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SAVEN Hold Policy - Locks your money up for 2 days minimum after transfer
October 15, 2022
6:21 am
MAC99
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As an example, I have $10K in Saven. I initiate a $5K transfer to my linked financial institution, let's say RBC.

After 5 days my $5K lands at RBC. Great!

However, the remaining $5K at Saven is ON HOLD for 2 more days until their "digital platform" releases your funds at 9pm. So effectively 3 days.

So I know have $5k in RBC and Saven shows $5K balance with -$5K available.

This is standard policy "to protect their customers from overdraft fees"

I find it unsettling - they won't let me access MY unencumbered funds.

Once my account freeze is over, I have no choice but to close the account as I find this process absurd and I don't need any bank to protect me from myself.

October 15, 2022
8:05 am
fabafter50
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Saven is an absolute DISASTER. I was originally able to link 2 accounts. I made transfers from both. Only one banks transfer ever made it through. I have been trying to link a third bank for the past 2 months. It gives me a window that says it is linked, shows the accounts from that bank, but when I try to transfer funds, the entire link disappears. I called customer service, who directed the issue to IT. Customer service called me back and said IT informed them, if I saw the link, it was linked. Customer service could see it clearly was not, so had me screen shot as IT did not believe them. The "success you are linked" notice appears (which it does every time I try to link it) but then it disappears. I got the screen shot and sent it to customer service. After a week or so customer service called and said IT reckons that my middle name is in the other banks records and that is why it won't link. I was advised to have that removed. I had to snail mail a letter of direction to the other bank, then follow up with several phone calls before the middle name was removed. And guess what, it still wouldn't work. Back to customer service. Back to IT. This has now been going on for 6 weeks. After my latest call, I was told by customer service that IT left a note in my file that it can't be linked. No explanation. Customer service rep says I can write a cheque from that bank to get money in on the mobile app. I go to the mobile app, and it says I am not authorized to do so. Another call to customer service. She finally gets the account set up to receive cheques. In the meantime Oaken just raised their HISA to 3.4%. Problem solved. All my money will be going there. There is something dangerously wrong with a bank that you can't get your money into. Imagine trying to get it out? Not going to take that chance, will be closing my Saven account and getting my $25 bucks back. I think I just dodged not a bullet, but a cannon.

October 15, 2022
8:54 am
fabafter50
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MAC99 said
As an example, I have $10K in Saven. I initiate a $5K transfer to my linked financial institution, let's say RBC.

After 5 days my $5K lands at RBC. Great!

However, the remaining $5K at Saven is ON HOLD for 2 more days until their "digital platform" releases your funds at 9pm. So effectively 3 days.

So I know have $5k in RBC and Saven shows $5K balance with -$5K available.

This is standard policy "to protect their customers from overdraft fees"

I find it unsettling - they won't let me access MY unencumbered funds.

Once my account freeze is over, I have no choice but to close the account as I find this process absurd and I don't need any bank to protect me from myself.  

Mac99, Were you actually able to close your account? And get your money out?
I just tried.
She put what was in my savings account into the shares account and told me I could etransfer it. BUT I CAN'T! There is no option to access where the money is. I can only access my closed savings account with the 0 balance.
On the phone with customer service, who have told me they are sending this to the IT department as it is probably a glitch. LOL The whole system is a glitch. Let's see how long it takes me to get my dough out of here.sf-confused

October 15, 2022
9:10 am
MAC99
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I’m still waiting for their “digital platform they can’t access” to release my funds they’ve chosen to freeze. Yesterday I was told I could access it today. Today I’m told not until 9p.m.

I can definitely move it all out one it’s freed up.

As for their IT, I can only use them with my iPhone. Their app doesn’t work on my iPad. Their website didn’t work in Chrome or Edge on my Win 11 PC. It’s awful

But their savings rate is great!

October 15, 2022
9:14 am
fabafter50
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Let us know if you actually get it out. As for the savings rate, for .1 %, I’ll go with a bank I have used for years, works perfectly fine, and sends me chocolate at Christmas sf-wink

October 15, 2022
9:18 am
MAC99
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I'd add Oaken as well except I already have 6 online banks!

October 15, 2022
9:29 am
fabafter50
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I get it.
Luckily I was already with them and have always had exceptional service.
This never ending drama with Saven is the price I paid for getting greedy..

October 15, 2022
10:06 am
MAC99
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Would I want my Oaken account to be Home Bank or Home Trust Company, or does it matter?

October 15, 2022
10:10 am
fabafter50
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It won’t matter. The beauty of having both options is that you can get $100K CDIC from each, so 100K in HomeTrust, and 100K in Home Bank.

October 15, 2022
10:13 am
MAC99
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Excellent - I'm adding bank #7, and maybe #8 then. Thanks for the tip/nudge.

October 15, 2022
10:19 am
fabafter50
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Welcome! Once you open an account with Oaken, you have access to them both so it’s really only one more bank. It’s an easy setup and they’re always been great to deal with.

November 5, 2022
2:06 pm
TommyT
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fabafter50 said
Let us know if you actually get it out. As for the savings rate, for .1 %, I’ll go with a bank I have used for years, works perfectly fine, and sends me chocolate at Christmas sf-wink  

Except the year Home Capital nearly went bust. That was the only year I didn't get chocolates.

December 2, 2022
1:35 pm
missamayac
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I am encountering the same issue with Saven. They have put a hold on my account for over 2 weeks and today they told me they want to close my account because I was using it too much? Could someone explain to me why this is happening? They have free e-transfers of course I’m going to use it and this was not mentioned anywhere in the fine print that there’s a limit.

December 3, 2022
5:53 am
MAC99
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My issues was related to transferring X amount out causing Saven to freeze X amount in my account. So with a $10k balance and a $5K transfer, after the transfer the remaining $5K is on hold.

There is no limit on account activity that I've seen. There is a daily and monthly limit on e-transfers though.

Max. you can send per transaction $3,000
Max. you can receive per transaction $25,000
Max. you can send per day (rolling period of 24 hours) $10,000
Max. you can send per week (rolling period of seven days) $10,000
Max. you can send per month (rolling period of 30 days) $20,000

Your issue seems different to mine. Hopefully you can get it resolved.

January 2, 2023
6:02 am
TommyT
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MAC99 said
I'd add Oaken as well except I already have 6 online banks!  

I tried to link Oaken. I tried Home Bank and Home Trust too. Couldn't link any of them

February 2, 2023
3:53 pm
MAC99
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I made the mistake of pulling more money into SAVEN. When I realized the error of my ways I looked up their policy on canceling the pull. Once started it can’t be stopped. And now I guess it could be 12 business days before I can move it back, and likely several days for that transfer to complete.

So archaic.

“ It may take up to five business days to transfer funds from other financial institutions. Saven will place a hold for up to seven business days on deposits to and from your account.”

100% My error. I was happy with their E-transfer speed, funds transferred in hours, so I thought why not. Now I remember why I shouldn’t use them.

Where else can I send e-transfers to TD same day or next?

February 5, 2023
12:31 pm
Wayno
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Hi Mac99,
I ran into the same problem last week with another financial institution where I spend close to a very frustrating hour on the phone before the CSRs finally figured out how to cancel a transfer!

I just checked the Saven wed site and found their faqs that may help explain their process.
https://savenfinancial.ca/en/on-faq

How do I cancel a transaction?
To cancel a transfer, log into online banking, navigate to “Move Money”, then “Manage transfers between accounts”. Under the “scheduled transfers” tab, locate the transfer you’d like to cancel and click on the garbage can icon. Press Yes to “are you sure you want to remove this transfer?” and your transfer will be cancelled.

Transfers cannot be cancelled within three days of their scheduled date, or after 9 p.m. EST for same day transfers.

How long does it take money to transfer from Savens Financial to another Financial institution?
It may take up to five business days to transfer funds between Saven and other financial institutions. A transfer will not appear in your account history or statement until it has been processed.

Are there Holds placed on deposits my account ?

Yes, Saven holds funds based on industry standards and best practices. Holds are placed on accounts to protect our members and Saven against possible losses and service charges.

All money transfers coming in and going out of Saven member accounts are held for up to seven business days.
The amount held will earn interest at the applicable rate but is not available for withdrawal.

Processed transfers will appear in your account history or statement within five business days.

I read this as only pertaining to funds deposited that are subject to a hold !

Could you please provide a follow up comment on how long it takes to transfer money out.
Thanks

Wayno

February 5, 2023
1:19 pm
MAC99
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Wayno,

Thanks for the reply.

As I had initiated the transfer as immediate there is no visibility to see it and therefore it cannot be cancelled. I did call in to try and have Saven cancel the transfer but they advised they couldn’t stop it.

I asked what would happen if the funds to be transferred weren’t available and I was told it would incur a $10 NSFcharge. As that was reasonable given my circumstance, I moved the funds into my investment account. I’m waiting for the NSF fee to be levied, but the money certainly can’t be moved now.

February 5, 2023
8:09 pm
Wayno
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MAC99,

"Transfers cannot be cancelled within three days of their scheduled date, OR after 9 p.m. EST for SAME DAY TRANSFERS."

This statement had to be written by a lawyer! sf-laughsf-laugh

I assume the "SAME DAY TRANSFERS" to mean immediate transfers !

However, the CSR may not really understand if an immediate transfer can be cancelled because I assume it is an infrequently used process they have limited experience with.

Please write your comments in the forum.