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Interac e-Transfer fees confusion
December 15, 2022
5:23 am
notsavy
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December 15, 2022
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Browsed through the first few pages of threads, and did a quick search. So my apologies if question has been answered already.

They mention about $1 fee per sending etransfer, yet on another page for the cha-ching chequing account say that unlimited withdrawals for free. Yet in the fine print at the bottom of the page says that interac etransfers fall under the category of withdrawals?

Have a simplii account for past few years. Finally decided that (short term) cash getting abysmal rates and might be time to move on. I like the idea of interac etransfers so don't have to wait a week to get funds out (for emergencies, big purchases...). But the $1 fee would really eat into interest payments.

Deciding on eq bank vs motive. Leaning towards the later only because of the consistently higher rates. Than again, so little money actually going to be left in there, that is 0.5% difference that big of a deal?

December 15, 2022
8:18 am
hwyc
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It can be that e-Transfer at Motive is subject to two fee consideration.

https://www.motivefinancial.com/en/about-us/service-fees

1- Withdrawals include online bill payments, Automated Teller Machine (ATM) withdrawals, Interac® Direct Purchase payments, Interac e-Transfers, electronic funds transfers to another financial institution, automatic payments and other electronic debits.

For the higher interest, you also need to pair the Cha-Ching with a Savvy Savings account before you can compare with Savings Plus at EQ

Hope that helps.

( Disclaimer - don't have a Cha-Ching personally )

December 15, 2022
8:32 am
johndeere768
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Hi, Motive Financial customer here.

All I can say is that I have a Cha-Ching chequing account and I have never paid for any e-transfer fees. Just make sure you open a "Cha-Ching" chequing account and make e-transfers from there, any other account requires a fee for e-transfers.

Hope that helps.

December 15, 2022
8:46 am
notsavy
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Unfortunately not. Unless I am misreading or confusing the multiple accounts with similar names.

Cha-ching account doesn't mention etransfers (at all), so must be free unlimited withdrawals with this method?
savvy savings = 2 monthly withdrawals free (including in fine print says etransfers)
yet the last entry under this heading says
Interac e-Transfer $1.00

So they are not very clearly saying that you get two free withdrawals (to external accounts) including etransfers. But after two of these withdrawals, after that is when all future etransfers are $1 each?

If that was the case, I would just eft from savvy savings to cha-ching chequing and get unlimited interac etransfers to other institutions to get around it.

Then they have a section with caveats/fine print :
Additional service fees and sundry charges
Sending Interac® e-Transfer $1.00 per transfer

December 15, 2022
9:06 am
johndeere768
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One of the features/checkmarks shows "free e-transfers" in this link:

https://www.motivefinancial.com/en/accounts/chequing/cha-ching-chequing-account

I think they just haven't updated their FAQ/Service Fees page since like 2019.

I would also like to add that their e-transfers are capped at $3000 per transfer but is limited to $10k per week (i believe the $10K is capped by Interac). I feel its better than Tangerine or others where it is capped at $3k per 24 hours.

For the savvy savings account fee, I wouldn't worry since I move my money to my Cha-Ching Chequing before withdrawing (unlimited and free). I never withdraw straight from my savings, always use Cha-Ching chequing for any transfers.

December 15, 2022
7:46 pm
notsavy
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Just seems a bit sloppy is all. That and they have two chequing and two savings accounts seems pretty dumb as well.

Overall likely going to sign up with them since savings rates are overall better than eq bank. Definitely better than my simplii account. A bit disappointed that emailed them a few days ago now about this confusion and still waiting to hear back.

Thanks for the helpful info.

December 15, 2022
8:47 pm
Norman1
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I've seen that kind of fee structure at other banks.

It means there is always a $1 fee for an Interac e-Transfer out of the Motive Savvy Savings Account. There will be an additional $5 fee for the withdrawal for the Interac e-Transfer if the withdrawal is not one of the two free withdrawals included each month.

Footnote #5 explains it:

Interac® e-Transfer5 transaction fee $1.00 per transaction

5An additional [$5] withdrawal fee will apply if the [withdrawal for the] e-transfer exceeds the number of included withdrawals per month.

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