Spring 2024 - new account 5.75% for 120 days | Page 4 | Manulife Bank | Discussion forum

Hmm

Hmm said

I get a kick when someone chimes in and says something is crystal clear. It's ego driven and comes across as dismissive and condescending.

Many times, most people who use that phrase actually don't understand. Another example is your interaction where you were convinced there was no fee, but the "CSR " said there is a $1 fee and your insistence you were right.
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I'm surprised to read this type of response. I feel it wholly unwarranted.

I'm not sure why you think stating something is "crystal clear" is ego driven given it means "unambiguous; easily understood". I trust you can see that the fee schedule, showing no fees as I indicated, is quite clear. Rest assured I "understand" it.

As for my insistence I was right, it's been proven by another poster indicating there is no fee for transfers regardless of balance, as is clearly shown by their fee schedule.

my understanding is if balance > $1k, no fee. Based on real time experience.

So I got off the phone with Manulife, they say new accounts (less than 90 days old) are subject to a hold of 10+ or more business days, despite the fact I pointed out to them the disclosure says 2-8 days.

Anyway, I have filed a complaint with both the OBSI and Financial Consumer Agency of Canada

MAC99 said
My funds, in a new account, became available on the 8th day.

A 2nd deposit of 1/3 the amount of the 1st, was released on the 3rd day.

It’s day 2 on a third deposit, the same amount as the 1st, and it’s on hold at the moment.

Now I wait for the promo end date to see if the maximum daily transfer limit is $50k as they state on their site.  

It's $50k per transfer, do as many as you wish for the same day. It applies to both pushes and pulls. As a suggestion, if doing more than one for the same date, vary the amounts slightly for tracking purposes, ie, $50,000, $49,999, $49,998,etc,.

With respect to holds, banks have been getting especially cautious over the last couple of years due to fraud, so it doesn't surprise me to see lengthier holds outside of the standard hold periods.

MAC99 said

JohnnyCash said It's $50k per transfer, do as many as you wish for the same day.

I'll post my results when the time comes in Mid August. Surprised that they say this and do that though.

  

But the above states the $50K is a DAILY limit...

JohnnyCash said

Who knows, just my personal experience, nothing recent though. You could test the restriction by seeing if you can schedule more than one $50k transfer for a future date, then cancel the request afterwards.  

I went through one of my advisors secretary's and Manulife pulled over $50k in one shot. If you call them directly they could probably accommodate whatever figure you want.