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Transfers from National Bank
January 13, 2017
5:48 am
deepcman
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My daughter had Tangerine pull $8k from her National Bank checking account but NBC disallowed the transfer. When she called, the rep stated that they only permit transfers of $3000 per day. I've had Tangerine pull $50k from my TD account with no problems so I'm wondering if this is unique to National or other banks have the same policy. Also, I question if she could have National bank 'push' the $8k to Tangerine and that would just require linking the Tangerine account to National.
Any input is appreciated.

January 13, 2017
1:22 pm
Loonie
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I would ask National Bank to show me where, in the T&C related to that account, that this is not allowed. People have a right to know the rules. Sounds like National is running scared of the other upstart banks and doesn't know how to stop the potential hemmorhage. $3000 is a ridiculously small amount. It would take over a month to move 100K !!

That aside, I can't stand National Bank. They have the highest fees for transferring a simple RSP, and they also charge $100 (as of 2015) simply to cash it in.

Suggest she switch to another bank.

All of that said, I think we should expect some push-back from the Big Six in the future.

January 13, 2017
11:26 pm
Norman1
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That's odd, deepcman. Are you certain that the rep told your daughter that National Bank only allows $3,000 per day of pre-authorized debits (PAD's)?

Perhaps, she misheard. Instead, only $3,000 was allowed that day because there was a hold on the remaining $5,000 of the $8,000 balance.

January 14, 2017
5:06 am
deepcman
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I'm absolutely certain that there were no holds on the account and the stated daily limit is $3000 which is why I'm looking for comments on this forum.
Loonie......You are absolutely correct about NBC's fees. Not only do they charge you $7.50 for a draft, then they charge you $1.50 cause you saw a teller. How the hell do you get a draft without seeing a teller? It's not hard to see why the bank make billions and my shares are a record highs.
I hear NBC's next 'new account' promotion will include a jar of petroleum jelly so it doesn't hurt so much.

January 14, 2017
7:28 am
Norman1
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That $3,000 per day limit sounds like a bank card daily withdrawal or Interac daily debit limit. My PC Financial chequing account has accepted PAD's that are larger than the daily limits on the bank card.

There used to be an industry wide limit on personal funds transfer PAD's. I think it was something like $13,000 per PAD, not per day. That limit is now gone.

The only limits I've seen for PAD's is on the originating side, not the targeted side. In your daughter's situation, it would be Tangerine Bank that may have a limit on how much money it will originate a PAD for, to pull funds from National Bank.

Would your daughter be able to contact Tangerine and get the returned item reason code that National Bank sent back for the failed transaction? It will be a three-digit number starting with 9 or a three-letter code. That might shine some light on the actual issue.

These are some from reason codes from Payments Canada's Standard 007:

900 Edit Reject REJ/REV
901 NSF (Debit Only) NSF/DSP
902 Account not found CNT/ITV
903 Payment Stopped/Recalled STP/ARR
905 Account Closed CLS/FER
907 No Debit Allowed NCP/PPC
908 Funds Not Cleared (Debit Only) FNC/FNL
909 Currency/Account Mismatch WCU/MDC
910 Payor/Payee Deceased DEC/DEC
911 Account Frozen FZN/BLQ
912 Invalid/Incorrect Account No. INA/INV
914 Incorrect Payor/Payee Name INP/NOM

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