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Email this8:32 am
May 15, 2007
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I've stayed away from big bank accounts because there isn't much reason to use them given all of the other options we discuss on the website.
But I decided to open a Scotiabank Ultimate Package chequing account partially because of the $300 bonus offer and partially just to try it out.
I was surprised to discover that you cannot initiate an electronic funds transfer from a Scotiabank chequing account! Their customer service response is as follows:
Electronic fund transfer to/from another institution is not available on a
chequing account besides using an Interac e-Transfer. You can also visit a
Scotiabank branch to request a wire transfer or make Western Union transaction
to transfer funds.
Likely this is old news to most people. I just figured it ought to be a standard feature by now, especially for a financial institution's top-end chequing account.
8:53 am
October 27, 2013
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I've never known a big bank chequing account to permit me2me transfers. Generally, they are limited to formal wire transfers, bill payments, Interac and some mechanism for International transfers such as Western Union. Scotia also has their own internal mechanism for International transfers to International bank accounts which I have not used....yet.
8:59 am
December 20, 2016
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Peter said ......I was surprised to discover that you cannot initiate an electronic funds transfer from a Scotiabank chequing account! .........
Likely this is old news to most people. I just figured it ought to be a standard feature by now, especially for a financial institution's top-end chequing account.
The same is true with the legacy BMO and TD checking accounts I have, where EFT's cannot be initiated from either.
However these accounts can be and are linked to just about every FI we regularly discuss on the Forum, so EFT's can be initiated at any of the external FI's to pull from or push to BMO and/or TD.
Presumably your Scotiabank checking account can be linked to external accounts so transfers can be initiated to pull from and push to Scotiabank, is that right, Peter?
Stephen
9:18 am
May 8, 2021
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Peter I assume you mean that without using interac you would like to move funds like Oaken and some of the Manitoba Credit unions allow.
If yes, here are my findings with the Bank of Nova Scotia.
I have an iTrade Account (owned by BNS) that uses the Bank of Nova Scotia platform. I CAN push/pull funds back and forth to my VanCity account. My iTrade Account is paperless for statements and they do email a reminder when they are ready.
One time I had some iTrade forms and one requirement was to have our signatures witnessed and one option was to have that done at a BNS branch. First branch...rude and did not know BNS owned iTrade. Bank two we must have been labelled as bank robbers when we entered but eventually we had the forms stamped and initialed...then we signed at home....yup they forgot to make sure we signed before they witnessed!!!
I used to have a cash back BNS Mastercard. I thought I would be nice to BNS and go paperless. They use the same platform as iTrade. I called and asked why no reminder for statements, as iTrade does. Hasn’t been developed yet was the response from the not so friendly CSR. Later they continued to strip the benefits away and I made a list of why not to keep the card and cancelled it. Like who goes paperless and does NOT offer an email reminder?!?!?
Both accounts had separate logins as well. Even though iTrade issued me an ATM like card.
They are a very very odd bunch.
9:54 am
May 15, 2007
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Yes, the Scotiabank checking account can be linked from other financial institutions, so one can push and pull funds from the non-Scotiabank account such as from Oaken.
5:02 pm
November 6, 2018
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My chequing/everyday banking account is with CIBC. EFTs cannot be initiated from it. I have always assumed that is the case with every one of the Big 5 banks. I can push or pull funds from/to that account from my online banks so it's never been an issue.
5:25 pm
April 6, 2013
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For the traditional banks, the ability to originate a direct deposit or a pre-authorized debit is considered to be a business banking service and not a personal banking one.
The ability is known as customer automated funds transfers (CAFT). For example, Canadian Western Bank: Customer Automated Funds Transfer.
One needs to ask a business banking rep at the ScotiaBank branch.
8:33 pm
October 21, 2013
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Peter said
Yes, the Scotiabank checking account can be linked from other financial institutions, so one can push and pull funds from the non-Scotiabank account such as from Oaken.
I think the point with the Big Banks is that these transfers can be done, but they claim they can't because they don't want people to know it can be done fom the other end.
If asked, they all basically give the same response you got in #1 above.
I am able to move money in and out of CIBC and TD chequing, but only by initiating from the other end.
5:21 am
March 30, 2017
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BillieBob said
My chequing/everyday banking account is with CIBC. EFTs cannot be initiated from it. I have always assumed that is the case with every one of the Big 5 banks. I can push or pull funds from/to that account from my online banks so it's never been an issue.
same here, I dont even bother trying to initiate from the big5. Just push and pull from the other FIs work equally well anyway.
I think the big5 makes it difficult or unavailable by design, to make the customer captive.
6:31 am
December 20, 2019
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Yup very easy to link from the other end
The big banks are making it harder though.
I noticed the automated process on motus for linking CIBC and Simplii gives an error now. I chated with customer service and they said CIBC is uncoperative and I had to do it manually.
On my previous motus account I linked CIBC with a couple of keyclicks.
Scotia still links with a couple of clicks no issues though.
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