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Slow Transfers from Meridian
February 15, 2022
8:14 am
cgouimet
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A few years back, Meridian had some good rates on 18 and 36 month GIC's. We bought some.

When the 18 month GIC's matured, the Meridian weren't great, we moved the money out. I can't recall how that went.

My 36 month GIC matured on Feb 12 (Sat). Rates still not competitive. So I immediately (Sat AM) triggered the transfer out to to 2% Tangerine HISA. Almost 12PM on Feb 15 and still no movement.

My wife's 36 month GIC matures on Feb 27 (Sun). I'll immediately trigger a transfer out and in view of their sluggishness, I may just close the accounts ...

Anyone willing to comment on their experience?

CGO
February 15, 2022
9:15 am
MattS
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Can you just write yourself a cheque and do an e deposit to yourself?
I too had meridian products at 3.75% from a couple yrs ago
They haven’t had a competitive offer since. Their latest marketing campaign is are you prepared for “what if” Their whole offering has been underwhelming for last yrs. Motusbank same. Underwhelming!!

February 15, 2022
9:19 am
cgouimet
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MattS said
Can you just write yourself a cheque and do an e deposit to yourself?
I too had meridian products at 3.75% from a couple yrs ago
They haven’t had a competitive offer since. Their latest marketing campaign is are you prepared for “what if” Their whole offering has been underwhelming for last yrs. Motusbank same. Underwhelming!!  

I don't have a Meridian checking account so that's no an option. I might try a pull from tangerine for my wife's GIC...

CGO
February 15, 2022
9:34 am
GR
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Ask them to open immediately a chequing account (called Maximizer account) and maybe they can rush an order of printed cheques to you by Feb. 27.

February 15, 2022
9:36 am
Loonie
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Unfortunately, they normally take about four days.

If you are transferring to somewhere where they will give you interest starting form day of deposit, then, as MattS said, transfer by cheque is best option, although it will take time for it to clear.

As a matter of course, I always open a chequing account where available, to facilitate transfers, especially large ones as many FIs make it more challenging to transfer large amounts.

February 15, 2022
10:26 am
savemoresaveoften
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CT bank is lightning fast as in same day. Meridian not the fastest for sure, 2-3biz days if I remember correctly. To be fair, u did the transaction on a Sat, so the "quickest" you should expect it is by end-of-day today.

February 15, 2022
10:38 am
cgouimet
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savemoresaveoften said
CT bank is lightning fast as in same day. Meridian not the fastest for sure, 2-3biz days if I remember correctly. To be fair, u did the transaction on a Sat, so the "quickest" you should expect it is by end-of-day today.  

There really shouldn't be any reason why the transfer couldn't have left Meridian overnight Sun/Mon which is what happens with Tangerine and Hubert.

CGO
February 15, 2022
11:00 am
savemoresaveoften
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cgouimet said

There really shouldn't be any reason why the transfer couldn't have left Meridian overnight Sun/Mon which is what happens with Tangerine and Hubert.  

If you put in a transfer on Sunday on Tangerine's platform, I dont think it will allow ur transaction to be dated Monday. Or am I wrong ?
For example, if I put in a transaction on a biz day (today), it has to be dated tomorrow at the earliest ?

February 15, 2022
11:08 am
Loonie
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In my experience, it doesn't matter how you arrange it, Meridian will drag its heels. You either do a cheque or you have to wait. And if you do a cheque, you will have to wait for it to clear if you want access. See post above.

February 15, 2022
11:21 am
cgouimet
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I'll let this push Meridian->Tangerine go as is then on Sun Feb 27 I'll pull my other GIC Tangerine<-Meridian and then document the results for both transfers on this forum.

I'll probably leave $1 in the "HISA" in case they choose to become competitive again...

CGO
February 15, 2022
12:40 pm
COIN
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I found that they can be really slow on moving registered funds across to another institution.

With non-registered funds, I simply ask them to deposit the funds to my chequing account.

February 15, 2022
1:45 pm
cgouimet
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The last thing I want/need is a checking account at every bank or credit union we have funds at.

My wife has had full service checking at BMO since the early 70's and hasn't paid fees for at least 25 years. I've had full service checking at TD, also since the early 70's and without fees for at least 30 years.

(I will not bank @ BMO. She will not bank @ TD.)

TD and BMO are basically our $ hubs through which all income and expenses flow. Everything else is for Savings and Investments ... If anything happens to either or both of us, there is no confusion/mystery as to where things run from ...

CGO
February 19, 2022
6:03 am
cgouimet
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I promised I would update this group when this $16.6k Meridian->Tangerine 0transfer was finally completed. Well, it began on 02/12 (Sat) when my GIC matured and still not complete on 02/19 (Sat) ...

02/12: Triggered $10k transfer for 02/15 & $6.6k for 02/16.

02/15: Tangerine notification @ 17:38 that $10k arrived but Meridian showing Balance $16,609 & Available Balance $9 due to hold in prep for transfer.

02/17: Meridian finally showing Balance of $6,609 but Available Balance also now $6,609; hold is gone. Transfer status unknown.

02/19: Still no sign of activity of that $6,609 at either end ...

So, an interesting experiment on a "relatively small" using Meridian's standard process ...

CGO
February 23, 2022
4:42 pm
cgouimet
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02/23: $6,600 finally arrived at Tangerine. 7 days to complete ...

CGO
February 23, 2022
4:59 pm
Loonie
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cgouimet said
02/23: $6,600 finally arrived at Tangerine. 7 days to complete ...  

I would say that, for Meridian, this is exactly on time: four business days plus holiday Monday plus 2 weekend days. In post above (#5), I said it would take about four days no matter what; I meant business days. Occasionally it can take five days even without a holiday.
Welcome to Meridian!

February 23, 2022
5:11 pm
cgouimet
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My wife's GIC matures on the weekend. I'll do a pull on that one...

CGO
February 23, 2022
5:19 pm
KamWest
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It's the same at Motus.

If you initiate a transfer to another bank it takes 2 business days to even initiate the transfer.

Most other banks it has to be dated the next day but that said I initiated on a Thursday at Simplii and it was well into Monday before a push was finalized.

Seems to me most banks could increase their efficiency on pushes.

Pulls work pretty good at most places as long as the losing institution co-operates.

March 23, 2022
5:04 pm
davidgeorge
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I initiated a transfer from Meridian to CIBC in the early morning of Monday. No sign of transfer was showed in either account in the evening of Wednesday. This is unacceptable and I will close all accounts with Meridian after I move all fund out. The transfer is for a non-registered account.

March 24, 2022
2:35 am
cgouimet
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davidgeorge said
I initiated a transfer from Meridian to CIBC in the early morning of Monday. No sign of transfer was showed in either account in the evening of Wednesday. This is unacceptable and I will close all accounts with Meridian after I move all fund out. The transfer is for a non-registered account.  

Yes, pushing $ from Meridian is slow as I reported last month. But I did discover that pulling $ from Meridian can be much quicker. On 02/28, in Tangerine, I triggered a transfer for $8k from Meridian.

I cannot recall the time of day when I triggered the transfer nor can I recall when I actually saw Tangerine or Meridian showing the transfer as complete.

But today, my Tangerine statement shows $ in on 02/28. My Meridian statement shows $ out on 02/28.

That's one data point.

CGO
March 24, 2022
5:56 am
Koogie
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Apropos to Meridian but not to transfers.

I just had a GIC mature at Meridian. I called in 10 days before maturity to confirm my instructions and make sure they had my mailing address. All good.

10 days after maturity and nothing. Had to call in. Got shuffled between departments and finally my local branch called to apologize and say the cheque was never mailed !

In their defense, they had it ready for pickup at the branch within the hour. They also added 10 days of interest (at the original rate) to the total without prompting.

Still, they're worth keeping an eye on. I have another GIC with them and they are on my "watch out for" list now for sure.

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