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1% transfer in promo
February 13, 2019
2:14 am
Jim Sherat
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Our appt. is today. The first order of business is that my spouse and I need to sign up as Members. I was told they will need to do a "credit check" as part of the process, which surprised me a bit, not that I have a problem with it.

Just wondering if others who have jumped on this TFSA promo, and were not members prior, had the same experience? Perhaps is just standard procedure, to cover potential loan applications down the road? Thanks.

February 13, 2019
4:17 am
Loonie
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It has nothing to do with this promo. It's standard procedure for any new member.
This is the norm for anyone who is a new client/member of a financial institution now, even if you're not borrowing and never intend to do so. They are under the impression this protects them from shady characters.

The only question of significance is whether they do a "hard" or a "soft" credit check, although not of huge significance. It's their choice.
It just takes them a couple of minutes to do this.

The only surprising thing is that they told you in advance!

February 13, 2019
7:05 am
Jim Sherat
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aha ... thanks for the quick response, Loonie.
Gonna have to postpone today's appt. anyway, due to ice / snow storm ... street not plowed, and car completely encrusted in thick ice, including the door handles.
Gotta love Canada in the winter. 😉

My understanding from branch mgr. is that this promo will NOT be suddenly dropped, even if they hit their target for incoming funds; I had been concerned about that, but as long as paper work is signed before Mar 1st, you get the 1% bonus and 3.25% rate for 18 month GIC.

I'm also going to be able to include an extra $10K from a GIC maturing Mar 6th, at the target FI, along with funds already in place. Again, the branch mgr was very helpful, in this regard.

February 13, 2019
8:37 am
semi-retired
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Wife & I joined Meridian in Jan. to use this promo.Credit checks were done during our first in house meeting.The TFSA transfers from Hubert were started Feb/2.The funds were withdrawn from our Hubert TFSA accounts on Feb/5.They have not arrived yet to Meridian as of yesterday.Meridian will call us as soon as they arrive.I guess they send funds by check in the mail.In the era of E transfers between FI's this is nonsense unless it has something to do with registered funds.

February 13, 2019
11:51 am
Londonguy
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Jim Sherat said
Our appt. is today. The first order of business is that my spouse and I need to sign up as Members. I was told they will need to do a "credit check" as part of the process, which surprised me a bit, not that I have a problem with it.

Just wondering if others who have jumped on this TFSA promo, and were not members prior, had the same experience? Perhaps is just standard procedure, to cover potential loan applications down the road? Thanks.  

Performing a credit check is mostly a compliance thing that helps keep them onside with "know your client" requirements and money laundering legislation

February 13, 2019
3:33 pm
Loonie
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Jim S - I wouldn't worry about a promo which has a specified end date, as this one has always had from the beginning.

Semi-retired - In my experience, all registered transfers go by snail mail. There may be a legal requirement to provide an actual signature. I have made quite a few transfers and this has always been the case. The fastest I ever had was two weeks, start to finish. Should come soon, but I know that Canada Post did not deliver at least one day during recent storms, so could be a bit backed up, not to mention current treacherous ice bath in Toronto!

February 13, 2019
10:57 pm
Ed
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semi-retired said
Wife & I joined Meridian in Jan. to use this promo.Credit checks were done during our first in house meeting.The TFSA transfers from Hubert were started Feb/2.The funds were withdrawn from our Hubert TFSA accounts on Feb/5.They have not arrived yet to Meridian as of yesterday.Meridian will call us as soon as they arrive.I guess they send funds by check in the mail.In the era of E transfers between FI's this is nonsense unless it has something to do with registered funds.  

Canada Revenue considers funds sent electronically to be a contribution and NOT a transfer. That’s why the FIs use snail mail. However, there is no trackable option offered by the banks and unless you badger them, they will take their sweet time in actually putting the cheque in the mail because it is in their interest to hold on to your money as long as possible. Canada Post says that “regular letters are delivered within 2 business days within a city, in 3 business days within a province, and in 4 business days nationally (excluding the day of mailing).” If you haven’t received anything within Canada Posts’ standard delivery timelines, call the “relinquishing institution” out for withholding your funds and you will not only see the funds posted in your account the following day, but they will also be backdated to comply with the post office’s standard delivery times. Guaranteed!

February 14, 2019
8:52 am
semi-retired
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Update.Both our TFSA promo accounts are up & running at Meridian as of today.The 1% promo interest had been added to the transferred account total & all is well.Transfer paperwork started Feb/02 at Meridian,accounts up & running Feb/14.

February 14, 2019
9:15 am
Ed
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semi-retired said
Update.Both our TFSA promo accounts are up & running at Meridian as of today.The 1% promo interest had been added to the transferred account total & all is well.Transfer paperwork started Feb/02 at Meridian,accounts up & running Feb/14.  

It usually takes 5 to 7 business days for funds to arrive at and be posted by the receiving institution.

February 14, 2019
9:38 am
Londonguy
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You did better than we did. We completed all the paperwork in-branch for a $75K RSP transfer each on January 25th. One was finally in place in a GIC as of Feb 11th, but funds from the second transfer apparently just went out in the mail yesterday (after some badgering on my part) but haven't arrived at Meridian yet

February 14, 2019
10:22 pm
Loonie
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If you don't get a timely transfer, you can goad the receiving institution to pester the transferring one on your behalf. It's in their interests to receive the money, and, generally, they will pursue it is you remind them.

I had one that did not arrive when it ought to have. Turned out that the receiver (Oaken) had used the wrong address when making the request. I gave them the correct one but they didn't use it. When I got after them, they realized their error.

February 15, 2019
7:46 am
Londonguy
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Getting the "new guy" to chase the "old guy" might work, and it ought to work, but since this was only a partial transfer of less than 4% of my holdings, IMO the "old guy" still has some serious obligations to me as a client, so I skipped Meridian and went to the source myself.

And the only reason the second transfer eventually got executed at all was for exactly that reason -- because I had chased down the relinquishing FI (TD) and eventually got to a supervisor who determined that back office were apparently sitting on it because one of the boxes on the 2033 wasn't ticked correctly (Meridian's mistake). He fixed it with the stroke of a pen and away it went. However, if I hadn't intervened, it might have sat unprocessed on somebody's desk for who-knows-how-long.

If I could find an FI in this country with decent rates and fair fees that knew what the phrase "customer service" meant, I would give them all my money and go to the beach. After a lifetime of experience however, I've learned that I have to stickhandle things all over the place and do most of the legwork myself -- especially nowadays

February 15, 2019
3:56 pm
Loonie
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Londonguy said

If I could find an FI in this country with decent rates and fair fees that knew what the phrase "customer service" meant, I would give them all my money and go to the beach. After a lifetime of experience however, I've learned that I have to stickhandle things all over the place and do most of the legwork myself -- especially nowadays  

Very well said, londonguy!
I've learned that you have to watch them - all the time!

February 25, 2019
3:20 pm
rk
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The funds have arrived today to Meridian (from Tangerine). It took 16 calendar days. For now, I can only see the amount from Tangerine minus the transfer fee. I am wondering when will the 1% promo be added and when will the transfer fee be reimbursed. I guess that we will find out (hopefully soon).

February 28, 2019
4:09 am
Jim Sherat
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My wife's TFSA transfer from Simplii went well; 7 business days / 11 calender days (our mtg with Meridian FSA was on Sat. Feb 16).

After the transfer out / admin fee transactions appeared (Feb 20), I dropped off a copy at Meridian, and the Principal, bonus, and admin fee reimbursement ($50), all appeared at the same time and are included in the GIC.

At an effective interest rate of 3.92%, as noted earlier in this thread, it will definitely be worthwhile to have gone through the effort to make this happen.

My TFSA transfer from a different FI is in progress, but I delayed the execution date to allow for a GIC maturing in early March to be included.

March 1, 2019
4:12 pm
rk
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20 days and counting ... I can see that the 1% bonus has been applied, but not the transfer fee reimbursement. Talked to Meridian and they need some proof from Tangerine ... not an easy task, as this was a full transfer, so there is no trace of the TFSA account online. Called Tangerine for proof. They cannot email it, but will mail it, so I should get it sometime next week. A lot of work, but I guess it is worth it for the 1% bonus.

March 1, 2019
4:43 pm
Loonie
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rk said
20 days and counting ... I can see that the 1% bonus has been applied, but not the transfer fee reimbursement. Talked to Meridian and they need some proof from Tangerine ... not an easy task, as this was a full transfer, so there is no trace of the TFSA account online. Called Tangerine for proof. They cannot email it, but will mail it, so I should get it sometime next week. A lot of work, but I guess it is worth it for the 1% bonus.  

You could perhaps try printing out the information from the Tangerine website which specifies the fee; or give Meridian the link so they can see for themselves. I can't promise they will accept this, but they ought to, and it might be faster.

March 1, 2019
7:16 pm
rk
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Loonie said

You could perhaps try printing out the information from the Tangerine website which specifies the fee; or give Meridian the link so they can see for themselves. I can't promise they will accept this, but they ought to, and it might be faster.  

I had done it, actualy. I had sent them a secure message with this link: https://www.tangerine.ca/en/faq/saving/tfsa/ It clearly states the $45 fee. However, when I talked to them on the phone, they said that this is not enough. Anyway, I will send them whatever Tangerine will mail me.

March 1, 2019
8:59 pm
Loonie
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I'm sorry they are being so sticky, but you'll get it eventually.

March 2, 2019
9:09 am
rk
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Loonie said
I'm sorry they are being so sticky, but you'll get it eventually.  

That's OK, we are making progress, as we speak. Just got my (online) February statement from Tangerine. It clearly shows the $45 transfer out fee. I sent Meridian a secure message with the statement attached. I hope to see the $45 reimbursement early next week.

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