a second hand iMac and MacBook Pro. We already had iPads and an iPod. Life is much easier.

All of our kids and grandkids have Apple products. So we iMessage a lot using email addresses and not phone number. We don’t have data but they do.

Our mobile plan is prepaid with Telus and is a loyalty deal. $100 a year each which gives us free calling to each other and all other calls are 10 cents a minute for local calls vs 50 cents. So it works good for us and costs about $130 each per year. The bad thing about the plan is that texting is 30 cents per text. And I often buy Telus prepaid cards purchased in error on Craigslist for 40% to 50% off. So how’s that for being thrifty???

Some of us old folks like those wall phones. But we have dem der new modern ones that work from a battery :). I switched to voip though and on average so far costs about $12 -$13 a month. And can use an app on iPhone and call using a wifi connection any where in the world and it willl appear we are calling from home.

I could ditch it too and get a cheap plan for my wife and port our number over and would cost same. I would then buy a Panasonic phone set “cell to??” and then the cell phone is then controlled by the Panasonic set as a home. But it would “confuse you know who”.

tcharger67 said
Just my .02 I was looking into moving money into Hubert, but after seeing this, I decided not to open an account with them. Hope they're reading this  

You are over thinking what is being said. It is just an FYI. Hubert has its values if you get into multiple high interest FIs.

Rick.

Point 1.
I know. I was on Telus and they supply they supply the power. If I was on Shaw which is voip .... it is on a 8 hr. battery so they say. But most with home phones have cordless and they usually don’t work when power is out unless you buy one of the newer sets that runs off of the power from a charged hand set in the base station. And how many folks know the latter or have a wired hand set? And in the rare case of no power we have 2 mobile phones to use, if they are charged. I rarely use the phone.

Point 2
I totally agree. If you have multiple FIs use them for “your” best uses. Hubert is my second choice rate wise for TFSAs as they have TFSA savings accounts and Oaken doesn’t so I loose a bit on the rate but get the convenience I am looking for and Oaken looses on the deposit. And Hubert is fantastic to deal with on phone or chat. Very fantastic I must say!

Wake up Oaken!