I'll pass the word along.

Dean

Dean said
.
'Thank-You' Alexandra ⬆️❗

He couldn't find the certificate, but everything else worked.
Dean  

W1 used to sent out a Guaranteed Investment Certificate Confirmation or if you called them they would e-mail one to you. (Maybe they still do that if you ask).
I put "certificate" in quotation marks meaning one can print out each gic purchased individually by going into Account Details.
They also have monthly statements that you can view/print. These list all of your holdings. I like how their statements are done. Very clear.

Glad your brother is okay with everything now.

He couldn't find the certificate, but everything else worked.

Dean

Dean said
.
With all that behind him now, my brother is trying to set up his first W1BoC GIC, but he's running into a bit of a roadblock . . .

It appears there is no way for him to set up a 3Yr GIC so that at maturity the principal & interest earned automatically go into his W1BoC SA. The only option he's given is that at maturity, the 3Yr GIC automatically Renews for another 3Yrs !
.
How does he get past this roadblock?
Once you open your GIC it will say below "change maturity options"
from there you can change your maturity instructions for principle and interest to be transferred to your Wealth One Savings Account. You can go into your account and print the new "certificate" showing those renewed instructions.

Thanks for the help,
Dean  

It appears there is no way for him to set up a 3Yr GIC so that at maturity the principal & interest earned automatically go into his W1BoC SA. The only option he's given is that at maturity, the 3Yr GIC automatically Renews for another 3Yrs !

.
How does he get past this roadblock?

Thanks for the help,

Dean

Norman1 said

The info on holds is at the bottom of their Account service fees page in the Legal section:

Subject to the exceptions below, the normal length of time we will hold funds is 5 to 8 business days2 after the date of deposit. The maximum hold periods for encoded Canadian dollar cheques or items drawn on a Canadian financial institution are illustrated below:

Amount of Deposit
Maximum Hold Period
$1,500 or less5 business days2 after the day of deposit
Over $1,5008 business days2 after the day of deposit

…

The hold would usually be for EFT's one originates at WealthONE to pull funds in. Not for direct deposit EFT's one originates at another bank to push funds into a WealthONE account.  

Thanks for all that ⬆️, Norman ... Much Appreciated !

FWIW . . .

Now that W1BoC has 'fixed' things for him (excessive Hold periods), my brother reports that his EFT Pushes from Oaken to W1BoC are now being put On Hold for 5 business days.

That's not exactly the industry norm for Pushes (no Holds), but it's better than what was happening for him before at W1BoC.

Dean

I believe as with WS that their hold period for new acc't holders is longer, but their normal hold period is 7 calendar days despite the policy stating 5 business days. I believe with W1, what's in writing doesn't necessarily overrule practice, i.e. what's been written isn't necessarily what's intended, but I digress.

In any case, that shouldn't apply to push tfrs, but Oaken is an unusual FI in the way they're structured. Example, when you pull funds into Oaken from a linked acc't, it's rec'd as a bill pmt @ the linked acc't.

The hold policy is very dynamic & used to be 10 calendar days, but was recently changed to 7 calendar days & acc'ts were supposed to be automatically re-encoded to reflect that, but 1 of my acc'ts was left out in the cold & had to be reset to 7 calendar days. In addition, I was advised that they're currently working on reducing their hold period further, but there's more...

I always thought that externally generated push tfrs had no holds on them, but I just discovered that DD's/PAC's from the gov't are also subject to holds, which is very unique to W1, since every other FI I've ever had gov't PAC's or any other PAC for that matter has never been subject to holds.

I was told that that's a firm security measure, with the exception of gov't deposits which they're willing to remove holds on. I can only assume that some of their clients uncovered clever ways to push non-existing funds to W1...perhaps a legacy of their Chinese days??

I just pulled a large sum into my affected acc't, so I'll keep you posted as to whether the hold comes off this week or remains in place.

Subject to the exceptions below, the normal length of time we will hold funds is 5 to 8 business days² after the date of deposit. The maximum hold periods for encoded Canadian dollar cheques or items drawn on a Canadian financial institution are illustrated below:

Amount of Deposit	Maximum Hold Period
$1,500 or less	5 business days2 after the day of deposit
Over $1,500	8 business days2 after the day of deposit

…

The hold would usually be for EFT's one originates at WealthONE to pull funds in. Not for direct deposit EFT's one originates at another bank to push funds into a WealthONE account.

Today my brother got an email back from a W1BoC CSR stating ... "This may have occurred due to a system error, and our technical team is currently looking into the matter."

As of today, the funds he deposited into his W1BoC SA two weeks ago are now available (no longer On Hold).

It's also interesting to note that the CSR also mentioned ... "Please note that our standard hold policy for EFT deposits is 7 Calendar Days". Yet we can find no reference to that on their 'Terms & Conditions' page.

Go Figure,

Dean

Dean said

He don't listen to me, as much as he used to.
.

Alexandra said

I am pretty sure, when I have had funds in Savings account on hold with Wealth One, that the CSR will "unlock" the funds if I wish to purchase a GIC with them.
I think Peoples does that too....but not too many purchasing with People's at their low rates.  

And then there's Oaken, where you don't even have to call-in to invest in a GIC with funds still On Hold in your SA.

The biggest concern here for my brother is that W1BoC's 5 Business Day Hold period has come and gone, but the funds are still On Hold.

Something's Wrong!
Dean  

Weird. Unless I want funds in Oaken's HISA, I purchase GIC's directly from linked accounts. I like as well when a GIC with them matures and I have requested those funds to go into a linked account, the funds are there right on that day.
If they mature on a Sunday, usually get the deposit on the Saturday.

Wrayzor said

Dean - how did you let your brother deal with W1?  

He don't listen to me, as much as he used to.
.

Alexandra said

I am pretty sure, when I have had funds in Savings account on hold with Wealth One, that the CSR will "unlock" the funds if I wish to purchase a GIC with them.
I think Peoples does that too....but not too many purchasing with People's at their low rates.  

And then there's Oaken, where you don't even have to call-in to invest in a GIC with funds still On Hold in your SA.

The biggest concern here for my brother is that W1BoC's 5 Business Day Hold period has come and gone, but the funds are still On Hold.

Something's Wrong!

Dean

Dean said
.
My younger brother opened up a new W1BoC account last week, and started making deposits into his new W1BoC SA (via EFT Pushes from Oaken).

It's been over 7 business days since he made his first deposit, but it's still listed as being 'On Hold' ... in spite of their website saying funds are only put On Hold for 5 business days.

Has anyone else had this problem at W1BoC ?
Dean  

I am pretty sure, when I have had funds in Savings account on hold with Wealth One, that the CSR will "unlock" the funds if I wish to purchase a GIC with them.
I think Peoples does that too....but not too many purchasing with People's at their low rates.

Dean said
.
WS = Wealthsimple (no?).

W1BoC = Wealth One Bank of Canada (what this thread/subject is about).

Dean   

Sorry, my bad.

I emptied my W1 account earlier this week. Funds are at Manulife.

W1BoC = Wealth One Bank of Canada (what this thread/subject is about).

Dean