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Email this5:55 am
May 20, 2016
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1 year GIC @5.15% is the best. I'd like to transfer TFSA fund into W1 from Hubert, but can't find out how from W1's online banking. Anybody knows? Thanks.
8:42 am
September 16, 2022
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davidgeorge said
1 year GIC @5.15% is the best. I'd like to transfer TFSA fund into W1 from Hubert, but can't find out how from W1's online banking. Anybody knows? Thanks.
I think you need to contact them to open a registered account, I did it through booking an appointment so they will call you, it went pretty smoothly. This is the link: https://wealthonebankofcanada.coconutcalendar.com/service
11:53 pm
November 18, 2017
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Check the terms and conditions carefully. More and more institutions are raising their transfer-out fees lately, with many going to $100 or more. Study the "end-of-year" method of de-registering funds near the end of the year and then depositing them into the new institution in the new year, when there's no penalty for withdrawing.
Note that either paying a transfer-out penalty or losing up to a month's interest (as it can take that long to de-register or transfer registered funds) may render the transfer not worth your while. Check the policies of both former and new institution, the fee schedules and other details. In some cases, the new institution will cover the transfer-out cost, but I don't think Wealth One is doing that on the new, higher transfer-out fees. Good luck.
RetirEd
RetirEd
11:06 am
April 14, 2021
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I pushed funds into my non-registered savings account on Dec 22 from Tang, in preparation for purchase of TFSA GIC in 2024. However, the funds are still on hold. I did not think that funds pushed into accounts were held.
Has anyone else experience this type of hold from W1?
12:11 pm
January 12, 2019
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davidgeorge said
1 year GIC @5.15% is the best. I'd like to transfer TFSA fund into W1 from Hubert, but can't find out how from W1's online banking. Anybody knows? Thanks.
Warning ⬇
Personally, I wouldn't touch W1BoC with a 10' Pole !
Caveat Emptor
- Dean
" Live Long, Healthy ... And Prosper! "
12:17 pm
April 14, 2021
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I'm under the 100K CDIC coverage limit, so I don't mind.
Anyone experience a hold on funds pushed into W1 accounts?
1:07 pm
September 11, 2013
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Sorry, don't know about push but I pulled funds into W1 savings account recently and next day called in and they lifted their normal 5 - 8 business days hold for me to buy a GIC.
7:22 pm
January 12, 2019
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.
As most of us are aware, there is 'Far More' than CDIC limits at play here !
At center stage with getting into bed with the likes of W1BoC, are the concepts of Personal Integrity, Scruples and One's Own Conscience.
But sadly for some ... none of those things matter.
- Dean
" Live Long, Healthy ... And Prosper! "
8:24 pm
April 14, 2021
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I resent your insinuation that somehow your personal opinion on what is proper for scruples and integrity is the only correct measure or standard. This type of bullying is becoming all to common and I will not stand idle for it. You made your decision. Allow others to make their own without your new-age cultural imperialism.
9:02 pm
October 27, 2013
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In fairness, something does smell in Denmark if a bank continues to hemorrhage red ink year after year. Ownership is either being charitable (unlikely) or there are some smelly financial ties back to some black box in China. There are reasons for Ottawa to have issued some 'degrees of separation' in this entity and there may be more to come. I suspect OSFI/CDIC/Dept of Finance knows more than is being said publicly.
9:21 pm
September 5, 2023
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It's appropriate for individuals to warn other of issues with certain FIs on this site.
I am grateful for those warnings as a lifelong learner on HISAs, GICs, and the FIs that provide them. So the more learned elders (
) on this site, don't hold back on the warnings.
At the same time, while a warning is appreciated, statements about morals and scruples on a site where most people are often chasing the best return are maybe unnecessary. What is a problematic investment for one investor, are not a concern for another investor who simply looks at the numerical return.
10:42 am
September 11, 2013
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I assume W1 is at least partly an instrument to keep track of financial dealings of diaspora and their kin, etc "back home", but as our domestic authorities are still allowing it legally to operate as a bank in Canada that's good enough for me.
As far as virtue signalers, they're ubiquitous these days, doesn't bother me at all, go ahead and signal away!
11:31 am
January 12, 2019
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AltaRed said
In fairness, something does smell in Denmark if a bank continues to hemorrhage red ink year after year. Ownership is either being charitable (unlikely) or there are some smelly financial ties back to some black box in China. There are reasons for Ottawa to have issued some 'degrees of separation' in this entity and there may be more to come. I suspect OSFI/CDIC/Dept of Finance knows more than is being said publicly.
- . . . and we can bet that CSIS has their eye on them, as well !
As the Rotten Egg Stench at W1BoC continues grow, it's going to be very interesting to watch this all play out.
Buckle-Up and enjoy the show ... preferably from a Good Distance.
- Dean
P.S.
It appears that some others here might
want to consider 'Growing Some Bark'.
" Live Long, Healthy ... And Prosper! "
11:54 am
April 14, 2021
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althisa said
At the same time, while a warning is appreciated, statements about morals and scruples on a site where most people are often chasing the best return are maybe unnecessary. What is a problematic investment for one investor, are not a concern for another investor who simply looks at the numerical return.
And, when called out, this pompous individual continues to pontificate and dig himself ever deeper.
12:44 pm
May 18, 2016
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HermanH said
And, when called out, this pompous individual continues to pontificate and dig himself ever deeper.
I found that individual is very disturbing too. The McCarthyist takes every opportunities to jumps out barking his anti-China opinion. 愚蠢之至。
1:46 pm
October 21, 2013
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RetirEd said
Check the terms and conditions carefully. More and more institutions are raising their transfer-out fees lately, with many going to $100 or more. Study the "end-of-year" method of de-registering funds near the end of the year and then depositing them into the new institution in the new year, when there's no penalty for withdrawing.Note that either paying a transfer-out penalty or losing up to a month's interest (as it can take that long to de-register or transfer registered funds) may render the transfer not worth your while. Check the policies of both former and new institution, the fee schedules and other details. In some cases, the new institution will cover the transfer-out cost, but I don't think Wealth One is doing that on the new, higher transfer-out fees. Good luck.
RetirEd
I would not assume that today's transfer fees, whatever they may be, will be the ones in place when you come to make your transfer, X years hence. In my experience, FIs will change them whenever they feel like it, with mandatory notice of perhaps 90 days or so. It doesn't seem to matter what they said when you bought. I would assume they are free to change the fee during your term unless it very specifically says they can't.
8:16 pm
April 14, 2021
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HermanH said
I pushed funds into my non-registered savings account on Dec 22 from Tang, in preparation for purchase of TFSA GIC in 2024. However, the funds are still on hold. I did not think that funds pushed into accounts were held.
Update: The funds came free either Dec 31 or Jan 1 and I was able to transfer them to my TFSA savings account and make a GIC purchase Jan 1.
How very odd that the funds were on hold, in the first place. Also, odd that the funds became available automatically on a holiday. It has been my experience that funds seem not to be released until the next business day. A 5-business day hold would have been Dec 22, 27, 28, 29, and Jan 2. Maybe they were released on Dec 31 and I did not notice the change. Just another reason to give oneself lots of manoeuvre room, if one is planning on conducting a Dec TFSA transfer.
Oh, well. All's well that ends well.
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