December 12, 2009
I wanted to briefly share the length of time it takes for ING Direct to receive funds "pushed" out from another Canadian financial institution. This post is mainly intended for informational/anecdotal purposes only and discussion is not needed (though it is certainly welcome).
I requested a self-to-self EFT transfer out from Hubert Financial to ING Direct (on the Hubert Financial side) on the weekend of Feb 16-18. The transfer out from Hubert occurred instantly but, because of holiday in MB, EFT would not have been sent through the (EFT) clearing system until Tuesday, Feb 19 so we really have to count that as the day.
Funds were received at ING Direct Canada on the morning of Feb 21/2012 (full 48 hours; 2 business days).
While there's no "holds" on incoming funds that were "pushed" (instead of "pulled), and that's a huge advantage, it definitely is slower than "pulling" funds. Plus, you lose out on two days interest whereas at least with "pulled" funds, even though there may be a hold period , you're earning interest the whole time of the transfer.
In short, "push" funds out when you need access to the funds immediately on the receiving account at the receiving FI; "pull" funds in when you don't and want to earn the most interest.
July 10, 2011
December 12, 2009
I think it's ING Direct that is the slower one when receiving funds in from another FI (sent from the other FI) as they are not a direct clearer (they use RBC Royal Bank) and their accounts are held through RBC Royal Bank as well I believe (though maybe that's changed to Scotiabank now - or will be soon; ironically, Ally Canada cleared through Scotiabank and used Scotiabank for its accounts LOL). I know msl's payroll deposits took an extra day versus his other coworkers that used one of the "Big 5" or a credit union.