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Longer EFT time to external account?
June 29, 2023
10:01 am
davidgeorge
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Last year, if I initiated a transfer (EFT) early in the morning, the fund would be in my external account on the same day. Yesterday, I initiated a transfer (EFT) early in the morning, but the fund hasn't arrived in my external account as of now.

June 29, 2023
11:25 am
Wrayzor
GTA
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If you mean initiate a transfer out to an external linked account, I have never seen it show up same day in the half dozen or so accounts I have linked. Now, if early in the morning means shortly after midnight, I've no experience making transfers at that hour.

Which FI would move out funds to arrive externally the same day, if I may ask?

June 29, 2023
11:39 am
davidgeorge
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Wrayzor said
If you mean initiate a transfer out to an external linked account, I have never seen it show up same day in the half dozen or so accounts I have linked. Now, if early in the morning means shortly after midnight, I've no experience making transfers at that hour.

Which FI would move out funds to arrive externally the same day, if I may ask?  

Oaken to CIBC

June 29, 2023
12:28 pm
rodeworthy
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davidgeorge said
Last year, if I initiated a transfer (EFT) early in the morning, the fund would be in my external account on the same day. Yesterday, I initiated a transfer (EFT) early in the morning, but the fund hasn't arrived in my external account as of now.  

Wrayzor said
If you mean initiate a transfer out to an external linked account, I have never seen it show up same day in the half dozen or so accounts I have linked. Now, if early in the morning means shortly after midnight, I've no experience making transfers at that hour.

Which FI would move out funds to arrive externally the same day, if I may ask?  

davidgeorge said
Oaken to CIBC  

On May 8 we initiated 2 EFTs from Oaken - (Trust & Bank) to our CIBC account.
Those transfers were recorded by CIBC as received May 8.
Our CIBC online account was updated overnight on May 8 and on May 9 the deposits were shown in our online accounts as deposited May 8.

Virtually same transaction event happened on May 21 with the same timing results. CIBC records show they received the funds May 21. Note that is a Sunday of a long weekend.

I am exceedingly pleased with this rapid service.

I don't know if this rapid a response can be achieved every time. I suspect you will see the transfer the next time your online CIBC account is updated. You can verify the date received in your CIBC account records.

June 29, 2023
12:29 pm
cgouimet
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davidgeorge said
Last year, if I initiated a transfer (EFT) early in the morning, the fund would be in my external account on the same day. Yesterday, I initiated a transfer (EFT) early in the morning, but the fund hasn't arrived in my external account as of now.  

In my experience 'Speedy Oaken EFT' is kinda like 'Central Intelligence', an oxymoron. Oaken have slow EFT's and long holds. They have an unusual delay between buying a GIC and actually seeing it. But they do have an online process for joint GIC's.

CGO
June 29, 2023
12:39 pm
Greedy Guy
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Transferring money out of Oaken typically took 1 day up until the latter half of 2022. Over the last ~11 months, transferring money out has taken more than 1 day; Oaken even lost 1 money transfer out and told me I never did it.

June 29, 2023
6:53 pm
Dean
Valhalla Mountains, British Columbia
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.
So what's the Fuss ❓❗

With most FIs, if it's initiated during normal business hours, a Push EFT usually arrives at it's destination on the next business day. Of course ... exceptions do apply.

Those looking for 'Instant Gratification', are bound to be disappointed. sf-wink

Suck It Up ... It's A Jungle Out There ❗❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

June 30, 2023
6:58 am
davidgeorge
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I initiated the EFT from Oaken to CIBC in the early morning of June 28, and saw the fund in my CIBC account in the early evening of June 29.

June 30, 2023
11:58 am
rodeworthy
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davidgeorge said
I initiated the EFT from Oaken to CIBC in the early morning of June 28, and saw the fund in my CIBC account in the early evening of June 29.  

Good stuff DG! We can't ask for better than that. I am also grateful that there is no hold on these fund transfers at the CIBC end. I hope that is the case for you too.

July 1, 2023
10:06 am
Norman1
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One can do better with a same-day transfer. Such was reported a while back about transfers from Alterna Bank to TD.

A direct clearer, like TD, can make automated funds transfer (AFT) funds available within two hours of the 9:30 am, 4:30 pm, or 9 pm Eastern time cutoff the transfer is received by.

If the originating financial institution sends the AFT credit into the Payments Canada ACSS system by 4:30 pm, then TD can make the funds available by 6:30 pm the same day.

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