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Funds Hold Policy
October 27, 2022
8:10 pm
rodeworthy
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I initiated an online push of $60K from Wealth One Bank HISA on Sept 13 and it arrived overnight at my CIBC account recorded as Sept 14. No special handling, no phone contact, no problem. Excellent service.

October 27, 2022
9:20 pm
Loonie
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Bill said
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.

Yes, but you missed the earlier version of #14. Before being updated, it said 100K per week. I re-read it several times as I tried to make sense of it, so I know I'm not mistaken. I should have "quoted" it to make that crystal clear but I try to minimize quotes to reduce clutter.

October 28, 2022
8:20 am
frugal lady
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Loonie said
sf-laugh

And thank to frugal lady for updating post #14.  

Loonie I need to clarify that I DID NOT update or amend my post #14 and that you indeed did read it wrong when you posted #15. My post #16 in response to yours was my attempt to draw your attention that I said "per day" not "per week".

October 28, 2022
9:33 am
Loonie
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OK; our memories differ. I'm not saying you're misleading us, but, at the same time, I can't get my own clear memory out of my head.
Let's move on to a more useful discussion.

January 3, 2023
2:46 pm
Canadianbull
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Should I go with these guys or with Motusbank for 5 yearsGIC?

January 3, 2023
3:18 pm
HighInterestWinner
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Canadianbull said
Should I go with these guys or with Motusbank for 5 yearsGIC?  

I would just go with motusbank since it is backed by meridian credit union. I read a post by (I believe doug) who went into wealth one banks financials and it was not good so I would not want to put any money there unless it was the last option I had for CDIC coverage after exhausting all the other banks / credit unions.

January 3, 2023
4:58 pm
Loonie
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if you need to do it now, I'd go with motus too.
W1 will likely have some rate specials during Chinese New Year, coming up in about 3 weeks, but they might not include five year term , which is not too popular with banks right now.
Just stay within CDIC limits.

January 5, 2023
2:25 pm
Canadianbull
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Loonie, tfsa gic and non registered gic has 2 separate coverages for 100K. am I right?
Or both GIC has 100K coverage?

January 6, 2023
10:47 am
Loonie
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Yes. TFSA and non-registered each have 100K including any accumulating interest.
The interst is particularly importat with TFSAs as you are likely to be leaving the interest in the TFSA with annual compounding. At 5% for 5 years with annual compounding, you should only put in about 78K. You'd have to do the calculation for your particular investment.

January 6, 2023
3:10 pm
Canadianbull
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Thanks sf-smile

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