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EFT Money Mover Maximums
March 13, 2018
6:56 am
Nehpets
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Meridian's electronic funds transfer service limits incoming (deposits) as well as outgoing (withdrawals) to $10,000 per transaction that can be overridden by a CSR through "secure email" within the logged in account or by a local branch manager.

Odd that they limit incoming deposits, though and my local branch CSR has written to Meridian head office to challenge that policy.

March 13, 2018
7:34 am
Kidd
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The best way around a EFT limit is to write yourself a cheque.

March 13, 2018
9:09 am
AltaRed
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The best way is to do multiple electronic transactions. Who has a cheque book any more anyway?

March 13, 2018
12:58 pm
Kidd
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ME..

AltaRed, we may not be talking about the same amount or volume of money. Electronic limits are in many cases based on a per week basis, and then a per month hard limit maximum. If you want more than that... write yourself a cheque. Then the amount to be transferred has no restrictions.

I am not a believer in CDIC limits for many reasons. It's a meaningless acronym.

March 13, 2018
1:33 pm
AltaRed
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I used to move in excess of $100k/day (3 transactions of $49,999 or less) out of PC Financial when I had an account with them. Obviously some FIs are better than others in their offerings.

April 10, 2018
2:21 pm
qweasdzxc63
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Yeah. Deposit money to Meridian is pain. Is there limit to deposit a third party personal cheque or are they allow to set up an external link from third party rather than myself?

April 13, 2018
8:15 pm
gamgam
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After linking my external FI thru secure message and initiating a pull from other FI to Meridian I came to learn interest is not earned the day of the transfer. Once the funds are received, approx 3 business days later, they pay interest. Has anyone else experienced the same?

April 17, 2018
4:56 am
gamgam
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Kidd you’re absolutely right! Writing a cheque to deposit is best. Interest earned the day of mobile deposit. By Pulling interest is not earned for 3 business days! I pulled from my linked EQ acct on Friday, April 13 and am still not receiving interest!!! Not worth linking external accounts with Meridian!!!

April 17, 2018
5:02 am
Nehpets
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gamgam said
Not worth linking external accounts with Meridian!!!  

What's the timeframe when funds are pushed to Meridian where an account is linked to Meridian from another FI......Hubert for example (push from Hubert to Meridian)?

April 17, 2018
5:10 am
gamgam
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Stephen, you’re still losing interest. Hubert/Tangerine/EQ is debited immediately and not deposited to Meridian a few business days later.

April 17, 2018
9:26 am
Nehpets
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gamgam said
Stephen, you’re still losing interest. Hubert/Tangerine/EQ is debited immediately and not deposited to Meridian a few business days later.  

GG,
I wonder if the delay has to do with Meridian's "Money Mover" protocol, because my experience with Alterna and Wealth One, which both use Me to Me transfer protocol, the transaction arrives next day at its destination.

Stephen

April 17, 2018
10:14 am
gamgam
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Stephen that is my experience as well. But better than pushing funds and losing one day interest, I have pulled funds and doubled interest from both FI’s! Meridian is the only one I have ever dealt with that doesn’t consider pulled funds as a deposit that same day whereas a cheque is!

April 17, 2018
11:21 am
Nehpets
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gamgam said
Meridian is the only one I have ever dealt with that doesn’t consider pulled funds as a deposit that same day whereas a cheque is!  

Good to know and will keep that in mind when making transfers....will have to dust off that old check book and wander down to the Meridian branch..sf-frown

April 17, 2018
4:22 pm
grandoug
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Writing cheque and on-site deposit is definitely best for 6 figure deposits, but I have several times done multiple $10k transfers in/out (I think up to 5 on one day) and that has always worked. The three "business day" delay is a pain however.

April 20, 2018
4:07 am
Nehpets
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gamgam said
Stephen, you’re still losing interest. Hubert/Tangerine/EQ is debited immediately and not deposited to Meridian a few business days later.  

My most recent experience, this week:

Money Mover at Meridian: a pull was initiated from TD to Meridian on Monday April 16 and funds were posted Friday April 20. Funds were withdrawn from TD on April 19....Meridian did nothing for three days.

......compared to:

Push transfer from Hubert to Meridian initiated April 19 and funds were posted at Meridian April 20....overnight!

Meridian Money Mover appears to not even initiate the transaction until the 3 day wait, but the transaction is completed overnight.

If Meridian is expecting to compete on a National scale for online business, it seems they need to clean up their act for improved efficiency compared to Me to Me transfers used by other FI's that complete the transaction overnight from when it is initiated.

Stephen

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