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Hubert pays interest from day one of tranfer
December 10, 2013
2:35 pm
rhvic
Victoria, BC
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I just initiated a transfer today from one of my other bank accounts to Hubert. I then received an email from Hubert indicating that the transfer has been initiated and that the amount already shows in my Hubert account, though it is 'on hold'.

This got me asking Hubert whether they actually pay interest on the full balance which includes the amount on hold - they have informed me that yes, they do! So, even though it will be several more days for the funds to actually show up in my Hubert account, they are already paying interest on it. That seems like an extra bonus to me. I have read in these forums of people complaining of the time it takes for some transfers to happen, during which time they do not get interest on those amounts. Hubert seems to have that covered!

In fact, when I check the balance today in the originating bank, the amount I am transferring still shows there - this might indicate I am getting interest on the same funds at two places at once. Could life be that good?

A selling point for Hubert, even if their interest rate is not currently the best.

December 10, 2013
2:40 pm
AltaRed
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rhvic said
A selling point for Hubert, even if their interest rate is not currently the best.

0.1% difference from, for example, CDF is only $100/yr before tax.... on $100k deposit. Hardly worth quibbling about really.

December 10, 2013
2:43 pm
rhvic
Victoria, BC
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AltaRed said

rhvic said
A selling point for Hubert, even if their interest rate is not currently the best.

0.1% difference from, for example, CDF is only $100/yr before tax.... on $100k deposit. Hardly worth quibbling about really.

Sure, but if I saw $100 on the sidewalk, I would bend over and pick it up.

December 10, 2013
3:45 pm
Dennis
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I agree. Hubert is fastest to transfer in. It only take an hour while others take 1 ~ 3+ days. If it happen on Friday, it is like 3 days of free interest. Just their interest is not top and change too often.

December 11, 2013
5:08 pm
Doug
British Columbia, Canada
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dennis said

I agree. Hubert is fastest to transfer in. It only take an hour while others take 1 ~ 3+ days. If it happen on Friday, it is like 3 days of free interest. Just their interest is not top and change too often.

I also don't like Hubert's very primitive online banking interface. Sure, you can transfer CAD funds to a Canadian financial institution (via EFT) to a "linked" account in your own name or to a third-party (but you waive any recourse rights as a result of you misspelling their name or entering the wrong account number this way) for free and that's great. I just wish they would use something more technologically advanced, like MemberDirect that the Credit Union Centrals offer to member credit unions. The e-Statement format provided by MemberDirect is also far superior. :)

If they were to switch online banking interfaces/eStatement formats, I'd move back from Implicity Financial.

The slowest for posting EFTs is ING DIRECT Canada. They take at least 1 business day longer to credit an incoming EFT than, say, Implicity or Hubert (which post them the same business day the funds leave the transferring out institution) and this possibly explains why payroll deposits take a day longer to post with ING DIRECT Canada.

Cheers,
Doug

December 12, 2013
9:42 am
rhvic
Victoria, BC
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I agree with Doug that Hubert's online methods are primitive and possibly suspect - I do not like for example that they have only a five digit account number, a weak (relatively short) password, and no security questions.

That said, I opened an account with Hubert because they are the only other institution I could find that uses a method similar to what Ally used to link accounts - that is, you give them your account number at another institution, they make a small deposit there, and you confirm what they put in, thus establishing a link. Once the link is made, it is easy to tell Hubert to make future transfers using the established link - thus little to no chance of messing up names or account numbers. Other places always want you to give them a void cheque - but almost none of my other accounts are chequing accounts! Thus I use Hubert as the hub to which all of my other accounts are connected (which I used to do via Ally until they were bought).

December 12, 2013
2:26 pm
GS1
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rhvic said

I agree with Doug that Hubert's online methods are primitive and possibly suspect - I do not like for example that they have only a five digit account number, a weak (relatively short) password, and no security questions.

[snip]

When online banking first started (1995, perhaps?) I was less concerned about security as someone breaking into my account could only pay my bills with my money. Recently (last two to five years perhaps) I can send money from my account to some other person's account or do Interact transfers, etc. Easy, perhaps, but easy also for someone breaking into my account to steal my money.

I keep meaning to call RBC to find out how I can "lock" my accounts so external transfer points cannot be created without some form of human intervention.

GS

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