7+ Business Days and still 'On Hold' :-( | Wealth One Bank of Canada | Discussion forum

Dean: You must be the older/wiser brother?! It will be interesting to see what WS has to say in the case of your brother. I suspect it revolves around being a new customer. In theory that should not affect the availability of a push transaction to WS based upon my limited knowledge of the settlement rules in Canada and my experiences. However, WS seems to be somewhat nimble when it comes to relationship management.

I have only been a WS customer since earlier this year. Once, I reached Generation status ($500k in net assets) they seem to be reduce restrictions on your account. Also, they seem to be able to respond to concerns more readily than most mainframe banks. Even for me earlier this week I sold some ConDebs that were nearly in the money with four years to maturity at my mainframe bank. I had a margin loan at WS as they only charge Gen clients 3.95% interest. I pulled the funds (only direct method from mainframe). I pulled $78K in the first tranche and to my surprise their was no hold on the funds. So, this was a lot more that the $25K that it had previously been set at. Like most organizations, WS does not communicate such limits to their lowly customer. I only discovered through trial and error. So, on the second tranche from mainframe to WS I discovered my new hold limit on pull transactions was $100k. If I had known that in advance I would have altered my transactions.

Fortunately, it only means $4k is on hold until July 16 for me earning interest at 2.6% instead of 3.0% at Manulife. There also is an annoying issue as to when the interest clock begins to tick at WS when they have a hold on your funds. Your brother may want to do the calculation on that. What WS says about the interest clock and what their actual interest calculations are seem to be at odds with one another. I have never encountered novelty interest calculations at the many many bank accounts I have opened over the years. But since WS is not a bank, one gets noverlty calculations. It is minor amounts, but I find it to be annoying.

The thing about annoying your clients is when I have choices, they become easier to make. WS has a top tier 3% interest rate currently (with lower tiers). Manulife has a 730 day promo offer at 3.00%. CDIC insurance is clear with Manulife. With WS I have to trust their lawyers, their structure of the setup, their back office and them that their CDIC insurance is in place in theory up to $1M. I have seen too many train wrecks in the corporate world. It is much easier for me to park my $50 K at Manulife (promo offer limit is $500K max I think) than at WS and this is even with their goofy lottery going on now. No tiers at Manulife, and I trust Manulife more than WS simply put.

When, I drew funds for the first time on my WS margin account. I did it in two steps. First to my WS chequing and then to my mainframe bank. So, I am part of a WS promotion where they provide a 1, 2 or 3% match on my transfer from mainframe bank and allow me to withdraw up to 20% of the intiial funding without negatively impacting my promotional match amount. So, after doing this I noticed that I had reduced my 20% withdrawal amount by my margin loan. According to their fine print I was not expecting this. WS told me that I needed to do the transfer directly from my margin account to my mainframe bank account. Without me asking them, WS fixed the situation (not much of a surprise there as they presumably make money when I borrow funds on my margin account). A moot point at the moment now that I have repaid my margin loan. However, it did seem to reflect that they were more customer focused than following the letter of their terms and conditions of the mathcing offer.

So, I am still in the process of evaluating WS. At present their $275/monthly stipend is enough to not make me want to rock the boat too hard. Because they are not actually a bank per se, there are some nuances. They do change limits based upon their risk assessments. Your brother's pushed funds still seem to be incorrectly on hold given that they were pushed funds. Maybe, because they are not a bank, maybe standard settlement rules do not apply to them. Je ne sais pas.

Dean said
.
WS = Wealthsimple (no?).

W1BoC = Wealth One Bank of Canada (what this thread/subject is about).

Dean   

Sorry, my bad.

I emptied my W1 account earlier this week. Funds are at Manulife.

Dean said
.
My younger brother opened up a new W1BoC account last week, and started making deposits into his new W1BoC SA (via EFT Pushes from Oaken).

It's been over 7 business days since he made his first deposit, but it's still listed as being 'On Hold' ... in spite of their website saying funds are only put On Hold for 5 business days.

Has anyone else had this problem at W1BoC ?
Dean  

I am pretty sure, when I have had funds in Savings account on hold with Wealth One, that the CSR will "unlock" the funds if I wish to purchase a GIC with them.
I think Peoples does that too....but not too many purchasing with People's at their low rates.

Dean said

He don't listen to me, as much as he used to.
.

Alexandra said

I am pretty sure, when I have had funds in Savings account on hold with Wealth One, that the CSR will "unlock" the funds if I wish to purchase a GIC with them.
I think Peoples does that too....but not too many purchasing with People's at their low rates.  

And then there's Oaken, where you don't even have to call-in to invest in a GIC with funds still On Hold in your SA.

The biggest concern here for my brother is that W1BoC's 5 Business Day Hold period has come and gone, but the funds are still On Hold.

Something's Wrong!
Dean  

Weird. Unless I want funds in Oaken's HISA, I purchase GIC's directly from linked accounts. I like as well when a GIC with them matures and I have requested those funds to go into a linked account, the funds are there right on that day.
If they mature on a Sunday, usually get the deposit on the Saturday.