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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
Ontario
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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
Ontario
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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.

Please write your comments in the forum.