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Holds on transferred money
December 10, 2020
8:33 pm
yesmath
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I'm new to moving my money around much but with Tangerine only offering 2% on new money, and the same crappy rate on my existing money, I want to move my money. I am wanting to keep my money liquid to potentially buy a place early next year, I'd appreciate input on how you keep the hold periods straight.

I had a GIC maturing at a bank with a lousy rate, so transferred it to Tangerine since that has been my main bank. A few days later, I then transferred out of Tangerine to a better rate elsewhere, but then a few more days later I was notified that the transfer failed because some was on hold. I now know I need to wait the full 5 business days, but what bothered me is Tangerine doesn't indicate the date/time the hold is released. Even the agent couldn't tell me, so he suggested I just access the money the day after the "5 business day hold". I live on the west coast so am always wary of when does the business day start/end on the pacific coast. Does anyone know if there's a more precise way to time it?

I've been comparing other banks, and the hold periods vary wildly like EQ is 2 bus days and Canadian Tire is 6. So this is feeling more work than it is worth for just a few months.

Any advice from others who PUSH/PULL? Do you just write a crib sheet of all the rules at the banks you are dealing with?

December 10, 2020
10:55 pm
topgun
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yesmath said
I'm new to moving my money around much but with Tangerine only offering 2% on new money, and the same crappy rate on my existing money, I want to move my money. I am wanting to keep my money liquid to potentially buy a place early next year, I'd appreciate input on how you keep the hold periods straight.

I had a GIC maturing at a bank with a lousy rate, so transferred it to Tangerine since that has been my main bank. A few days later, I then transferred out of Tangerine to a better rate elsewhere, but then a few more days later I was notified that the transfer failed because some was on hold. I now know I need to wait the full 5 business days, but what bothered me is Tangerine doesn't indicate the date/time the hold is released. Even the agent couldn't tell me, so he suggested I just access the money the day after the "5 business day hold". I live on the west coast so am always wary of when does the business day start/end on the pacific coast. Does anyone know if there's a more precise way to time it?

I've been comparing other banks, and the hold periods vary wildly like EQ is 2 bus days and Canadian Tire is 6. So this is feeling more work than it is worth for just a few months.

Any advice from others who PUSH/PULL? Do you just write a crib sheet of all the rules at the banks you are dealing with?  

Yes rules are different for each FI. I think the hold on funds at Tangerine is released by 3:00AM EST after X hold days. Certainly by 6:00AM EST. I just give them one extra day to make sure no holds. I have sometimes been able to access the first $2,000 or $5,000 PULLED in at Tangerine. I do not know how this limit is assessed. I am PULLing over $10,000 next week to Simplii. It will be interesting to see how long the hold is on the amount above my standard no hold limit of $10,000. A PUSH can be better since no hold will be placed on funds deposited electronically. NO I do not keep track of all these details.

Have a Great Day

December 10, 2020
11:49 pm
yesmath
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topgun said
A PUSH can be better since no hold will be placed on funds deposited electronically.  

This will be an easy "rule" to remember!

Tangerine says they can give you access to the part of your pulled in funds that you can cover from your other Tangerine accounts (like GICs or their other products), thus not having to put a hold on all of it

BTW I erred earlier. EQ has a hold for 5 or 6 days (though you can see the funds after 2 days....look, don't touch!sf-wink). And CT has an even longer hold with the caveat they can extend the hold 10+ days until they are satisfied the funds are covered.

December 11, 2020
4:23 am
Alexandre
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As I recall, every time I had funds on hold with Tangerine, I could just check my account and see how much is on hold.
Same with EQ bank - it clearly states how much is on hold, out of total.

It is unwise to initiate transfer as long as funds are still on hold. Especially with current very low interest rates, trying to "beat the system" by initiating transfer just before funds are released is not worth it, in my opinion.

December 11, 2020
5:17 am
topgun
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Precisely. If they say they hold funds for 5 days wait 5 + 2 days (i.e. 2 days for weekend) to do any additional transfers. Then wait another 1 day. If you need any funds in the transferred amount in the next month leave them in BANK A for no hold access. Not worth trying to "beat the system" for a few more cents in interest.

Simplii starts processing 1 day before transfer date.
I have a CU that starts processing 3 days before transfer date.

Have a Great Day

December 11, 2020
5:31 am
hwyc
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yesmath said
... but what bothered me is Tangerine doesn't indicate the date/time the hold is released. Even the agent couldn't tell me, so he suggested I just access the money the day after the "5 business day hold". I live on the west coast so am always wary of when does the business day start/end on the pacific coast.

Your funds release date(s) can be found in a hidden spot by clicking "Learn more" on the Transactions tab. Tangerine observes Eastern time, so I believe.

Hope this helps.

December 11, 2020
8:44 am
smayer97
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yesmath said
Any advice from others who PUSH/PULL? Do you just write a crib sheet of all the rules at the banks you are dealing with?  

yesmath said

topgun said
A PUSH can be better since no hold will be placed on funds deposited electronically.

This will be an easy "rule" to remember!
 

Careful... though it is OFTEN true that PUSHes should result in a NO HOLD period at many banks at the receiving end, this is NOT true across the board. There are some that actually place a hold NO MATTER HOW the funds are transferred in...

So, yes, the only way to keep it straight is to keep notes, at least for those that are most important to you.

December 11, 2020
9:35 pm
Loonie
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@smayer97, can you say which FIs you are thinking of that put a hold on pushes? I have not run into that yet and it would be good to be forewarned.

December 11, 2020
10:06 pm
Loonie
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I do keep information on Hold periods when I find out about it but in reality I have to check my account if there is any chance of transferring out too quickly. One problem is that Hold periods can and do change, so even if you have a list, it may not be up to date. The same applies to account size limits and transfer amount limits, always subject to change.
I keep a log of all transfers, deposits, withdrawals other than PADs and everyday banking, and have a column to indicate if it has cleared.

As has been noted, EQ has a good system for showing when the Hold has been lifted, and they also have some of the most timely transfers and shortest Hold periods.

Another problem is that sometimes a transfer will not go through if you requested an amount that is over their limit for transfers. I have had this problem but can't remember which FI it was. With some FIs, it is unclear whether the limit is really per transaction or per day.

There can also be a problem if you transfer funds in and then try to move them to another account within the same FI. Some won't allow this until the transfer-in has cleared, but others will.

All in all, it's difficult to keep track of so I take it on a a case-by -case basis.

It's a good question but I find it difficult to give a good answer. Perhaps Rick can give some advice. He is usually very efficient with transfers.

December 12, 2020
9:32 am
smayer97
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Loonie said
@smayer97, can you say which FIs you are thinking of that put a hold on pushes? I have not run into that yet and it would be good to be forewarned.  

Hubert is one... "a full 6 business hold on any funds", electronically, cheques, etc. I have even spoken to them to be sure. I was surprised by this. I'm not sure if there are others. Most of the other ones I deal with do not have holds on $ pushed in.

So again, read the fine print.

December 12, 2020
10:11 am
Norman1
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smayer97 said

Hubert is one... "a full 6 business hold on any funds", electronically, cheques, etc. I have even spoken to them to be sure. I was surprised by this. I'm not sure if there are others. Most of the other ones I deal with do not have holds on $ pushed in.

So again, read the fine print.

I strongly suspect the Hubert agent was mistaken. I know of no financial institution that would place a hold on an incoming Automated Funds Transfer credit, such as a direct deposit or a push.

Their FAQ has additional context for that six business day hold:

How long are my deposits I transfer in from another institution held?
All electronic transfers are held for six business days, but you start earning interest as soon as you see the deposit in your account.

Are there any holds placed on cheque deposits?
Yes. There is a five business day hold placed on cheque deposits.

I don't think Hubert anticipates that some of us can originate an Automated Funds Transfer credit to send funds to one of their accounts:

How do I make a deposit to my Hubert account?
To make a deposit to your Hubert account you have two options.

1. Sign into your Hubert GO Web account and click on the ‘Transfer Funds’ tab in the top menu bar. Select if you want to transfer into our out of your account. Follow the prompts to initiate the transfer. You will only be able to transfer funds from accounts that we’ve verified.

2. Send us your deposit using good old-fashioned snail mail. Simply mail us a cheque that’s payable to yourself and has your Hubert account number written on the back of the cheque (so we know where to deposit the funds).

You can mail cheques to:…

December 12, 2020
11:51 am
smayer97
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Well that is what the agent quoted and explained to me so all I have is that to go on. would be nice to confirm...At this point, I have little business with them so no great reason to try right now.

December 12, 2020
9:23 pm
Loonie
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I've never run into this issue at Hubert, but I don't think I've ever pushed money to them, and I've never been in a position where a Hold there mattered.
I will report if I run into a problem.

I'm wondering if they accept direct deposits (e.g. OAS, salary etc). If they do, there should be no holds on those, and it's basically the same thing.

December 12, 2020
10:21 pm
Norman1
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Yes, Hubert's HISA does accept direct deposits.

Their updated web site, under Documents, will generate a direct deposit information form for the HISA. No pre-authorized debit information form, though. So, they may block Automated Fund Transfer debits.

August 27, 2023
8:43 pm
UkrainianDude
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So I push money into my Tangerine checking account from another FI there will be a hold or no no hold !?

Holds on your Account

When you make a deposit by cheque, electronic funds transfer, or other negotiable item in Canadian currency, for funds drawn from a financial institution’s branch located in Canada, we may hold the funds for up to five (5) business days after the day you make the deposit. For all other negotiable items, the hold may be up to thirty (30) business days. During this hold period, we may limit your right to withdraw funds deposited by these means, and we may refuse to accept any deposit to an Account.

August 28, 2023
6:01 am
lhsaid
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UkrainianDude said
So I push money into my Tangerine checking account from another FI there will be a hold or no no hold !?

Holds on your Account

When you make a deposit by cheque, electronic funds transfer, or other negotiable item in Canadian currency, for funds drawn from a financial institution’s branch located in Canada, we may hold the funds for up to five (5) business days after the day you make the deposit. For all other negotiable items, the hold may be up to thirty (30) business days. During this hold period, we may limit your right to withdraw funds deposited by these means, and we may refuse to accept any deposit to an Account.  

There shouldn't be any hold when you push from another FI. Your funds should be available as soon as Tangerine receives it. That's how it works for me anyways, you may want to call them and ask in case they do different things based on each client.

August 28, 2023
3:49 pm
TINAisOver
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UkrainianDude said
So I push money into my Tangerine checking account from another FI there will be a hold or no no hold !?

Holds on your Account

When you make a deposit by cheque, electronic funds transfer, or other negotiable item in Canadian currency, for funds drawn from a financial institution’s branch located in Canada, we may hold the funds for up to five (5) business days after the day you make the deposit. For all other negotiable items, the hold may be up to thirty (30) business days. During this hold period, we may limit your right to withdraw funds deposited by these means, and we may refuse to accept any deposit to an Account.  

I have a Tan account also, I have no EFT connections in my Tan account . But I do pull funds from my Tan acc. to other Fi's that I have and there are holds on those until they clear. I deposit the old fashioned way , I write a cheque and deposit using the mobile app. Their policy is an automatic hold for 5 business days to clear (for my type of transactions). So far that's the case in my experience.

In the transaction tab on the website client section it displays the amount on hold and it remains until it clears. Now having said that I have bought GIC's recently with funds still on hold without bouncing . This let me to think that I could pull those held funds from my other FI's without issue. The answer is No. I won't be doing that again. I guess if the funds remain in Tan's domain they will give it a pass, at least for GIC's.

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