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PT vs PB: which should I start with?
August 12, 2020
8:32 pm
ottawa
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Update on adding a 2nd external account (in addition to the one used on opening): faxed form and void cheque Tue Aug 11 (I would have sworn we did it Aug 10 but it's dated Aug 11). PT called us today about something else (following up to emailed question "how do we open TFSA?") and while on the phone, went and activated the link. Logged out and back in to PT and we see the 2nd external account (linked bank R at time of signup, wanted to add bank T).

So I can't swear to how long it would have taken without intervention, but it can happen quickly if you're lucky. The timing was good for us adding external bank T because we'd have had to transfer T-R then wait 5 business days for R to clear the hold, then initiate transfer R-PT. Now we can transfer T-PT directly (with a 7 business day hold at PT either way).

I assume it would have been better to include both banks T and R at time of application, but we didn't have a cheque for bank T.

August 12, 2020
11:32 pm
Vatox
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Has anyone tried pushing and pulling money by using another FI?

August 16, 2020
8:25 am
ottawa
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I haven't investigated, but you would need institution and branch (transit) #s which I haven't noticed. Also account # which might be based on client #.

I did ask Oaken the same question a few months back, they told me that info doesn't exist and all transfers must be initiated at Oaken end. So it wouldn't be unprecedented for PT to be the same.

August 16, 2020
9:35 am
GICinvestor
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Vatox said
Has anyone tried pushing and pulling money by using another FI?  

I have pushed and pulled on the PT system.....results are next day.

August 16, 2020
9:42 am
Vatox
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GICinvestor said

I have pushed and pulled on the PT system.....results are next day.  

Can you provide institution and transit numbers?

August 16, 2020
9:47 am
ottawa
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If you're doing on PT system, you should only need other institution info.

I did a pull from TDCT on Fri, it's showing at PT dated Sat. Hasn't left TDCT though, and don't know if it started accruing interest on date of deposit the way Tangerine does. 7 business day hold at PT though they said they could transfer to TFSA GIC earlier, if customer calls in. Not sure if that applies to TFSA HISA too, though I assume so. May not bother calling, since tax on a week of 1.75% is not that much.

August 16, 2020
9:49 am
GICinvestor
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I said I have pushed and pulled when ”on” the PT system. I have not been on, like Hubert and pushed to PT.

But....here you go.

August 16, 2020
9:53 am
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ottawa said
If you're doing on PT system, you should only need other institution info.

I did a pull from TDCT on Fri, it's showing at PT dated Sat. Hasn't left TDCT though, and don't know if it started accruing interest on date of deposit the way Tangerine does. 7 business day hold at PT though they said they could transfer to TFSA GIC earlier, if customer calls in. Not sure if that applies to TFSA HISA too, though I assume so. May not bother calling, since tax on a week of 1.75% is not that much.  

If you want to buy a GIC, call them.....they will lift the hold immediately.

August 16, 2020
9:58 am
Vatox
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GICinvestor said
I said I have pushed and pulled when ”on” the PT system. I have not been on, like Hubert and pushed to PT.

But....here you go.   

The link doesn’t seem to work. The routing number that I’ve found is 062116001

August 16, 2020
10:04 am
ottawa
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Right now we're thinking HISA @ 1.75% vs GIC @ 1.55%. I know that means they're betting rates will go down but this money might be needed in <1yr so GIC would have to be cashable or 6mo at most.

They might release the hold to allow transfer to TFSA HISA (it wasn't clear) but even if it was ~$70K (max TFSA), interest is 1.75% about $1200/yr or $3.50/day and tax on that is maybe 70¢/day. Guess it might be worth calling to save $7 in tax (10 calendar days before self-serve the TFSA HISA). But note that's $7 on $70K, only $1/$10K saved in tax. Did math in my head so I could be off by an order of magnitude. 🙂

August 16, 2020
10:06 am
ottawa
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Vatox said

The link doesn’t seem to work. The routing number that I’ve found is 062116001  

It's almost certainly institution 621 and branch 16001 (I'm guessing but confident). Now figure out the account number. And consider confirming they do transfers initiated elsewhere.

August 16, 2020
10:20 am
GICinvestor
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August 16, 2020
10:22 am
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Vatox said

The link doesn’t seem to work. The routing number that I’ve found is 062116001  

Out of curiosity only.....how are you testing to confirm. A good test would be on “My Account” on CRA.

August 16, 2020
10:58 am
Norman1
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One needs to determine whether or not the Peoples Trust/Peoples Bank e-savings account can accept a direct deposit or pre-authorized debit from another financial institution.

Those pushes and pulls one has been doing at Peoples could have be executed through one of Peoples' corporate bank accounts at the Bank of Montreal, Peoples' direct clearer.

August 16, 2020
11:18 am
Vatox
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I suppose that could be, Norman1. No need to call, because it will either work or won’t. If it doesn’t, I’ll be happy to call and find out why.

August 16, 2020
12:09 pm
Vatox
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GICinvestor, I am not conducting my test yet. But I will be happy to report my experiences, once it's done. I will report in this thread.

August 16, 2020
5:54 pm
hwyc
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I can't find TFSA on PB. Is that the reason why the discussion is now in PT territory?

August 19, 2020
6:46 pm
ottawa
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No, probably because it's what most of us have. PB has TFSA, they just have the same incredibly stupid implementation as PT. 🙁

Go right to the main page, say you want an account, it asks new or existing, say existing (if you are) and then it offers e-saving, GIC, TFSA, TFSA GIC. With PT, you can't get to TFSA while logged in and open an account and I assume same is true for PB. That's why I say the implementation is stupid, I expect to login then be able to open.

I'm not on PB so I could only get so far but it's behaving just like PT but with a different skin overlaid.

Hope this helps, please report back if PB doesn't work as I'm predicting.

August 20, 2020
5:47 am
hwyc
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I don't think PB has TFSA.

I see no tax-sheltered deposits reported on PB balance sheet obtained from OSFI. Perhaps PT & PB may have shared client information at their convenience to facilitate the account opening process.

September 1, 2020
8:44 am
Vatox
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I was going to report my PT external linkage, by using another FI, here, but this thread is a bit convoluted.

So it’s here: https://www.highinterestsavings.ca/forum/peoples-trust/using-another-fi-system-to-move-pt-money/#p55303

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