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Hubert Transfer Warning
October 5, 2020
5:57 pm
GMH
Toronto
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On Oct01 I post-dated an Oct02 push transfer to Simplii exceeding the $50k limit and it appeared to go through without any error message (as on their old website), so I assumed everything was okay. On Oct03 I logged in to my Hubert account which showed that the transfer did not occur and listed it as “processing”.

I called Hubert and was told the problem was that the transfer limit was exceeded (so why wasn’t I given a warning?) and that the agent would be able to cancel the previous transfer and manually override the transfer limit. I went ahead with the transfer post-dated Oct05.

On Oct 05 I logged in and again see that the transfer did not go through and is shown as “processing”. Also, the previous transfer has not been deleted as the agent promised.

I called Hubert again and am told I will get a call-back which I never receive, so I call again and ask to speak to a supervisor as by this time I am completely fed up. Apparently, the limit override expires in the current day, so any post-dated transfers exceeding the transfer limit become void.

How am I supposed to know of all the various quirks of Hubert’s IT system when even the agents aren’t aware of them? My only damage was the opportunity cost of a higher interest rate, but someone else could have been seriously screwed if they missed an important payment deadline due to Hubert’s incompetence. It has been 9 months since Hubert rolled out their “new and improved” website and there are still issues which nobody seems interested in resolving.

October 5, 2020
7:19 pm
Kidd
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There definitely is something up... in the thread about tangerine's 50k transfer limit, "Holds" on funds were mentioned and i stated, i've never had a hold placed on either a push or a pull. I just had tangerine do a $4,000 pull and they put a hold on $3,500 of that 4k.

October 5, 2020
10:19 pm
Loonie
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GMH, I don't understand why you set up a second post-dated transfer exceeding limits after you'd been told that transfers exceeding limits would not go through and you had verified this by experiencel or why you didn't verify the deletion of the first tranfser at the time.

I had a similar experience with an Ontario CU. I am not sure which one it was now, so I won't say, but it was annoying as I didn't know it wasn't going through. It was one of the FIs that has limits "per transaction" when what they really mean is "per day" (unbeknownst to me). The CSR was able to put it through on the phone, however.

So, it's not just Hubert that has the communication problem.
Best to watch the progress of your transfer requests very carefully and observe limits. If the limits are clear and you exceed them, it's reasonable to expect problems.

October 6, 2020
12:31 am
speedwagen
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GMH, a word to the wise regarding Hubert - a few years back, a somewhat similar situation arose whereby I requested a sizeable push to another FI, also on a Friday. Back then, there were no transfer limits. Despite my acc't being debited on Friday, the funds weren't actually transmitted until Monday. I knew this because the FI in question always posted the funds the same day as the push & when the funds never posted on Friday, I knew something was up.

To be certain, I asked the FI to do a trace on the transfer & they confirmed that the ACH file wasn't transmitted until Monday morning, at which point I contacted Hubert. After initially trying to pass the buck to the other FI, as most do, they investigated & also admitted to not having transmitted the funds until Monday, at which point I demanded an interest adjustment for the interest lost, which they accepted & further admitted that this delay was known to occur on Fridays & more so on the last Friday of the month, which this also happened to be. I don't know how they can even begin to justify debiting one's acc't without actually transferring the funds!!

I don't know what all that meant other than to conclude that Hubert was unreliable regarding push transfers & since I can't tolerate unreliable banking, though I've never had any issues pulling funds, I've since chosen never to push funds from Hubert.

October 6, 2020
7:04 am
pooreva
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speedwagen said
though I've never had any issues pulling funds, I've since chosen never to push funds from Hubert.  

As Hubert has a limit of 50K to PUSH funds to another FI (which can be increased contacting customer support) does it have a limit of PULLing finds from another FI?
What if you initiate pull from Tangerine of 200K? Will it fail?

October 6, 2020
7:26 am
GMH
Toronto
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Loonie, the reason I set up the second post-dated transfer was that the agent assured me that it would go through. Neither he nor I knew at the time that overrides expire after the current day.

October 6, 2020
8:02 am
KamWest
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I use a little workaround to get by all those limits.

If I want to transfer 100k from Bank1 to Bank2 I do a pull from the Bank2 end and the entire amount goes through.

If I want to do a transfer back to Bank1 then I initiate a pull from Bank1.

I find the limits on a push can be easily circumvented by doing a pull from the receiving financial institution.

October 6, 2020
10:25 am
Rick
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pooreva said

As Hubert has a limit of 50K to PUSH funds to another FI (which can be increased contacting customer support) does it have a limit of PULLing finds from another FI?
What if you initiate pull from Tangerine of 200K? Will it fail?  

It shouldn't. Like Doug said in a previous thread....

Doug said

No, they can't limit that. That'd be like limiting the dollar value of a cheque you write.

That being said, I can imagine such a large transfer might get flagged and held up until it's confirmed. I did do 2 same day pulls out of Tang Sep 1 that were above their limits and both went through.
Sorry Doug...I keep bringing your words back to haunt you. it IS a good analogy though.

October 6, 2020
10:39 am
Londonguy
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KamWest said
I find the limits on a push can be easily circumvented by doing a pull from the receiving financial institution.  

Absolutely correct. Not to mention that when you pull funds in from an outside FI, you will receive interest in the receiving account as of the date of the pull, whereas when you push funds out to an external FI, you won't start earning interest until the money shows up at the other end. Not all FIs provide next day execution on transfers, so depending on the amount of funds being transferred and if a weekend is involved, that lost interest can add up.

IMO the only advantage to pushing is to eliminate the hold period on the receiving end, but a few days hold is irrelevant if you don't require immediate access to the transferred money

October 6, 2020
10:43 am
Londonguy
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pooreva said

As Hubert has a limit of 50K to PUSH funds to another FI (which can be increased contacting customer support) does it have a limit of PULLing finds from another FI?
What if you initiate pull from Tangerine of 200K? Will it fail?  

As someone else mentioned, it's almost the equivalent of writing a cheque so it should be fine. However, if entering a single transfer of something like $200K makes you nervous about it clearing, break it into 3 or 4 or even 5 smaller amounts. Make them for different amounts so you'll be able to track which is which in case that ever becomes an issue.

October 6, 2020
3:49 pm
Loonie
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Londonguy said

Absolutely correct. Not to mention that when you pull funds in from an outside FI, you will receive interest in the receiving account as of the date of the pull, whereas when you push funds out to an external FI, you won't start earning interest until the money shows up at the other end. Not all FIs provide next day execution on transfers, so depending on the amount of funds being transferred and if a weekend is involved, that lost interest can add up.

IMO the only advantage to pushing is to eliminate the hold period on the receiving end, but a few days hold is irrelevant if you don't require immediate access to the transferred money  

As far as I know, the Big Banks don't permit pushes initiated at their end.
Does anyone know of any exceptions?

They are also the ones that pay virtually zero interest (promos excepted), so there is no advantage on that side either.

October 6, 2020
7:18 pm
Londonguy
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Loonie said
As far as I know, the Big Banks don't permit pushes initiated at their end.

You are correct, a conventional bank account at any of the Big Five doesn't allow linking to external FIs. After all, there's no need for such things, because why would you ever want to move your money someplace else when BigBank is paying you 0.05% on your balance?

The Canadian banking landscape is an interesting place. Only 2 of the 5 (Scotia and CIBC) have embraced the notion of directly competing in the online banking space, and they only do that as a marketing gimmick via subsidiaries. To make a long story short, they are already so big that they can let all the little online guys do their thing without any worries. BigBanks don't feel threatened in any way, shape or form by the online banking industry, and if they ever did, they'd just call up their friends in Ottawa and have the wings of any financial upstart clipped faster than you can say 'political contributions'

That's just part of living in Canada, where BigBanks are sacred

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