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EFT Money Mover Maximums
March 13, 2018
6:56 am
Nehpets
Ontario
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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

November 15, 2019
7:54 am
Oscar
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Nehpets said

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  

I recently noticed I had an account linked to Meridian , I guess it was set up at at account opening with the info I provided. Anyway I set up a transfer on the 13th to see if the link was valid and it seemed to work but 2 days pass and nothing happens . Then on third day (15th) I get an alert that transfer is occurring in three days. I called them and they explained that transfer takes three business days so since the weekend is coming it won't get transferred until Monday. So they don't include the day you initiate the transfer as day one , instead they use the next business day as day one. But the alert seems to imply three calendar days as it arrived on Friday . sf-confused As well , there is no record of the transfer until it actually occurs , I can see funds on hold , that's it. CSR says they are aware of the fact that there is no way for customer to monitor online while it's in progress and they are working on it.
So it seems that nothing has changed in the last year and a half .
Thought you might like to know now that you're out of there.

November 15, 2019
1:23 pm
Loonie
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I can corroborate Oscar's experience.
And sometimes it actually takes four days rather than three.

Their system is a cumbersome nuisance.
If you have one or more transfers coming in and also one or more transfers going out, it is difficult - and far too much work - to keep track of them and know where you're at.

They can't fix this, yet they have $31 million to put into naming rights for entertainment venues in Toronto?!
Good example of putting the cart before the horse.

November 15, 2019
5:17 pm
Norman1
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Sounds like Meridan doesn't have someone every day to approve the pending funds transfers. Whoever does it only gets around to it once every few days! sf-surprised

Fund pushes from Hubert are quite good. I regularly see pushes at Hubert, entered before 9 am on a business day, show up in the receiving Simplii account in the evening of the same day! sf-smile

November 16, 2019
5:58 am
Nehpets
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Slow processing of EFT's is only one of many problems exemplifying Meridian's outmoded procedures and policies.

I reported elsewhere that I closed all my Meridian accounts last week, only to have received an email from Meridian the next day congratulating me on opening a new account along with a survey about my experience on opening this new account.

I am vigorously following up to determine if there is any fraudulent activity going on, or if this this just another example of Meridian incompetence.

Stephen

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