EFT Transfer limit | Tangerine Bank | 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 Transfer limit
November 16, 2015
10:22 am
Rick
Member
Members
Forum Posts: 977
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

I initiated a test transfer of all my funds out of Tangerine to see what would happen. It was refused because it was in excess of my daily limit and call CS if I wanted to transfer the whole amount. I reduced the amount until it would allow the transfer, and found that 25K was apparently the daily limit for transfers out via on-line. They didn't have a problem sucking ALL the funds into Tang at once when the last promo started, but shuffling out is a different story. Does anyone know if there is a weekly limit as well as the daily? I searched the T&C's, but couldn't find any mention. Wanted to take some or all out before the promo ends just in case they start another with "Balance as of Dec 1" type promo.

November 17, 2015
12:25 pm
Loonie
Member
Members
Forum Posts: 6415
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I know that banks always have the right to refuse large one-day withdrawals if you go in person for cash. I am not sure if this is regulatory or just a matter of policy. They need some mechanism to protect themselves against a "run on the bank", I suppose. During times of economic emergency etc, access can sometimes be closed by governments.

However, it doesn't sound like you were ultimately refused the transfer you wanted. Did you speak to CS personally? Did they refuse you?

November 17, 2015
1:50 pm
rron
Member
Members
Forum Posts: 3
Member Since:
November 16, 2014
sp_UserOfflineSmall Offline

In the past, when I transferred higher amounts out of Tang, I used several $50k chunks, and dated them all for the same day. Worked fine then. Maybe they changed that recently. The best thing is to inquire directly to get the right answer.

November 17, 2015
3:11 pm
AltaRed
Member
Members
Forum Posts: 1192
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

Institutions set the maximum amounts that can be transferred out online in a single transaction. My experience has been with $50k limits so knowing that, I've been known to make two separate $49,995 transactions to move circa $100k same day.

Interac email transfers also have limits that vary amongst providers, both in terms of single transactions, daily and weekly lmits. It is a dog's breakfast out there.

November 20, 2015
7:06 pm
Rick
Member
Members
Forum Posts: 977
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

Now I am wondering if I "Pull" the entire amount into PT instead of "push" it out of Tang, would Tang's limit apply? Anybody know?

November 20, 2015
7:36 pm
Norman1
Member
Members
Forum Posts: 3402
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Pulling funds electronically is done through a Funds Transfer PAD (pre-authorized debit). Tangerine likely has limits on such debits too.

November 29, 2015
4:03 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3577
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Rick said

Now I am wondering if I "Pull" the entire amount into PT instead of "push" it out of Tang, would Tang's limit apply? Anybody know?

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

President's Choice Financial has transfers on EFT debits out of PC Financial, that is those that are initiated from PC Financial so it's sad Tangerine has these limits as well.

I usually try and "pull" (rather than "push" funds). Yes, "pulled" funds are subject to standard hold periods but, the advantage on "pulled" funds, you can generally benefit from earning a day's interest (or two) on the same funds in two different bank accounts.

Actually, when transferring funds, I generally prefer to do so via ABM deposit after 5 pm on a Friday to benefit from 3-4 days interest on the same funds in two different places. Just don't try and maximize the interest in your Tangerine Savings for too long. You still earn a decent rate of interest on funds over a certain amount in your Tangerine Chequing combined with the rate of interest on your external savings account. :)

Cheers,
Doug

November 29, 2015
4:37 pm
kanaka
Member
Members
Forum Posts: 1232
Member Since:
December 23, 2011
sp_UserOfflineSmall Offline

I prefer to pull too.
If I do a pull at Implicity I can buy a GIC immediately.
If I do a pull at iTRADE I can buy immediately.

November 29, 2015
5:31 pm
Rick
Member
Members
Forum Posts: 977
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

I set up a pull from PT on Thursday. Funds appeared in PT on Friday, but still sitting in Tang on Sunday. Earning double interest unless Tang back dates the withdrawal to Friday. Will LYK when funds disappear on Monday.

Update: Funds were moved from and dated from Tang Monday.

December 5, 2015
3:47 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3577
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

See? Nice little "trick" to earn "double interest" (if only for 2-3 days). Generally, it depends on the institution - if they'll credit your account the same day (like Implicity) when you can do it after "cut-off time" (i.e., 5-6 pm local time to the institution) and likely won't disappear from your Tangerine account until Tuesday. PT sounds like they credit your account on a "pulled" funds transfer next day so you "lose out" on 1 day of "double interest" that way but, still managed to get 3-4 days "double interest". :)

Basically, it depends what you're needing - if you want to "maximize" your "double interest" earned, always "pull" funds. They may be subject to the standard period (if over the "hold release" or "access to deposited funds" limit associated with your account/profile) but if you're just keeping it in a savings account (or transferring it to a GIC with Implicity or for trading purposes with Scotia iTRADE, the funds can effectively be "moved" or accessed immediately, although I didn't know that with Implicity - good "tip," kanaka), "pulling" works great.

If you're trying to move funds between one account to another via a third "hub" account and want "no" holds, "pushing" works best. :)

Cheers,
Doug

December 5, 2015
10:36 am
kanaka
Member
Members
Forum Posts: 1232
Member Since:
December 23, 2011
sp_UserOfflineSmall Offline

Doug said
PT sounds like they credit your account on a "pulled" funds transfer next day so you "lose out" on 1 day of "double interest" that way but, still managed to get 3-4 days "double interest". :)
Doug

If I recall correctly when I pulled into PT it did not show immediately (<=not sure) BUT you have to call them first, before you purchase a GIC to have them remove the HOLD on the funds and then go back online your self and do the GIC and then call them back AGAIN to update the GIC to "not renew at maturity" and/or "to pay interest annually". Quite cumbersome!! Also not a good idea to PULL funds on Friday after 5pm as most cannot be contacted til Monday.

Implicity is much much easier.......do the pull and email your request and is always done within 10 minutes. And better yet Oaken and Accelerate is all done over the phone.

It appears, to me, a lot of the CU's and PT use the same canned software that is totally inflexible for some of us to be able to input a GIC to pay interest annually and to NOT reinvest at maturity. NOR provide a receipt or and online view of what has been input online or on our behalf. This is a bit of a burr with me as the virtual banks want us to do it all, which I can live with, but do not offer all variations of what a customer may require. Oaken sends a great certificate for non registered GICS that does it all.

But no matter what.....I always call the FI a week or two before the GIC matures to make sure it does not renew.

November 30, 2017
10:48 pm
rfdm4g4g9
Member
Members
Forum Posts: 227
Member Since:
June 15, 2016
sp_UserOfflineSmall Offline

Rick said
Now I am wondering if I "Pull" the entire amount into PT instead of "push" it out of Tang, would Tang's limit apply? Anybody know?  

Wondering the same is the PULL limit from Tangerine and PUSH limit from Tangerine the same.

Please write your comments in the forum.