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Pull Funds out of Hubert?
July 29, 2023
11:20 am
Norman1
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gicjunkie said
FYI: I initiated a large push of funds out of Hubert today at around 8:45 this morning. It arrived in my other bank later today. That's quick service!

According to Payments Canada Rule F1, the files of automated funds transfers are exchanged by daily deadlines of 9:30 am, 4:30 pm, and 9 pm Eastern time.

A recent transfer of funds out submitted at Hubert around 11 am Eastern time showed up in my Simplii account by 10 pm that day. So, Hubert must have sent the direct deposit out in either the 4:30 pm or 9 pm batch of that day.

July 29, 2023
12:39 pm
Rail Baron
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cgouimet said
Doug & Rail Baron ...

I'm curious ... Is this based on knowledge or speculation?  

For my part, the knowledge that MAXA Financial is a stand alone FI in Manitoba is based on direct personal experience. I have both GICs and a LIRA with them, and am quite satisfied with the results.

Unlike some Manitoba credit unions, Westoba doesn't seem to have an urge to merge at the moment.

July 30, 2023
4:25 pm
Doug
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Rail Baron said

What about Westoba Credit Union dba MAXA Financial?  

Oh, thanks. I missed them. In all likelihood, I suspect they will be forced into a merger at some point. Hopefully with Cambrian or Assiniboine, but maybe Steinbach. sf-cool

July 30, 2023
4:28 pm
Doug
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Norman1 said

gicjunkie said
FYI: I initiated a large push of funds out of Hubert today at around 8:45 this morning. It arrived in my other bank later today. That's quick service!

According to Payments Canada Rule F1, the files of automated funds transfers are exchanged by daily deadlines of 9:30 am, 4:30 pm, and 9 pm Eastern time.

A recent transfer of funds out submitted at Hubert around 11 am Eastern time showed up in my Simplii account by 10 pm that day. So, Hubert must have sent the direct deposit out in either the 4:30 pm or 9 pm batch of that day.  

Yes, I have confirmed with Hubert that if you submit your transfers by 10:30 am Eastern and 5:30 pm Eastern, the debits/credits should appear the same day. 🙂

Not all FIs use the three daily clearing windows; many only use two. They may well receive more than two EFT batches per business day, but they just batch two of those batches together in terms of posting timeframes.

Cheers,
Doug

January 23, 2024
10:32 am
ritawije
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I thought I'd post here at this old thread the information gleaned today from Hubert about moving funds from Hubert to a BC credit union. I called to ask the questions below, and was given the answers posted below, by customer support person Desirée. The answers are not a perfect transcript of her words, but my understanding of what she explained.

1. Is a push from Hubert, or a pull from my BC credit union, the quickest way to have access to my funds at my BC credit union?

Answer: "If you ask us to push the funds, your request goes into the queue. It will be handled manually in the order in which it was received. It will be 3-5 business days for the funds to leave Hubert. If you want your BC credit union to pull the funds, you'll have to ask them how long they will take to initiate the pull. That pull request goes directly to the Hubert computer, and once the Hubert computer receives the pull request, the transaction happens electronically and thus immediately, assuming the Hubert account has adequate funds for the request."

2. Are there any limits on the amounts I can pull?

Answer: If you are talking about a "link transfer" (also called "an electronic transfer") then there are no limits. If you are talking about an "Interac e-transfer," then yes, there are limits. [Me: I did not ask for the e-transfer limits, because that is not what I plan to do.]

3. Can you tell me what external links I still in place have for my accounts at Hubert with external institutions?

Answer: I cannot read to you the list we have. But, you can tell me the institutions about which you wish to know, plus the last four digits of the account numbers at those institutions for which you want to perhaps make transfers, and I can verify if a link is in place for each of those. [Me: I did that.]

January 23, 2024
10:49 am
HermanH
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ritawije said
3. Can you tell me what external links I still in place have for my accounts at Hubert with external institutions?

Answer: I cannot read to you the list we have. But, you can tell me the institutions about which you wish to know, plus the last four digits of the account numbers at those institutions for which you want to perhaps make transfers, and I can verify if a link is in place for each of those. [Me: I did that.]  

One CSR said the same to me, but another was more helpful, once I started giving him some of the links I remembered. He gave me all my banks and the last four digits. He realized that being forthcoming would simply speed the process, instead of screwing around with a game of '20 questions.'

January 23, 2024
11:17 am
YoHoJo
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ritawije said
If you want your BC credit union to pull the funds, you'll have to ask them how long they will take to initiate the pull. That pull request goes directly to the Hubert computer, and once the Hubert computer receives the pull request, the transaction happens electronically and thus immediately 

That is NOT whole truth. Some institutions (I will not point fingers but they exist) send the request by fax and get funds via a mailed cheque, according to them. Do not hold me to it, but that is what I read from a secure message that is still in my inbox at that institution, after I inquired as to what the hell takes so long for the funds to be withdrawn from Hubert and deposited at their institution.

January 23, 2024
11:38 am
cgouimet
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YoHoJo said

ritawije said
If you want your BC credit union to pull the funds, you'll have to ask them how long they will take to initiate the pull. That pull request goes directly to the Hubert computer, and once the Hubert computer receives the pull request, the transaction happens electronically and thus immediately 

That is NOT whole truth. Some institutions (I will not point fingers but they exist) send the request by fax and get funds via a mailed cheque, according to them. Do not hold me to it, but that is what I read from a secure message that is still in my inbox at that institution, after I inquired as to what the hell takes so long for the funds to be withdrawn from Hubert and deposited at their institution.  

Please do tell which institutions...

CGO
January 23, 2024
1:22 pm
ritawije
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Thanks, YoHoJo, for your comment re: "Some institutions (I will not point fingers but they exist) send the request by fax and get funds via a mailed cheque, according to them."

I've never heard that before, and will now be checking with my credit union to see how they do it.

January 23, 2024
2:43 pm
scrooge
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ritawije said

Answer: "If you ask us to push the funds, your request goes into the queue. It will be handled manually in the order in which it was received. It will be 3-5 business days for the funds to leave Hubert. "

 

If anything happens at all. Sometimes your request simply vanishes into thin air!

Always ask for a confirmation # for your request!

When I failed to ask for that, yep, nothing happened and they had no record of my request when I called again a week later!

This New Access Hubert should make anyone very nervous for any requests when tax deadlines are a factor.

January 23, 2024
2:51 pm
scrooge
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1. Is a push from Hubert, or a pull from my BC credit union, the quickest way to have access to my funds at my BC credit union?

Answer: "If you ask us to push the funds, your request goes into the queue. It will be handled manually in the order in which it was received. It will be 3-5 business days for the funds to leave Hubert. If you want your BC credit union to pull the funds, you'll have to ask them how long they will take to initiate the pull. That pull request goes directly to the Hubert computer, and once the Hubert computer receives the pull request, the transaction happens electronically and thus immediately, assuming the Hubert account has adequate funds for the request."
 

I pulled 4k to Tangerine bank, it left New-Hubert the very next day!

Highly recommend this route over calling in and requesting a push from Hubert. Who knows if they will even bother doing it? Or even select the correct FI from your list? They don't seem too good at this stuff!

January 23, 2024
3:11 pm
scrooge
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Also a note to anyone that was an Accelerate financial member before this merger, you still have the cheque option to get money out of the new Hubert using the appropriate former Accelerate account.

They aren't issuing new cheques but the old ones will still work.

January 23, 2024
4:33 pm
NorthernRaven
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YoHoJo said

ritawije said
If you want your BC credit union to pull the funds, you'll have to ask them how long they will take to initiate the pull. That pull request goes directly to the Hubert computer, and once the Hubert computer receives the pull request, the transaction happens electronically and thus immediately 

That is NOT whole truth. Some institutions (I will not point fingers but they exist) send the request by fax and get funds via a mailed cheque, according to them. Do not hold me to it, but that is what I read from a secure message that is still in my inbox at that institution, after I inquired as to what the hell takes so long for the funds to be withdrawn from Hubert and deposited at their institution.  

I think two separate things are being conflated here. If you have a standard, non-registered account (at Hubert or elsewhere), and you have linked it to a similar account in your name at another institution, all funds transfers that I've ever encountered or heard of are done electronically through standard EFT systems. With new Hubert, what we've lost (at least for now) is a way to generate these transfers into the system from the website, but the CSRs are almost certainly still entering a transfer request into the same system.

For registered accounts (RRSP and TFSA), it is a different kettle of fish. There's a transfer form that is required to be provided by the funds-receiving institution to the relinquishing institution. Unless the transfer is between accounts that are both at brokerage institutions, which have a specific transfer system for securities accounts, you are likely to encounter the fax-and-cheque-by-mail approach.

I recently opened Oaken GICs with registered funds transferred from three separate financial institutions - Wealthsimple, Hubert, and Canada Life. All three required a form faxed to the relinquishing institution, which sent Oaken a physical cheque, despite the fact that Wealthsimple at least was perfectly capable of electronically receiving my brokerage accounts from TDDI. As far as I know, there isn't a standard electronic registered funds delivery system for non-brokerage transfers (even the electronic brokerage transfer system hasn't been updated for FHSA accounts yet). I suspect part of it may be keeping the transfer request documentation paired with the funds. Its possible that registered transfers between two big banks that both have brokerages might be able to tie into that and do an registered electronic transfer, but given how separated banking and brokerage division are, I wouldn't be surprised if that wan't possible either.

January 23, 2024
6:00 pm
serendipity
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ritawije said
I thought I'd post here at this old thread the information gleaned today from Hubert about moving funds from Hubert to a BC credit union. I called to ask the questions below, and was given the answers posted below, by customer support person Desirée. The answers are not a perfect transcript of her words, but my understanding of what she explained.

1. Is a push from Hubert, or a pull from my BC credit union, the quickest way to have access to my funds at my BC credit union?

Answer: "If you ask us to push the funds, your request goes into the queue. It will be handled manually in the order in which it was received. It will be 3-5 business days for the funds to leave Hubert. If you want your BC credit union to pull the funds, you'll have to ask them how long they will take to initiate the pull. That pull request goes directly to the Hubert computer, and once the Hubert computer receives the pull request, the transaction happens electronically and thus immediately, assuming the Hubert account has adequate funds for the request."

2. Are there any limits on the amounts I can pull?

Answer: If you are talking about a "link transfer" (also called "an electronic transfer") then there are no limits. If you are talking about an "Interac e-transfer," then yes, there are limits. [Me: I did not ask for the e-transfer limits, because that is not what I plan to do.]

3. Can you tell me what external links I still in place have for my accounts at Hubert with external institutions?

Answer: I cannot read to you the list we have. But, you can tell me the institutions about which you wish to know, plus the last four digits of the account numbers at those institutions for which you want to perhaps make transfers, and I can verify if a link is in place for each of those. [Me: I did that.]  

In my years at Accelerate, Debbie was there for eons and later Desirée worked with Debbie. They are both very good individuals to deal with.

January 24, 2024
6:22 am
Norman1
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NorthernRaven said

I think two separate things are being conflated here. If you have a standard, non-registered account (at Hubert or elsewhere), and you have linked it to a similar account in your name at another institution, all funds transfers that I've ever encountered or heard of are done electronically through standard EFT systems. …

I agree. Such transfers are done through pre-authorized debits. Pre-authorized debits were never done through faxes. They were done through the Payments Canada Automated Clearing Settlement System (ACSS) that is also used to do the clearing of cheques and direct deposits.

When one is pulling funds out of Hubert at another financial institution, a pre-authorized debit item is generated and sent to Hubert through ACSS. When one is pushing funds out at Hubert, a direct deposit item is generated by Hubert and sent to the receiving financial institution through ACSS.

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