February 20, 2014
Does anyone know if push and pull transfers with an external bank account are possible with Outlook Financial using their online banking? If so, are they free?
I am currently with People's Trust and can easily do push and pull transfers online between my People's Trust account and my PC Financial chequing account. It was also easy to do this when Ally was around. I am hoping it is the same with Outlook Financial. I'm also wondering if Accelerate Financial can do the same.
December 23, 2011
Quick answer, no.
I deal with them and you have to use cheques and their ATM card.
There GIC's are redeemable, with penalty
You can order GIC's online
Rates are comparably good
Not efficient. Sometimes takes days to process a GIC order but it is all backdated
Not efficient. Sometimes overlook one GIC order in a group of GIC orders
Phone service has poor English speaking person.
If you are looking for push pull try Hubert. No cheques and no ATM card. Rates are up and down and not good when you want to renew so you are likely to leave.
December 12, 2009
I like Outlook Financial's website, but never seriously (and won't seriously consider any Manitoba credit union "virtual" division that charges any debit transaction fees) considered them given they charge $1.00 per debit transaction (regardless of one free per month is irrelevant - they don't need to do it - it's "nickle and diming" and their costs are so low).
As much as Implicity's delays, I'm confident they'll eventually have Me 2 Me Transfers. I'm going to keep pressing them to speed up their integration with their contractor! Until then, Hubert is a good choice, as is ING DIRECT Canada or PC Financial or Canadian Direct Financial (which do require paper-based forms to "link" accounts, a pain yes, but once you've done it, "you're off to the races!"). Oaken Financial has committed to online banking by March/April of this year, with self-to-self paperless EFT transfers. When they do, they will instantly be at the "top of the heap" and, I'm confident they will make the AcceleRate, Outlook, Achieva and MAXA irrelevant for their fees and lacklustre performance. I'll immediately cease recommending any MB-based credit union other than Hubert or Implicity.
December 23, 2011
I hear what you are saying Doug but most of the Manitoba virtual CU's have much better GIC rates. I use Coast Capital and BMO for my day to day needs at absolutely no cost to me (other than crappy customer service and low interest rates). I don't and won't use a debit card for purchases and use credit cards with some type of points or cash back features and rarely ever use or have cash.
I would imagine cheques will become a thing of the past. When I think about cheques the only time we use them is to transfer money to a different bank account, for the rare transaction with a friend or relative, and for one insurance policy that has no other option to pay unless I went to the more expensive way of paying premiums monthly.
So my points being.
I think all banks and credit unions will have a method of pushing and pulling funds electronically eventually, and hopefully at no cost.
I think that the Manitoba virtual credit unions are good and cost nothing to use if you use them to invest only. And to use them for day to day banking is not an advantageous thing to do as I do feel that is why they are designed the way they are to not be in the competitive day today banking business.
February 20, 2014
Thanks for the responses guys.
My intention is to move my RRSP account with PC Financial (which is getting a measly 1.35% rate) to a bank with higher rates. I am willing to go the RRSP GIC route, with laddering possibly. This is why Outlook Financial, along with the others, seem attractive with their higher rates. Looks like Hubert and Implicity don't deal with RRSPs.
Perhaps not having the easy push and pull transfers may not be a big deal in my case? If I wanted to send new money over for RRSP contribs from PCF to one of these Manitoba CUs (like Accelerate or Outlook), how is that done? I live in Ontario by way. It seems that deposit transfers are free, but only one free withdrawal transfer per month.
Doug, hopefully Oaken Financial won't delay their implementation of online banking and free EFT transfers. Their RRSP GIC rates are near the top of the pack.
December 23, 2011
I plan to move some RRSP money to both Outlook and Accelerate. Accelerate is kind of country style service and is excellent to deal with. They may offer to give you $75 to help with transfer fees. I have not approached Outlook for financial assistance, but like the redeemable option. I split my funds over Accelerate and Outlook and will add Implicity and dump Hubert.
You can email Hubert and Implicity and ask if and when they will have RRSP's offered and in my case would need the option for them to provide RRIF accounts too.
To transfer you would initiate using Outlooks forms and they will handle.
Laddering is good, but depends how old you are and what you plans are. I am forming ladders but am 65 and continue to transfer out of Manulife because of their low GIC rates and I like the idea of a few thousand more in my pocket per year by just making the effort. I no longer have any faith in advisors. So an alternative thought is to put RRSP money in both Outlook and Accelerate at the 5 year rate every year for the next five years. Some redeemable some not but all at the highest rates offered.