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KamWest said
They only have one type of account which is savings and no cheques

I am serious when I say I spent months trying to pull to Saven and weeks trying to pull to Hubert.

I finally pushed to simplii but because of the size of the push the supervisors had to be involved.

The rep on the phone told me CTFS no longer allows any pulls which means you can push in and push out (with assistance) and since they have no cheques you are up shits creek if they decide to play hard ball at any time.

Remember some people have significant deposits where financial institutions may not necessarily have all the funds on hand and that is the impression I got with CTF given the time it took to initiate the push.  

I was able to push multiple transactions of $50k same day without issue. At least they dont limit it to 1 per day. Pulling is more prone to fraud in my mind (cuz the request not originated from where the deposit sits) from and I can see why it will subject to holding.
CT bank is a very basic HISA bank that takes deposit and thats about it. Other than using it to fund their credit card book, not even sure why it exists.

KamWest said
They only have one type of account which is savings and no cheques

I am serious when I say I spent months trying to pull to Saven and weeks trying to pull to Hubert.

I finally pushed to simplii but because of the size of the push the supervisors had to be involved.

The rep on the phone told me CTFS no longer allows any pulls which means you can push in and push out (with assistance) and since they have no cheques you are up shits creek if they decide to play hard ball at any time.

Remember some people have significant deposits where financial institutions may not necessarily have all the funds on hand and that is the impression I got with CTF given the time it took to initiate the push.  

So did you get charged a service fee for the rejected pull preauthorized debit?
Or the transfer just simply did not happen at all.

So your problem is the links with Hubert and Saven aren't established from the CT end, sounds like. Maybe some of these digital banks were designed to have links only to bricks and mortar big bank accounts, not to every credit union, digital bank or fintech in Canada.

smso, I did the same about a week or so ago, still can do far as I can see.

Bill said
…
Norman1, how could you get your money out of a digital bank if they said NCP? Phone call?

The money would have to be pushed out from the digital bank's side, phone call or online banking web site, if the money cannot be pulled out from another financial institution.

I think the Oaken Financial savings account is like that. According to Payments Canada ACSS Rule D4, Home Trust Company, institution 627, is not a direct clearer and has no clearing agent. So, Home Trust cannot even receive a pre-authorized debit from another financial institution!

Loonie said
So, is the moral of the story at Oaken that you should use Home Bank for any savings account?

I don't know if just changing the issuer of the Oaken savings account to Home Bank, instead of Home Trust Company, would be enough.

Home Bank may not allow incoming direct deposits and pre-authorized debits for the savings account too.

Bill said
Agreed, Oaken is just a name used by both separate entities Home Trust and Home Bank, I've noticed no difference in the use of either's savings accounts.

Speaking of Oaken, bought a 1-year gic online Feb 4, got confirming email, money still sitting in Home Trust bank account. I called yesterday, they say should have been done by now, we'll get the back office to process and you'll see it by the end of the day. Still not there today, called and today's story is general backlog for everybody, just have to wait. So I guess yesterday was a lie.  

They are very slow as in 1 week plus to see they actually action on it for a new gic purchase. But they do backdate it to the date you put in the order, and honor any new rate upto 1 week AFTER you place the order.

smayer97 said
In the past I successfully linked 2 banks (EQ & Manulife) to CTFS by printing a Direct Deposit form on old CTFS site. It had all the necessary info... It did not include the address of CFTS but that does not seem to be needed. (I have not tried them recently but I now wonder if pulls from or pushes to CTFS from these banks will still work.)

But now that form is no longer available on the new merged site. I called and they are willing to give the Bank, Transit and Account #s but it seems they are no longer allowing linking externally from other banks.... only links to other banks from within the CTFS site are allowed. They also confirmed they do not even support Direct Deposits of things like paychecks.

I am inquiring to see if this form is still available. I'll update if I find any new info.

smayer97 said

Currently no.

I have been investigating all of this with CT and this is what I have been informed:
1. you can get the routing info by calling in. I have and they willingly gave me the info (though I already have it)

2. Many staff, even supervisors, are ignorant of the Direct Deposit Request form (even ones that have been there for 4 yrs) and keep directing customers to the Direct Transfer Authorization form...which IS available on the new site, BUT is NOT what is needed

3. Upon asking for it, and them having to investigate, they are supposedly going to mail me a Direct Deposit form which includes the banking info particulars (Bank ID, Transit #, Acct #, etc). I'll post again once I get it.

4. They have acknowledged that they are still "learning", and are aware of the lack of access to the Direct Deposit for and are supposedly working to address this. I also asked to make sure that staff are properly trained and informed on the existence of the form and how to get it.

HTH  

Following up on this...

I have received a Direct Deposit Request form mailed to me by CTFS. So this form still exists and is available. The form does include the Bank ID (338), Transit # (01012) and the acct number. They breakdown the 12 digit account number as a 6 digit product # portion (170xxx) and the 6 digit customer #.

And contrary to what some reps have stated, including the supervisor there for 4 YEARS, the form can be used for deposits of:
" • Paycheques
• Pension payments
• Investment dividends
• Income tax refunds"
according to the attached letter.

Though only 9 months ago I have used this to link to 2 other banks to perform pulls and pushes from the other side, based on Kamwest's experience, I will have to test this out to see if any still work, regardless of what reps say (many are just not knowledgeable, even the longtime ones).

HTH

... especially when savings accounts pay squat anyway! - as is the case with the big banks we are talking about who also don't do pushes.

Another reason they insist on the two acccounts is so that you may forget to do the transfer to cover a cheque or PAD. I've come very close to doing that more than once! They make money on the NSF fee - as well as alienating their customers.

Norman1 said

smayer97 said

…, based on Kamwest's experience, I will have to test this out to see if any still work, regardless of what reps say (many are just not knowledgeable, even the longtime ones).

That should be interesting to find out.
Technically, those microdeposit direct deposits can be identified and specifically rejected. Canadian Tire Bank may being doing that to prevent its savings accounts from being linked at another financial institution.  

As a test, last week I linked my CTB account to an external digital bank and to an external online CU. The microdeposits (originating from the 2 external FIs) all went through ok, and then transfers done by PULL from the external digital bank and from the external CU also went through fine. The timeframe was normal - about 2 days for the microdeposits to show up on CTB account and then about 2 days for the actual withdrawals to show on the CTB account. (I initiated the PULL transfers after the microdeposit process was completed/verified.) Smooth process!