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Trying Out Wealth One
May 11, 2021
5:02 pm
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With a feature set that works for my needs I thought I'd apply for a Wealth One HISA and give things a whirl.

So far I'm surprised by some of the functionality in their MemberDirect online banking.

Nice things:

Having the transit, institution, and account number easily accessible is nice.
The link to generate a personalized pre-authorized debit/direct deposit form is also nice. The fact that they support Interac e-Transfer Auto Deposit surprised me too.
Transaction descriptions so far are an improvement over Motive, receiving an e-mail money transfer actually has the name of the sender as a memo in the transaction.

Odd things:

Their bill payee database is olddddd and missing things. Feels like bill payments are really an afterthought.

It's early days and I'm still experimenting but better than I expected and email responses are quick enough.

Is anyone actively using Wealth One?

May 11, 2021
6:51 pm
HermanH
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I recently started accounts with WealthOne via mail and a physical personal cheque with my name and address was required. I sent one, but it seems to be lost.

One thing that should be noted is the hold period. I created a link from Tangerine to push money into W1 and tested it. For most other banks into which I 'push' money, there is no hold period. However, with W1, my money was always held 10 business days, or so.

May 11, 2021
10:47 pm
Vatox
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One thing I don’t like. To open a TFSA GIC, you must phone them. You can open regular GICs online but not TFSA GICs.

If that has changed, let me know!

May 12, 2021
2:13 am
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That hold on pushed in funds is very interesting. I'll have to see if that happens to me as well...

I can't speak for TFSA GICs specifically, but I know that for a normal TFSA HISA it requires going through the application again or contacting them.

May 13, 2021
4:27 am
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You were correct on the hold for funds that are Pre-Authorized credits. I added the account to EQ Bank which did the two verification deposits of a few cents, and both are on hold. That's... absurd.

May 13, 2021
6:01 am
Loonie
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Agreed, it doesn't make sense.
iI was under the impression that banks couldn't do this to a deposit that was pushed in, i.e. that it was against some rule or other.

It's certainly a nuisance.

Perhaps someone can clarify?

One of the few reasons I continue to use CIBC for everyday, bills, and a hub, is because they refuse to initiate push/pulls. So, any money that comes into the account by any transfer does not have to be given any thought by me. I know there will be no hold. It keeps my mind clearer! It's only cheques that would be held. There are very few of those and I usually deposit them somewhere else, where they will earn interest while they are waiting to clear.

May 13, 2021
6:52 am
Norman1
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That's right. It appears to be contrary to section 8 of Payments Canada Rule F1 - Rules applicable to Automated Funds Transfer (AFT) Transactions.

Wouldn't want to send payroll, pension, or dividend direct deposits there and have them held for 10 business days!

May 13, 2021
7:06 am
Norman1
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Sounds like they and Neo Financial may be using the same system: Direct deposits to Neo Savings are placed on hold on arrival

May 13, 2021
9:19 am
HermanH
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Loonie said
It's only cheques that would be held. There are very few of those and I usually deposit them somewhere else, where they will earn interest while they are waiting to clear.  

To be fair, most of the institutions, with which I deal, hold the money but still let interest accrue during the hold period. Some, but certainly not all banks, let me move it between internal accounts during the hold period.

May 13, 2021
9:22 am
HermanH
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Norman1 said
That's right. It appears to be contrary to section 8 of Payments Canada Rule F1 - Rules applicable to Automated Funds Transfer (AFT) Transactions.

W1 terms do state that the hold periods may vary due to the status of the account. The hold periods for new accounts may change once a cheque is deposited (not test deposits for link purposes.) I haven't done it myself, but think that the conditions allow for that possibility.

May 13, 2021
10:50 am
Alexandra
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Loonie said
Agreed, it doesn't make sense.
iI was under the impression that banks couldn't do this to a deposit that was pushed in, i.e. that it was against some rule or other.

It's certainly a nuisance.

Perhaps someone can clarify?

One of the few reasons I continue to use CIBC for everyday, bills, and a hub, is because they refuse to initiate push/pulls. So, any money that comes into the account by any transfer does not have to be given any thought by me. I know there will be no hold. It keeps my mind clearer! It's only cheques that would be held. There are very few of those and I usually deposit them somewhere else, where they will earn interest while they are waiting to clear.  

CIBC doesn't put a hold on any of my cheque deposits either. One of my account managers I had way back when (I think around 2008), took off all holds on them for me. That has never changed.

May 13, 2021
11:04 am
Norman1
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HermanH said

W1 terms do state that the hold periods may vary due to the status of the account. The hold periods for new accounts may change once a cheque is deposited (not test deposits for link purposes.) I haven't done it myself, but think that the conditions allow for that possibility.

If Wealth One Bank hasn't received your preprinted cheque yet, then they have not fully confirmed your identity!

May 13, 2021
11:12 am
Norman1
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Alexandra said

CIBC doesn't put a hold on any of my cheque deposits either. One of my account managers I had way back when (I think around 2008), took off all holds on them for me. That has never changed.

The individual hold policy is up to the bank.

I discovered I had a customized hold policy at Simplii when I deposited a large cheque. I was expecting the first $100 to be available immediately. I don't remember what it turned out to be exactly. Something like $10,000 was available immediately.

May 13, 2021
11:18 am
HermanH
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Norman1 said

HermanH said

W1 terms do state that the hold periods may vary due to the status of the account. The hold periods for new accounts may change once a cheque is deposited (not test deposits for link purposes.) I haven't done it myself, but think that the conditions allow for that possibility.

If Wealth One Bank hasn't received your preprinted cheque yet, then they have not fully confirmed your identity!  

Very true, but they also released the 'test deposit' funds after 10 days. Logically, if they are truly concerned about my identity, then all funds should be held until such identification is established.

I sent the cheque over a month ago. Hope that it isn't lost.

May 13, 2021
11:20 am
topgun
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I opened my PC Financial No Fee Account at Loblaws kiosk. The bank representative said $10,000 was the largest available.

Have a Great Day

May 13, 2021
12:48 pm
Loonie
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Norman1 said
That's right. It appears to be contrary to section 8 of Payments Canada Rule F1 - Rules applicable to Automated Funds Transfer (AFT) Transactions.

Wouldn't want to send payroll, pension, or dividend direct deposits there and have them held for 10 business days!  

I don't have an account at WealthOne, but I hope that someone who does and who is being subjected to this hold will take up this rule with the bank and let us know the result. Might have to take it to their ombudsperson.

May 13, 2021
12:53 pm
Loonie
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HermanH said
To be fair, most of the institutions, with which I deal, hold the money but still let interest accrue during the hold period. Some, but certainly not all banks, let me move it between internal accounts during the hold period.  

I think it's possible you haven't noticed the difference between what we have come to call pushes and pulls. It took me a while to understand it!
The point is that if funds are pushed into an account from another FI, then there should be no hold, but a hold is normal if funds are pulled into an account. It all depends on where the transfer is initiated. The problem here is that WealthOne appears to be putting a hold on both kinds of transfers. Personal cheques will typically have holds.

May 13, 2021
1:02 pm
Loonie
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Alexandra said

CIBC doesn't put a hold on any of my cheque deposits either. One of my account managers I had way back when (I think around 2008), took off all holds on them for me. That has never changed.  

They might do the same or similar for me if I asked, which I never have.
I opened account at RBC the other day for one of their promos and discovered they had given me $5,000 "overdraft". When i asked about this, I was told that there was no fee for it and that it really meant they had essentially cleared that much of my initial deposit immediately. I'm not sure I believe them, but that's what they said! I won't be using it anyway.

May 13, 2021
2:57 pm
Norman1
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That sounds right actually.

If bank has approved $5,000 of overdraft, then one is judged good for $5,000. There shouldn't be an issue giving immediate access to up to $5,000 of deposits.

Should $5,000 of deposits be returned, the bank can recover the funds from funds still remaining in the account and then any shortfall from the $5,000 overdraft.

Someone who has a bank account and a $400,000 HELOC, with $300,000 undrawn, with the same bank could be allowed immediate access to up to $300,000 of deposits.

May 13, 2021
4:07 pm
HermanH
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Loonie said
I think it's possible you haven't noticed the difference between what we have come to call pushes and pulls. It took me a while to understand it!
The point is that if funds are pushed into an account from another FI, then there should be no hold, but a hold is normal if funds are pulled into an account. It all depends on where the transfer is initiated. The problem here is that WealthOne appears to be putting a hold on both kinds of transfers. Personal cheques will typically have holds.  

Thank you for the clarification, but I do understand the use of push/pull on this forum.

My contention is regarding the arrival of the physical cheque as full confirmation of my identity. If there was any question as to the veracity of my identity, then, IMO, all funds that arrive in the W1 account should be held until my identity is satisfactorily established. This reasoning would have W1 hold the two small test deposits that came from my EQ bank (that allowed me to establish a functional link.) Instead, I was able to withdraw the two test deposits via the EQ link after the 10 day hold period.

I agree that money pushed into W1 from an outside financial institution should not be subject to any hold period and probably contravenes the rule cited by Norman1.

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