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Opening a ZAG GIC/HISA
February 3, 2016
12:13 pm
Brainer
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Hi everyone:

I spoke with Zag Bank this afternoon. There was a wait time on hold of about 25 mins. The rep. with whom I spoke was friendly, and helpful.

In case it hasn't already been posted here, she told me that:

INITIAL DEPOSIT
1) When sending your initial funding for a deposit/GIC/whatever, you cannot send more than $5,000 through Snapchat. 2) When sending your initial deposit, you cannot photograph with Snapchat or mail in, more than one cheque. Only one cheque will be allowed. Moreover, that cheque cannot be certified, or they will not accept it.

DAILY ELECTRONIC FUNDS TRANSFERS
1) Daily limit for electronic funds transfers between institutions is $100,000. That is better than other banks with whom I've dealt before.

ACCOUNTS LINKED
2)You can link up to 5 external accounts to other institutions.

3) They are not setup to do transfers with other institutions unless you initiate the transfer through them. In other words, you can't initiate a transfer through another institution.

4) No problem to do transfers between Zag and credit unions or trustcos, as long as you can provide appropriate routing info.

February 6, 2016
6:29 am
amidat
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Yes, it is a pain in the neck to initiate transfers through them.
It took 5 business days to push funds from ZAG to external bank.
Feb 1 - initiated transfer
Feb 2 - ZAG account was debited
Feb 5 - account at external linked account was credited

At other financial institutions, the time between debit and credit is only 1 day

February 9, 2016
9:32 pm
Brainer
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amidat:

Thanks for that. Care to share more of your experiences doing Electronic Transfers between institutions?

I'm particularly curious about TDDI/TD, Hubert, BMO Ivestorline, Zag and CIBC Investor's Edge. Any transfer stories you can share about transfers between those would be very much appreciated.

February 10, 2016
7:48 am
amidat
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Brainer said

amidat:

Thanks for that. Care to share more of your experiences doing Electronic Transfers between institutions?

I'm particularly curious about TDDI/TD, Hubert, BMO Ivestorline, Zag and CIBC Investor's Edge. Any transfer stories you can share about transfers between those would be very much appreciated.

I prefer to 'pull' rather than 'push' funds.

It usually take 1 business day to push funds from Hubert, Peoples and CTB to external linked account
Day 1 - initiated transfer
Day 1 - account debited
Day 2 - account at external linked account credited

When I push or pull to BMO Investorline the Debit and Credit occur on the same day. Haven't done one of these in a long time but I know it takes a couple of days for the transaction to be reflected at BMO Investorline when you 'push' to BMO.

February 10, 2016
4:50 pm
Brainer
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amidat:

Thanks for that. Very helpful!

Wow, those times are much better than I'd expected. Of course, I won't count on them, but it's good to know it won't take as long as the latest cheque I wrote.

Wrote a cheque from my PC Financial chequing account to BMO Investorline. Submitted the cheque to a BMO branch on a Wed. and it will apparently not clear until 9 1/2 days later. This, in spite of the fact that I had twice as much money in the BMO acct. as the amount on the cheque.

May 20, 2016
8:02 am
Koogie
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November 19, 2014
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Zag Bank is currently not taking business customers for their GICs/deposit accounts.
Might save someone a phone call.

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