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Funds Hold Policy
September 8, 2018
12:06 pm
gicjunkie
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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.

October 21, 2021
3:34 pm
frugal lady
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I had a recent situation with Wealth One where I pulled funds into my savings account on the morning of Oct 19 and wanted to purchase a GIC. I contacted Wealth One by email Oct 19 and they released the "hold" on funds in savings and they immediately set up the GIC. I was advised that the funds are then placed on "hold" in the GIC.
I received a GIC confirmation email on Oct 20 a.m.

I received a reply to my initial email within 30 minutes.
5 Star service in my opinion.

October 27, 2022
10:02 am
frugal lady
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Have confirmed today with Wealth One that funds pulled into WO are held for a period of 10 days sf-frown(but can be released early to purchase a GIC).

Also transfer limit $10,000 per transaction and $100,000 per day.

October 27, 2022
10:48 am
Loonie
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Thanks for the update.
I'm scratching my head wondering how, if you can only take out 10K daily, that could add up to 100K per week.
,

October 27, 2022
11:12 am
frugal lady
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Loonie said
Thanks for the update.
I'm scratching my head wondering how, if you can only take out 10K daily, that could add up to 100K per week.
,  

$10,000 per transaction and $100,000 per day.

October 27, 2022
11:43 am
ca-tech-fire
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I was wondering about this hold policy being exceptionally long. It's kind of annoying that I'm still waiting for the holds to expire, and now Tangerine has a higher 5 year rate.

Also I wonder what the limits are if you use Electronic Funds Transfer EFT using Tangerine as the initiating bank. I guess I will find out when my GICs mature. I was able to move a few dollars by initiating the transfer from Tangerine.

October 27, 2022
11:45 am
Nehpets
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Loonie said ....
I'm scratching my head wondering how, if you can only take out 10K daily, that could add up to 100K per week.
,  

Metric week...sf-laugh

Stephen

October 27, 2022
12:21 pm
Loonie
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sf-laugh

And thank to frugal lady for updating post #14.

October 27, 2022
3:23 pm
Bill
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Posts 14 & 16 say the same to me, i.e. per day you can make as many transactions as you like, total withdrawals can't exceed $100K. Is my read of it.

I transferred money into Peoples on Monday, called Tuesday and they released hold so I could buy GIC.

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