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Slow Transfers from Meridian
March 24, 2022
5:57 am
KamWest
Toronto
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From Meridian and Motus you are always better off with a pull. It takes them 2-3 business days just to initiate a push.

First thing I do when I set up a new bank account anywhere is to link my Meridian Business Account and my Motus account so I can initiate a pull when needed.

Getting money out of a Business Account at Meridian is tricky. You need to have a linked personal account, transfer the funds to that and then initiate the pull from your private account.

That is similar at most banks, none allow linking of a business account.

June 11, 2022
7:14 am
geotabs
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I'm looking to set up an account with Meridian for the 3% offer but before I do I would like know if I would be able to push/pull money from Tangerine to the savings account or do I also need to set up a chequing account to do this?
I've got a promo with Tangerine now at 2.25% and they said they won't match this offer, from what I've read about Meridian and the transfer pains is it worth that pain or maybe just wait for another intuition to offer the same or a better rate as I can't see rates going down in the near term, just going up.

Thanks for the advice.

Cheers

June 11, 2022
7:20 am
savemoresaveoften
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geotabs said
I'm looking to set up an account with Meridian for the 3% offer but before I do I would like know if I would be able to push/pull money from Tangerine to the savings account or do I also need to set up a chequing account to do this?
I've got a promo with Tangerine now at 2.25% and they said they won't match this offer, from what I've read about Meridian and the transfer pains is it worth that pain or maybe just wait for another intuition to offer the same or a better rate as I can't see rates going down in the near term, just going up.

Thanks for the advice.

Cheers  

transfers out is 3 business days if I remember correctly. They will only allow you to pick a date at or after that on their site/app. As for transfer in, thats even worse in the sense self service is only limited to $10k. You can however call them to do a linked transfer in for bigger amount, or do a check edeposit which is easy.

June 11, 2022
7:22 am
cgouimet
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savemoresaveoften said

transfers out is 3 business days if I remember correctly. They will only allow you to pick a date at or after that on their site/app. As for transfer in, thats even worse in the sense self service is only limited to $10k. You can however call them to do a linked transfer in for bigger amount, or do a check edeposit which is easy.  

From Meridian, pulling $ in is also maxed at $10k.

Best to trigger transfers from Tangerine ... Bigger and quicker ...

CGO
June 11, 2022
7:48 am
geotabs
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savemoresaveoften said

transfers out is 3 business days if I remember correctly. They will only allow you to pick a date at or after that on their site/app. As for transfer in, thats even worse in the sense self service is only limited to $10k. You can however call them to do a linked transfer in for bigger amount, or do a check edeposit which is easy.  

What I would like to do is Pull/Push from Tangerine not Meridian, just need to know if it is posable to do this into the HISA at Meridian or do I need a chequing account?

June 11, 2022
7:57 am
savemoresaveoften
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geotabs said

What I would like to do is Pull/Push from Tangerine not Meridian, just need to know if it is posable to do this into the HISA at Meridian or do I need a chequing account?  

I only have advantage savings account at MCU and able to link to big5.

June 11, 2022
8:31 am
JohnnyCash
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geotabs said

What I would like to do is Pull/Push from Tangerine not Meridian, just need to know if it is posable to do this into the HISA at Meridian or do I need a chequing account?  

To answer your question, yes. I've personally used other banks to push and pull in and out of Meridian. I recommend you use that method instead and have Meridian Money Mover as a last resort. The only benefit of Money Mover is when pushing funds out, your funds will not be on hold, then again if it takes 3 days for them to action the transfer, you might as well pull higher amounts from another bank if their hold is only about five days.

June 11, 2022
6:01 pm
savemoresaveoften
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JohnnyCash said

To answer your question, yes. I've personally used other banks to push and pull in and out of Meridian. I recommend you use that method instead and have Meridian Money Mover as a last resort. The only benefit of Money Mover is when pushing funds out, your funds will not be on hold, then again if it takes 3 days for them to action the transfer, you might as well pull higher amounts from another bank if their hold is only about five days.  

Is it possible to set up a pull from big5? In my case, I will be pulling from CIBC, as oppose to pushing from MCU.

June 11, 2022
7:43 pm
JohnnyCash
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savemoresaveoften said
Is it possible to set up a pull from big5? In my case, I will be pulling from CIBC, as oppose to pushing from MCU.  

Yes, there's a feature to link to all the the major banks and a few others on the Meridian banking website for pushing and pulling funds.

I'll add, if you have an account with Tangerine, EQ, etc, it can be useful as an intermediary hub for moving funds, example: CIBC > pull Tangerine > push Meridian, or variations of that.

June 12, 2022
5:11 am
savemoresaveoften
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JohnnyCash said

Yes, there's a feature to link to all the the major banks and a few others on the Meridian banking website for pushing and pulling funds.

I'll add, if you have an account with Tangerine, EQ, etc, it can be useful as an intermediary hub for moving funds, example: CIBC > pull Tangerine > push Meridian, or variations of that.  

I have established link on the Meridian site where I can pull and push from the Meridian site. But that takes 3 biz days to process. If I read the previous posts correctly, some are saying we can initiate the money transfer from the linked FI side ?? In my case, CIBC is linked to MCU. How do I initiate a push/pull of funds from the CIBC side, which if I read correctly, bypass the 3 biz days wait silliness ? I imagine that is something I need to setup from within CIBC, but I dont see any option that allow me to do that.

June 12, 2022
6:27 am
bhuc
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savemoresaveoften said

I have established link on the Meridian site where I can pull and push from the Meridian site. But that takes 3 biz days to process. If I read the previous posts correctly, some are saying we can initiate the money transfer from the linked FI side ?? In my case, CIBC is linked to MCU. How do I initiate a push/pull of funds from the CIBC side, which if I read correctly, bypass the 3 biz days wait silliness ? I imagine that is something I need to setup from within CIBC, but I dont see any option that allow me to do that.  

It's my experience that the big 5 FI's don't have the facilities to push or pull funds. Transfer of funds (push or pull) to and from a big 5 must be done at the linking bank (ie Meridian, Tangerine, EQ, Motive, etc). Hope this helps !

June 12, 2022
6:35 am
cgouimet
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bhuc said

It's my experience that the big 5 FI's don't have the facilities to push or pull funds. Transfer of funds (push or pull) to and from a big 5 must be done at the linking bank (ie Meridian, Tangerine, EQ, Motive, etc). Hope this helps !  

If you can establish links to Meridian from say Tangerine, Hubert or EQ Bank, you could push/pull from one of those.

CGO
June 12, 2022
8:02 am
savemoresaveoften
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Thanks Bhuc & cgouimet, thats what I thought. It will be way too nice for big5 to make it easy for people to access other banks, online or not lol

June 12, 2022
8:47 am
Doug
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For this reason, Meridian Credit Union and its moribund wholly-owned, net drag on members' equity bank subsidiary Motus Bank remain "hard avoid" for me.

Cheers,
Doug

June 22, 2022
4:10 pm
geotabs
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Well all the worries I had about Meridian were for not!
Set up the account on June 15th linked the account at Tangerine and confirmed the linking on June 17.
Phoned Tangerine on June 20th to push the money to Meridian and it arrived on June 22 at Meridian!
So I would say instead of using Meridian money mover to use the push/pull at your FI.
Now let's hope they raise the rates again when the BOC does on July 13 sf-wink

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