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Transfer In / Transfer Out limits
May 1, 2020
8:23 am
meghan88
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Could these possibly be added to the Comparison chart or the Services chart?

e.g.:

Hubert has no limits to transfer in, but has the following limits to transfer out: 50K/day; 250K/week; 500K/month.

Alterna transfer out limits: 25K/day, 50K/week, 125K/month

EQ: 200K max ceiling in HISA; not sure what their daily/weekly transfer limits are.

Thanks for considering this sf-smile

May 1, 2020
8:50 am
Doug
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meghan88 said
Could these possibly be added to the Comparison chart or the Services chart?

e.g.:

Hubert has no limits to transfer in, but has the following limits to transfer out: 50K/day; 250K/week; 500K/month.

Alterna transfer out limits: 25K/day, 50K/week, 125K/month

EQ: 200K max ceiling in HISA; not sure what their daily/weekly transfer limits are.

Thanks for considering this sf-smile  

Hi Meghan,

Thanks for the suggestion on potential additions to the Services chart. The community has definitely discussed this in the past, but there are problems with implementation. In addition to the Services chart being already unwieldy and prime for pruning in terms of the level of detail that it offers, EFT transfer limits are commonly not disclosed publicly by financial institutions and they also tend to change fairly frequently—on average, at least every year. Moreover, FIs are increasingly customizing the daily and transaction limits. Since it would require manually confirming with each FI at least once per year their transfer limits, it becomes highly problematic to update. Thus, the best strategy seems to simply post to the applicable FI forum here asking for an existing customer to look up their current transfer limits or e-mail the FI directly and ask them for their current limits. We simply can't propose to provide all information before opening an account; some due diligence needs to be done before opening an account.

Edit: Noting Peter's reply, we also have to consider that we're now T-2 years (or so) from completely replacing the existing EFT payments system, so the time and effort to maintain this list is simply not worth it since it's all going to be moot by then. We're also going to have a list of caveats a mile indicating that YMMV with respect to limits and that some financial institutions have different limits, sometimes for different people, if placed with a representative. This site simply cannot provide all pieces of information to all people. We're still not comprehensively providing a listing of all the Canadian credit unions and banks that offer comparable HISA and GIC rates in all provinces and territories, so we should focus on that. Let's not spread ourselves too thin.

Noting MG's reply below as well, looks like we had the same thought. 😉

Hope that helps,
Doug

May 1, 2020
8:58 am
Peter
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I think we could try to maintain a separate list and just add "last updated" as a caveat. It would depend entirely on the community posting ongoing updates. Perhaps if others post what they know in this thread, we can see whether there is enough data and interest to start a page.

May 1, 2020
9:08 am
MG
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I also thought that any transfer out limit could easily be overridden by simply calling in and having the client rep perform or set up the transfer.sf-wink

May 1, 2020
8:18 pm
Loonie
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I don't remember whatever we said previously about this topic but I would very much like to see this information recorded for reference somehow.

It's too cumbersome though for any chart as you have to deal with transfers in, transfers out, daily weekly monthly limits, different limits for EFTs vs talking to a rep, transaction limits vs transfer limits, and perhaps different limits for cheques deposited too. It can be quite confusing to sort this all out.

It's precisely because it's hard to find this information easily and because it is always subject to change and because there are so many variables that I think we should be tracking it as best we can.

Transfer-out limits may become increasingly important if financial institutions start to get into serious trouble going forward.

I also think it could be strategically useful to have this information posted somehow. It sends a message to the FIs that we are watching how they handle this and gives us a basis of comparison from which to argue for more flexibility or to judge the suitability of a particular FI for our puposes.

At some point, depending on how the economy goes, it could become really important to know this, particularly as many of us deal with online-only FIs and are in the habit of funnelling that money out through only one or two physical banks which may at some point also have more stringent limits.

If you try to put all this information in one thread, it will not work. The thread will eventually become unwieldy or veer off track and it will become difficult to find the information you want, thus rendering it largely useless.

I'm not sure how best to deal with it. Perhaps a sticky for each financial institution's forum. It's more work for mods to maintain them but they would be useful. Perhaps some new volunteers could look after the stickies for the FIs they are interested in?

May 2, 2020
8:56 am
canadian.100
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meghan88 said
Could these possibly be added to the Comparison chart or the Services chart?

e.g.:

Hubert has no limits to transfer in, but has the following limits to transfer out: 50K/day; 250K/week; 500K/month.

Alterna transfer out limits: 25K/day, 50K/week, 125K/month

EQ: 200K max ceiling in HISA; not sure what their daily/weekly transfer limits are.

Thanks for considering this sf-smile  

You are incorrect re the Alterna Bank limits. Limits per their site are:
Sending / Receiving
Transaction Limit $50,000 / $100,000
7 Day Limit $100,000 / $250,000
30 Day Limit $250,000 / $500,000

EQ - 30K outbound per transaction and 100K inbound per transaction

Note that "per transaction" does not mean the same as "daily limit".

May 2, 2020
9:10 am
canadian.100
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Tangerine has an outgoing tranaction limit of 50K daily (but you can have an agent do a higher amount manually) Tangerine has no limits on inbound $.

WealthOne Bank has an outgoing transaction limit of $10K - but no daily limits on outflows or inflows.

May 2, 2020
12:57 pm
Rick
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I've been getting around Tang & EQ limits by pulling from destination FI. Do some FI's have limits on pulls to make this information necessary? Like Doug said in the Tang thread on limits:

Doug said

No, they can't limit that. That'd be like limiting the dollar value of a cheque you write. :)

May 2, 2020
1:32 pm
Loonie
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motusbank is very sticky about EFT limits on pulls. Somewhere on their site it says or did say that the daily transaction limit is 10K. However, if you put through 2 transactions which total over 10K, the second one will appear to be accepted but is in fact rejected. All records of the second transaction vanish and the confirmation number you received is useless. And they don't bother to inform you that it didn't go through.
In addition, it takes motus 3 or 4 business days to actually put through an EFT. So, if you put through two of them on the same day totalling more than 10K, you are waiting around for four business days, only to find out you must start all over again with the second transfer.
Their clearing process is also slow, so you could end up tied up for quite a while. If you complain to a CSR, they will, with difficulty, put it through manually, which is somewhat faster.
Their systems are very inefficient. I still use them for some things as it took so long to get it all set up the way I wanted it, but would not recommend.

May 2, 2020
1:38 pm
Doug
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Rick said
I've been getting around Tang & EQ limits by pulling from destination FI. Do some FI's have limits on pulls to make this information necessary? Like Doug said in the Tang thread on limits:

Doug said

No, they can't limit that. That'd be like limiting the dollar value of a cheque you write. :)

  

Wow, that's a blast from the past. Thanks, Rick. Do you happen to have the URL to that thread we can link to from your post # 8?

Your thinking is roughly the way I am thinking with respect to individual FI transfer out limits. That's only important in the context of pushing funds out (with no holds, but not, usually, same-day credit) to a linked financial institution. Unless you need immediate access to the funds at your destination FI, pulling funds in is generally a better idea as you get credit for interest purposes from the day the financial institution posts it to your account. I can see people needing access right away for GIC purchases, but I've found that often the receiving FI can temporarily remove the hold on the funds and re-apply it on the GIC once the GIC is booked (if they even reapply it at all, since it's notionally locked in in most cases).

Only Motus Bank/Meridian Credit Union and Alterna Bank/EQ Bank would the exceptions to where one may want to know their other FI's transfer limits because in, the former case, they manually post their EFT transactions that results in several business days of clearing time and the slowest clearing times of any Canadian financial institution. In the latter case, they, like EQ Bank, have a maximum customer balance, but in either case, they would still call you if you transferred in too much. And, importantly, that's pushing funds out to the destination FI, not pushing funds out of the FI you're interested in knowing what their outgoing transfer limits are.

Incidentally, with the prevalence of Interac e-Transfer and Coast Capital Savings not having self-to-self, bank-to-bank electronic transfers, I can only pull funds out of Coast or send funds to Coast via Interac e-Transfer. So, I rarely, if ever, push funds out anymore.

Loonie said
motusbank is very sticky about EFT limits on pulls. Somewhere on their site it says or did say that the daily transaction limit is 10K. However, if you put through 2 transactions which total over 10K, the second one will appear to be accepted but is in fact rejected. All records of the second transaction vanish and the confirmation number you received is useless. And they don't bother to inform you that it didn't go through.
In addition, it takes motus 3 or 4 business days to actually put through an EFT. So, if you put through two of them on the same day totalling more than 10K, you are waiting around for four business days, only to find out you must start all over again with the second transfer.
Their clearing process is also slow, so you could end up tied up for quite a while. If you complain to a CSR, they will, with difficulty, put it through manually, which is somewhat faster.
Their systems are very inefficient. I still use them for some things as it took so long to get it all set up the way I wanted it, but would not recommend.  

Loonie, I think the solution here with Motus Bank is to close your accounts and close your online banking profiles, severing the relationship. They are more hassle than they're worth, honestly.

Cheers,
Doug

May 3, 2020
10:27 pm
Rick
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Doug said
Wow, that's a blast from the past. Thanks, Rick. Do you happen to have the URL to that thread we can link to from your post # 8?

yeah...that was back in Nov 2015.
https://www.highinterestsavings.ca/forum/tangerine-bank/eft-transfer-limit/
Wanted to link it myself, but couldn't figure out how. Is that a moderator only privilege?

Doug said
but I've found that often the receiving FI can temporarily remove the hold on the funds and re-apply it on the GIC once the GIC is booked (if they even reapply it at all, since it's notionally locked in in most cases).

Amazed at what they can do if they have/want to. Hubert just lifted a hold for me to purchase a GIC. Can't imagine why any FI wouldn't if you want to lock it up in a GIC. Especially with their back-dating capabilitiessf-wink

Doug said
Incidentally, with the prevalence of Interac e-Transfer and Coast Capital Savings not having self-to-self, bank-to-bank electronic transfers, I can only pull funds out of Coast or send funds to Coast via Interac e-Transfer. So, I rarely, if ever, push funds out anymore.

Still not sure why they would go national when they are unable to supply a basic function required to operate. Guess they are happy with every other FI pulling from them.

Loonie said
Their systems are very inefficient. I still use them for some things as it took so long to get it all set up the way I wanted it, but would not recommend.

Good to know. Their rates put them out of the running for my 2nd TFSA carrier, but good to know anyways. Not really any excuse for that kind of service

May 4, 2020
8:07 am
meghan88
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canadian.100 said

You are incorrect re the Alterna Bank limits. Limits per their site are:
Sending / Receiving
Transaction Limit $50,000 / $100,000
7 Day Limit $100,000 / $250,000
30 Day Limit $250,000 / $500,000

EQ - 30K outbound per transaction and 100K inbound per transaction

Note that "per transaction" does not mean the same as "daily limit".  

Thanks for the update! Good to know that they've upped their limits.

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