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How long will it be settled after pushing a large fund out?
July 8, 2024
11:17 am
ChristineJon
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Guys I am wondering if there is any catch when you push your fund from T to other bank via EFT. How long will you receive the fund after the push, any holding time? Any tips would be much appreciated.

July 8, 2024
11:26 am
Dean
Valhalla Mountains, British Columbia
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.
Typically, it takes 2 to 3 business days, and a 'Push' in most cases will not have a Hold period.

And FWIW ... I believe Tangerine still has a withdrawal limit of $25K/day.

Ka-Chingsf-smile

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 8, 2024
12:22 pm
usephrase
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Call Tangerine, they can help you a withdrawal limit of higher amount. Or you have multiple Tangerine accounts , each account has 25K limit.

July 8, 2024
12:48 pm
JohnnyCash
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ChristineJon said
Guys I am wondering if there is any catch when you push your fund from T to other bank via EFT. How long will you receive the fund after the push, any holding time? Any tips would be much appreciated.  

To answer your question, how long? Depends on the FI you are sending the funds to, it can be as short as leaving Tangerine in the morning and arriving at the other bank the same day.

July 8, 2024
10:30 pm
sk
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This holding fund games is a typical of Canadian banks and credit unions. Just gaming for their benefit. If you bank in another country you will see funds come and go with absolutely zero hold. Same day same second availability. But no here we have to create procedures to... You know it

July 9, 2024
7:02 am
Norman1
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When one pushes funds out at Tangerine Bank, the direct deposit item is sent out the next business day. I've never seen a hold when the direct deposit item is posted to the destination account.

There are three cutoff times for the automated funds transfer items: 9:30 am, 4:30 pm, and 9 pm Eastern time. Tangerine doesn't seem to send direct deposit items out by the 9:30 am cutoff.

If the automated direct deposit is transmitted by the 4:30 pm cutoff, then it could be posted by 6:30 pm when the receiving bank, like RBC or CIBC, has two-hour handling of direct deposit items. Otherwise, it would be the next business day or the second business day after.

July 9, 2024
8:14 am
JohnnyCash
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Norman1 said
When one pushes funds out at Tangerine Bank, the direct deposit item is sent out the next business day. I've never seen a hold when the direct deposit item is posted to the destination account.

There are three cutoff times for the automated funds transfer items: 9:30 am, 4:30 pm, and 9 pm Eastern time. Tangerine doesn't seem to send direct deposit items out by the 9:30 am cutoff.

If the automated direct deposit is transmitted by the 4:30 pm cutoff, then it could be posted by 6:30 pm when the receiving bank, like RBC or CIBC, has two-hour handling of direct deposit items. Otherwise, it would be the next business day or the second business day after.  

What you've posted has been my experience too, it's quite interesting looking at patterns for FI transmit and posting times. BMO seem to post in the afternoon like RBC and CIBC.

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