Pull Funds out of Hubert? | Page 2 | Hubert Financial | Discussion forum

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.

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