Reached CDIC limit | Peoples Trust | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Reached CDIC limit
November 10, 2023
6:13 am
Wanderer
Member
Members
Forum Posts: 17
Member Since:
June 5, 2016
sp_UserOfflineSmall Offline

When I wanted to transfer some money from my TFSA at PT to EQ I was told in order to link PT with EQ I would need to provide PT with a void cheque. My EQ account is not a Chequing account so I have no cheques. PT said that is the only way they could do it. How annoying. EQ has no such rule and better communication as well. So looks like I have to pull the money into EQ. I just wanted all my banks listed in PT.
I was wondering if EQ has a do not renew button for GIC’s because PT does not. PT told me it’s coming but that was a year ago.

November 10, 2023
6:44 am
Norman1
Member
Members
Forum Posts: 6860
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

One can download a faux void cheque for one's EQ Bank savinngs account:

How do I set up a direct deposit to my Savings Plus Account?

Using the EQ Bank mobile app, sign in to your account, then click on the navigation menu in the top right corner. Click on “Direct deposits and payments,” then “Download PDF/void cheque”.

Using a web browser, sign in to online banking. Under “My accounts,” click on “Direct deposit,” then “Download PDF”.

Once you’ve generated this void cheque, you can give it to the company that is providing the payment.

Peoples Trust may accept it.

November 10, 2023
8:02 am
serendipity
Member
Members
Forum Posts: 168
Member Since:
October 30, 2023
sp_UserOfflineSmall Offline

I did similar with People’s bank (run same as Trust)
I downloaded Hubert void cheque’s and sent them to PB along with a form from PB by secure mail.

Norman1's idea does work.

November 10, 2023
8:06 am
NorthernRaven
Moderator
Moderators
Forum Posts: 626
Member Since:
August 4, 2010
sp_UserOfflineSmall Offline

Wanderer, this would pushing from your PT TFSA account to an EQ non-registered account - a TFSA withdrawal, with the TFSA room not available to reuse until the next year, and all that?

November 12, 2023
6:01 pm
serendipity
Member
Members
Forum Posts: 168
Member Since:
October 30, 2023
sp_UserOfflineSmall Offline

Wanderer said
When I wanted to transfer some money from my TFSA at PT to EQ I was told in order to link PT with EQ I would need to provide PT with a void cheque. My EQ account is not a Chequing account so I have no cheques. PT said that is the only way they could do it. How annoying. EQ has no such rule and better communication as well. So looks like I have to pull the money into EQ. I just wanted all my banks listed in PT.
I was wondering if EQ has a do not renew button for GIC’s because PT does not. PT told me it’s coming but that was a year ago.  

@wanderer

I have read your post a few times. You should be doing a formal request on paper to move from PT to EQ. The TFSA funds should be in your PT TFSA savings or in a GIC about to mature.

When you do a transfer from PT to EQ .... you initiate the transfer from, forms that EQ supplies.

Then do this....as per EQ website.

You can transfer an existing TFSA from another institution to EQ Bank by following the steps below.

Using a web browser:

Sign in and click on “My Accounts” in the top navigation; select EQ Bank TFSA
Select “Transfer TFSA from other bank”
Select “Let’s get started”
Provide and confirm transfer details
Upload a signed transfer form (this step can be completed at a later stage)
Using the mobile app:

Sign in and scroll to select “TFSA Plan”
Select “TFSA Savings Account”
From the bottom right hamburger menu, select “Transfer TFSA from other bank”
Review and tap “Let’s get started”
Provide transfer details
Upload a signed transfer form (this step can be completed at a later stage)
Note your transfer form can also be mailed or faxed.

Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.

Your other financial institution may charge a fee for transferring your TFSA to EQ Bank.

You can check the status of your request from your account dashboard.

There is no charge to move. And then it all moves under the TFSA registry. TFSA to TFSA.

Please write your comments in the forum.