EFT Delay Time (In/Out) | Saven Financial | 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
EFT Delay Time (In/Out)
July 10, 2021
1:54 pm
Nehpets
Ontario
Member
Members
Forum Posts: 781
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

I called to inquire about some of the ground rules of Saven, and was told that an EFT into Saven (pull) or EFT withrawal out of Saven (push) would take "up to 5 days" to complete.

Has anyone had experience with Saven to confirm if in fact it takes 5 days to credit the account for a deposit and that it would take 5 days for funds to arrive at the external linked bank account?

This is reminiscent of Meridian and even their online division Motus.

Stephen

July 11, 2021
7:48 pm
KamWest
Toronto
Member
Members
Forum Posts: 129
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

Nehpets said

This is reminiscent of Meridian and even their online division Motus.

Stephen  

HeHe, Meridian and Motus has no idea that some people actually need their paychecks.

Seriously I don't care because I always have a high account balance but if I needed my paycheck there is no way in the world I could bank with them given the long hold periods.

Yup Saven is the same way, only put the money there you don't need to touch right away.

July 12, 2021
5:02 am
Nehpets
Ontario
Member
Members
Forum Posts: 781
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

KamWest said
.... there is no way in the world I could bank with them given the long hold periods....

From what I was told, this is not a hold period, which I can tolerate..this is a policy where there is a five day delay before your account is credited with the deposit, or conversely, the outgoing receiving account only receives funds five days after the transfer is initiated.

Funds are held up in limbo in a pull / push contrary to most EFT transfer protocols at other FI's with the exception of Meridian and Motus.

Must be a platform some Ontario CU's subscribe to.

Stephen

July 12, 2021
5:30 am
Loonie
Member
Members
Forum Posts: 7293
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Yes, the real issue with Meridian and motus at least is not simply the hold times, but the transfer times. For several days, your money doesn't go anywhere and it's as if you'd done nothing.

I worked it out once that the process time from request to clearing the hold on receipt is actually about the same at Mer and motus as elsewhere, but the annoyance is that your money isn't moving and you are not getting the new rate, which is exceedingly frustrating. It makes it harder to keep track because it looks as if you didn't make the request, and then you start asking yourself if you really did.

Too bad Saven seems to be on the same system.

Please write your comments in the forum.