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Funds Hold Policy
September 8, 2018
12:06 pm
gicjunkie
Ontario
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We opened accounts at Wealth One many months ago, but decided to stop dealing with them when we discovered that they were holding electronically transferred funds for 5 - 7 business days. Did anyone else experience this? This only occurred because, shortly after we made a transfer, we found a better investment opportunity and had difficulty getting the funds back. At other institutions we have dealt with, the transferred funds were readily accessible. I can understand funds being deposited by cheque being held, but this was not the case.

September 8, 2018
12:55 pm
Nehpets
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gicjunkie said
.....they were holding electronically transferred funds for 5 - 7 business days........ 

In fact, GicJ, isn't their arbitrary hold policy actually 10 days?

Undoubtedly their arbitrary policy is annoying, though their target market is not people like us in this Forum who are moving money around to take advantage of interest rate opportunities.

Did you have success in overriding the hold by speaking to a CSR or to a manager?

Stephen

September 8, 2018
2:02 pm
Loonie
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Nehpets said

Undoubtedly their arbitrary policy is annoying, though their target market is not people like us in this Forum who are moving money around to take advantage of interest rate opportunities.

 

We're not ANY FI's target market!sf-wink

However, the rest seem to be able to move money faster than this!

September 8, 2018
7:23 pm
gicjunkie
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When I realized what was going on, I spoke to a representative and demanded that they return the originally transferred money back to my home bank, where it originated, which they did. It took a bit of pressure though.

October 9, 2021
4:05 am
Bruford
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Not only is their fund holds policy excessively long, but their funds transfer seems to be limited to $10K maximum. Once they get your money, they got you for some time. Buyer beware.

October 9, 2021
6:52 am
Loonie
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Does the hold policy affect the ability to move money into a GIC?
If you transfer in funds, most FIs initially put them in a savings account. Do you have to wait for them to clear before you can buy a GIC at WealthOne? I am hoping to do this weekend but haven't even opened an account yet.

October 9, 2021
7:32 am
COIN
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Loonie said
Does the hold policy affect the ability to move money into a GIC?
If you transfer in funds, most FIs initially put them in a savings account. Do you have to wait for them to clear before you can buy a GIC at WealthOne? I am hoping to do this weekend but haven't even opened an account yet.  

Excellent question. I remember with EQ (2-4 years ago) they deposited the money in a savings account for something like 8 business days before rolling it into a GIC.

October 9, 2021
8:32 am
smayer97
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Bruford said
Not only is their fund holds policy excessively long, but their funds transfer seems to be limited to $10K maximum. Once they get your money, they got you for some time. Buyer beware.  

Last I checked, W/D was limited to $30K/day, $70K/week, $250K/month. BUT that is for pushes. You can always do more with pulls from another FI.

October 9, 2021
10:59 am
gicjunkie
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A friend told me that once they have your money they will process a GIC without a "hold" period. You may ransfer $10,000 out per day yourself, but larger amounts may be transferred out if you call them for assistance.

October 9, 2021
12:29 pm
Loonie
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Thanks; sounds encouraging.
This is where that elusive chequing account would come in handy, for withdrawals or transfers.

October 9, 2021
1:14 pm
HermanH
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Loonie said
Does the hold policy affect the ability to move money into a GIC?
If you transfer in funds, most FIs initially put them in a savings account. Do you have to wait for them to clear before you can buy a GIC at WealthOne? I am hoping to do this weekend but haven't even opened an account yet.  

I just did it. I transferred overnight and called them the next day. They immediately removed the hold and purchased GICs for me.

October 9, 2021
1:40 pm
gicjunkie
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I think most of these FIs have hold periods for client based transfers in. Motive does it. Hubert does it. The bonus at Motive is that you start earning interest at the moment you initiate the transfer in and they won't get the funds until at least the next day or after. Hubert gives you interest from the moment they actually receive the funds.

On the other hand, if your FI receives an electronic transfer from another FI due to a direct interest deposit arrangement or as a result of an investment maturing, for example, there would likely be no hold. You wouldn't have initiated the transfer. The other FI did.

Please write your comments in the forum.