ING Direct Canada launches free chequing account | Page 3 | Tangerine Bank | Discussion forum

Doug said:

djino,

5-10 business day holds for EFT transfers are NOT standard in the industry. I'm dealing with ING Direct's poor customer service on this very question. Ally places two-day EFT holds on funds transferred from your external account from within Ally and no EFT holds on funds transferred to Ally from your external online banking. You shouldn't let ING Direct suck you into this over-zealous, super-cautious approach because it ain't standard.

As for ATM deposit holds, it would be nice if ING was like some other institutions (PC Financial, HSBC) and based it on your initial credit check to determine hold limits but I fear they may be like some others (Canadian Direct Financial, ICICI Bank Canada) and simply hold ALL ATM deposits -- which essentially makes the account worthless. The whole idea is to be able to transfer money seamlessly and not have mandatory hold periods regardless of credit rating.

Cheers,
Doug

I believe the 5-10 day hold on EFT transfers is pretty standard (in Canada) when you have just opened up an account with said bank. I don't have accounts with the banks you posted, but I do have accounts with HSBC, PCF, and ING and they all place 5 business day holds if I setup Bank to Bank transfers to transfer funds INTO that bank from that banks online Transfer section.

On occasion I've been able to call HSBC (my account manager) and they have been able to remove the hold on a specific transaction, but I'm sure that's because I've had the account for a number of years in good standing. I'm sure this wouldn't have been allowed for someone with a new account or with a poor history with HSBC.

The only way to avoid the HOLD, is to use the sending Bank's EFT and push out to the receiving bank as the receiving bank would not hold funds. But this isn't possible with the Big 5 as they don't have the Bank-to-Bank transfer feature.

As for ATM Deposit holds, for all the banks I've banked with, this is always based on the initial credit check and then can be raised over time assuming good banking history with said bank. HSBC started me with $1000 limit, then $2000, and the last time I called, they said are no longer placing any holds on deposits I make. PCF I believe releases me up to $1500. I don't use PCF that much, so I assume it will stay at that limit.

I'm sure there will be enough interest in this account for it to be profitable for ING. Though granted I can't see everyone ditching their current primary bank to use this account. Overtime it could become popular or at the VERY least free Email Money Transfer will be the norm across all Canadian Banks. North America (specifically Canada) seems to be behind the times when it comes to EFT in world banking. Most developed nations are able to establish instant transfers to any bank, but here in Canada, it can take Days or even Weeks to clear a cheque. Speaking of cheques, this is something hardly ever used in other parts of the world, yet its still common place here in North America. People in this thread have said they'd rather stay with PCF because of free cheques, but as free (INSTANT) EFTs become more common (like ING's free EMT), there will be ZERO need for cheques. AND ZERO need for funds to be HELD while waiting to be cleared.

For the above reason, I'd rather support this new account and hope that it eventually becomes standard across all banks in Canada.

djino

I logged in again this morning, and where there was previously a THRiVE "Join the preview!" button there is now a "Open an account!" button. Check it out! 😆

Yay for another "Free" banking product, this is good news (but you know it's not 100% free right?).

I won't join it (I like using cheques) as after the first 20 cheques you pay 20 cents per cheque.

Let's hope the main 5 banks start to notice they have to do something for their clients to keep them.

I got my invitation and opened the THRiVe Chequing Account. Daily POS limit is $2500 and ABM withdrawal limit is $800 (larger than my HSBC POS limit of $2000 and ABM withdrawal limit of $600, though I guess in theory I could simply have my RM increase my limits if I really wanted it since I do work there). Curious to test out ABM deposits and see if, based on my excellent credit history, there are no holds on deposits like at HSBC or not.

Anyone else get one?

Cheers,
Doug

I agree with you on ING's interface, Patrick. I like HSBC's and Ally's online banking the best so far (out of ING, HSBC, Ally and Scotiabank).

Cheers,
Doug

I'd say you can receive Interac EMTs, dkay, but you'd likely pay an incoming wire transfer fee just like any other non-Interac EMT member institution customer.

-Doug

Patrick said:

So its there a hold on any deposit made on the exchange ATM network with ING? If so, is there a way to wave it you think?

If you already have an ING account (investment savings) then I believe it would comply with the initial credit check performed then.

If the checking account is your first and only ING account, then I assume once the credit check is performed, they would let you know the release limits on ATM deposits.

djino

That's probably reasonable speculation, guest. I hadn't considered that. For clients with excellent credit, they certainly could release funds sooner than the prescribed hold period or, like HSBC, have no holds at all. However, there's no incentive for them to do that. The downside of having mandatory all hold periods for all (you watch, djino, even someone like me with an 800+ beacon score will have a seven-day hold on his bankcard, mark my words!) is it discourages people from using the account more - which is the very thing they're trying to do by having the holds.

I'd still prefer they operate like HSBC and offer no holds to established clients or clients with excellent credit ratings or like PCF with prescribed hold release limits based on credit rating.

It'll be interesting to watch, though. 🙂

Cheers,
Doug