Meridian - Warning: Long Delays in Moving Money Out | Meridian Credit Union | Discussion forum

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Meridian - Warning: Long Delays in Moving Money Out
September 7, 2018
7:22 am
GR
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Forum Posts: 312
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September 15, 2017
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Although their promo rates seem attractive, be aware that moving money out of Meridian takes longer than with all other financial institutions. When you phone Meridian to request an EFT out to your linked financial institution, it can take several days to be received! Funds are not transferred out immediately or even same day. Your request goes in a que and funds are moved whenever they get around to it! Whatever ancient process they use, you can wait 3 days or more! And human errors, which occur regularly, extend the delay also. The Branch Manager is unable to speed up the process and is indifferent.

September 7, 2018
7:52 am
Nehpets
Ontario
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December 20, 2016
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GR said
... be aware that moving money out of Meridian takes longer than with all other financial institutions........ 

I believe the delays in processing many transactions in and out of meridian are due to their using third parties through which some / many / all transactions are processed.

There was a time when the Manager could override the process, but for some reason that service may have been reversed.

The best way to overcome the obstacle is to pull funds from Meridian instead of pushing out of Meridian.

On a related topic, I recently cancelled my Meridian VISA credit card because of unreasonable delays in processing transactions (payments and rewards) because of third party handling.

If Meridian hopes to become a player in online banking, they need to bring their administrative procedures into the twenty first century.

Stephen

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