Mobile cheque deposit holds for out of province new members | Meridian Credit Union | Discussion forum

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Mobile cheque deposit holds for out of province new members
May 3, 2018
12:42 pm
gamgam
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My first couple cheques were deposited April 13. On hold till May 11.
Deposited again May 2. On hold till May 31.
Called and was told as I was a new member and from out of province my hold time vary! Absolutely unbelievable!
Has anyone else encountered this?

May 3, 2018
1:21 pm
Nehpets
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Overall my experience the past year and a half with Meridian has been positive, mainly because I happen to have a nearby Branch where the Manager and my primary contact have been outstanding to resolve any minor issues I encountered with the default system.

In most cases a phone call to my Branch can resolve issues, because it seems that Meridian Managers are given quite a bit of discretionary authority.

That said, it's not unusual for a FI to require holds on an initial deposit until one's account is established. I recently deposited two checks using mobile banking and neither was subjected to a hold.

My main complaint with the Meridian "Money Mover" online banking protocol is the $10,000 limit for individual EFT transactions, although, that limit can be overridden by a staff member at the Branch or at the Contact Center.

If you are not in Ontario, presumably you are dealing with the Contact Center, is that right?
Were you given an explanation as to how long before holds on deposits would be lifted?
Was there any opportunity to escalate your concern to a supervisory level?
I wonder if you might establish a better working relationship if you contacted someone at a Branch level.

Stephen

May 3, 2018
1:47 pm
gamgam
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Thanks Stephen, yes the contact centre puts me on hold while they contact an advisor and they feed me some bs. My deposit on May 2 has been made available but not from April 13. Could you provide me with a branch manager’s name and contact number? Thankyou

May 3, 2018
3:27 pm
Nehpets
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gamgam said
Could you provide me with a branch manager’s name and contact number?  

Please see my PM.

Stephen

May 3, 2018
3:37 pm
gamgam
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Thankyou again Stephen!

May 4, 2018
11:07 am
gamgam
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This is the answer I received from the contact centre via secure messaging:

The hold that was placed on the April 13th deposit should be removed on May 11th. The hold policy is 20 business days for Members outside of Ontario. Please call our Contact Centre at 1-866-592-2226 should additional information or assistance be required. Our hours of operation are: Monday-Friday: 8:00 A.M. to 12:00 Midnight Saturday: 8:00 A.M. to 8:00 P.M Sunday: 12:00 P.M. to 4:00 P.M. Sincerely, Amy McLatchie | Financial Services Advisor, Contact Centre Meridian™

This sure makes one think twice before opening a Meridian account if you are outside Ontario?

May 4, 2018
11:11 am
Top It Up
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gamgam said
The hold policy is 20 business days for Members outside of Ontario.

DOES seem excessively cautious, don't it?

Wonder if that guideline will carry over to the proposed online national bank offshoot planned by Meridian?

May 4, 2018
12:11 pm
Nehpets
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gamgam said
This sure makes one think twice before opening a Meridian account if you are outside Ontario?  

Certainly does not look good for their hopes to become a National Bank, agreed!

You may want to pursue your feedback to the Corporate level using their contact information for customer service. See the drop down section at the very bottom of this page on their website .....titled "Compliments & Concerns".

One should reasonably expect that extensive holds be reduced and / or eliminated once a reputation is established following a predetermined number of successful transactions.

May 4, 2018
1:32 pm
Loonie
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I can think of no reasonable explanation for this practice, considering that MB CUs make no such discrimination and we have not had similar complaints from out-of-province DUCA members.

Probably will be different for their bank tbough, as it is being set up to be national from the get-go.

May 4, 2018
4:43 pm
gamgam
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Friendly Manitoba Loonie!

May 4, 2018
6:58 pm
Loonie
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gamgam said
Friendly Manitoba Loonie!  

Gotta get me an honorary licence plate! sf-laugh

July 18, 2018
2:16 pm
phrank
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gamgam said
Thankyou again Stephen!  

Were you able to sort this out with the manager, when you called in?

We were thinking of opening a savings account with them to use for bank drafts (vs risking having them couriered to you by an online bank), but if they place deposits on hold this long, it's a matter I'd need to discuss with them prior to using them. We'll be in Ontario by the time we need the drafts, but still would like to know what your outcome was.

July 18, 2018
6:55 pm
gamgam
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Voodoo22 my outcome was not a good one. An in branch client has very different rules vs an online non resident client. Any mobile cheque deposit is held for 20 business days. I have linked some external accts and pulled from them with a 5 day funds hold. Once my 3% offer is over I’m outta there! Even pulling funds out takes 3 business days! You have to plan well in advance.

July 18, 2018
7:14 pm
Loonie
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I have actually seen, in the fine print, in other "banks", where it gave different hold periods for different situations, and also said that they could hold it for up to a month if they felt the need. Sorry, but I can't remember which ones.

I deal with Meridian and have not had any big problems, but I don't do much with them, just a smallish GIC or two, and it is almost always at a branch. That said, realistically, it's hard to imagine any FI being very interested in you if all you want is bank drafts. Once they get to know you, they can waive some restrictions, but they won't get to know you very well with drafts.sf-wink

July 18, 2018
7:52 pm
phrank
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gamgam said
Voodoo22 my outcome was not a good one. An in branch client has very different rules vs an online non resident client. Any mobile cheque deposit is held for 20 business days. I have linked some external accts and pulled from them with a 5 day funds hold. Once my 3% offer is over I’m outta there! Even pulling funds out takes 3 business days! You have to plan well in advance.  

Thanks for the reply gamgam, I don't know if I would have a different experience from you, as I would start off as an online and then become a local client. It's good to know what I could be up against and I did send them an email asking them some questions, but I'm feeling I'll be passing on them given my impression so far and what they offer vs what I need.

July 18, 2018
7:59 pm
phrank
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Loonie said
I have actually seen, in the fine print, in other "banks", where it gave different hold periods for different situations, and also said that they could hold it for up to a month if they felt the need. Sorry, but I can't remember which ones.

I deal with Meridian and have not had any big problems, but I don't do much with them, just a smallish GIC or two, and it is almost always at a branch. That said, realistically, it's hard to imagine any FI being very interested in you if all you want is bank drafts. Once they get to know you, they can waive some restrictions, but they won't get to know you very well with drafts.sf-wink  

Yes, there are so many little barbs hidden these days. I used to put my fair amount of effort into being a great loyal customer, but methinks giving any company the benefit of the doubt makes you a sucker these days. The drafts are what I need to start with and is their opportunity to get me in the door and sell me on their services. If that doesn't work; well; they'll feel the draft of my business flying by them.

I've always had at least one brick and mortar financial service provider until moving to vancouver island. The offerings are so bleak and the customer service so frustrating, that I'd gotten used to using only online solutions. I would like to have a brick and mortar service provider in Ottawa, but I'll avoid if I'm not getting a fair amount of value vs my effort to deal with them.

July 18, 2018
8:44 pm
Loonie
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Well, in the end, it's all about sales on their end, and trust:wariness ratio on ours. In my view, this is generally as true of CUs as it is of banks. I would like to believe otherwise, but I am unable to convince myself. It seems they can't survive without increasing their coffers, which means they always want more of your business.

I don't know if Meridian will meet your needs well in the end. On the other hand, will any other place do a better job?

July 18, 2018
11:29 pm
Norman1
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Loonie said
I have actually seen, in the fine print, in other "banks", where it gave different hold periods for different situations, and also said that they could hold it for up to a month if they felt the need. Sorry, but I can't remember which ones.

According to Cheque hold periods and access to funds: rights and responsibilities, if they were federally regulated, Meridian CU would not be allowed to ordinarily hold deposited cheques for more than eight business days.

Meridian CU is Ontario regulated. As well, that federal limit would not kick in until the account is open for at least 90 days.

July 19, 2018
5:26 am
Top It Up
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OR, you can have a long-standing relationship with your bank and have a Hold on Funds waiver of up to, say, $60,000.

July 19, 2018
5:32 am
gamgam
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Top It Up said
OR, you can have a long-standing relationship with your bank and have a Hold on Funds waiver of up to $60,000.  

This is strictly an online bank for an out of province client problem! If you are able to go in branch there is no problem. And I do have an excellent relationship with my bank with a Hold on Funds waiver with an unlimited amount! I am not limited to $60,000.

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