New EFT Transfer Limits 2022 06 03 | Wyth Financial (formerly Concentra Bank) | Discussion forum

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New EFT Transfer Limits 2022 06 03
June 3, 2022
2:41 pm
Nehpets
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From email today:

We’re writing to inform you of an important change to your HISA account that takes effect immediately on June 3, 2022. We’re reducing the maximum limit for money coming into your account via Electronic Funds Transfer to $100 per transaction, per day.

Please note that you can still move money into your account via Interac e-Transfer® (fees may apply) and via remote deposit capture. Limits can be found within the updated on our Deposits Disclosure website.

Stephen

June 3, 2022
4:55 pm
canadian.100
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Nehpets said
From email today:

We’re writing to inform you of an important change to your HISA account that takes effect immediately on June 3, 2022. We’re reducing the maximum limit for money coming into your account via Electronic Funds Transfer to $100 per transaction, per day.

Please note that you can still move money into your account via Interac e-Transfer® (fees may apply) and via remote deposit capture. Limits can be found within the updated on our Deposits Disclosure website.

Stephen  

Does that mean the maximum for me-to-me transfers (pulled) into one's Wyth HISA is only $100? If so, that seems really low and one might need to do a push from the external account or use mobile deposit to get more than $100 into the Wyth acct.

June 3, 2022
5:26 pm
savemoresaveoften
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Nehpets said
From email today:

We’re writing to inform you of an important change to your HISA account that takes effect immediately on June 3, 2022. We’re reducing the maximum limit for money coming into your account via Electronic Funds Transfer to $100 per transaction, per day.

Please note that you can still move money into your account via Interac e-Transfer® (fees may apply) and via remote deposit capture. Limits can be found within the updated on our Deposits Disclosure website.

Stephen  

I still think/believe it’s a typo lol $100 limit for eft ?! Seriously ! My daughter was sending bigger amount than that when she was a minor lol

June 4, 2022
5:09 am
Nehpets
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The new policy does seem bizarre, but might this be the first step in strangling incoming funds to WYTH in the EQ Bank takeover of WYTH?

Stephen

June 4, 2022
5:15 am
RetirEd
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One must wonder if this is a cynical attempt to suck Interac fees out of clients, whereas PAD/PAD is free.
RetirEd

June 4, 2022
10:07 am
Norman1
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Interac e-Transfer fees are usually collected by the financial institution of the sender of the funds and not by the one of the receiver.

Pushing funds at Wyth is not affected. According to their Deposits Disclosure, one can still push out funds electronically up to $50,000 per request and up to $50,000 per day.

For some reason, now one can't electronically pull in more than $100 per request or more than $100 per day.

June 6, 2022
6:42 am
Nehpets
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Called WYTH this morning for clarification and was repeated the prepared talking points that the change is for "my security" with no further rational explanation.

Stephen

June 6, 2022
11:04 am
Loonie
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Perhaps they had a breach they aren't ready to talk about, or came too close to one and haven't yet solved the problem. Then it really would be for your security. Otherwise, doesn't make any sense.

June 6, 2022
12:09 pm
Nehpets
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Loonie said
Perhaps they had a breach ..... 

Agreed, in which case I see their behavior as a red flag to move funds out ASAP. Irrational behavior by a FI does not instill confidence.

Stephen

June 6, 2022
12:31 pm
Loonie
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I agree.
I have never had any money at Wyth. I'm waiting to see how it all washes out with EQ. I don't have any money to speak of there either and am not fond of EQ!

June 6, 2022
12:57 pm
cgouimet
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Loonie said
I agree.
I have never had any money at Wyth. I'm waiting to see how it all washes out with EQ. I don't have any money to speak of there either and am not fond of EQ!  

What's wrong with EQ?

CGO
June 6, 2022
4:39 pm
Loonie
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I have given my reasons in numerous other posts and don't feel like writing it all out again.

June 16, 2022
1:37 pm
JohnnyCash
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If you think the new EFT limit is a bit odd, how about today's email indicating they are increasing their HISA rate to 1.8% tomorrow.

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