Push or Pull Funds - Hold Policy | EQ Bank | Discussion forum

frugal lady said
Its been awhile since I have transferred funds in or out of EQ and contacted them by chat to clarify the "hold" policy on funds.
I was advised that it didn't matter if I "pushed" or "pulled" funds into my account, under or over $1500, that the hold policy was the same - "Generally, we hold funds you deposit by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit". What the heck "generally"!!
"The only way funds can be available to you instantly is if you use Interac e-transfer."
They also would not release a hold on funds for the purpose of investing in a GIC.

It has been my understanding and my experience that "pushed" funds in from another FI did not have a hold policy. Can EQ properly put a hold on funds "pushed in? I am confused!!  

I have been old by EQ that though it is true that they will not release a hold period even for a GIC, they will honour a GIC offer as long as the funds are received before the expiry of the offer. You simply have to call in for them to apply the offer rate on the GIC after you buy a GIC at whatever rate is available. Of course, you should call ahead to confirm that this still holds true.

Norman1 can probably quote you something from Paymens Canada on this.

I suspect "generally" may allow for occasions when the hold period could be even longer, not shorter! This would not be the norm but it can happen.

Unfortunately, as I think we all know, CSRs, even in chat where they are recorded, often don't know what they are talking about.

Case in point today: Spouse and I wish to open joint account at DUCA. Both are already members. We had to call four different times, and it's still not open.
The first guy said it would be no problem and told us how to use the online system to open the account, said it would be open for sure today but that we needed to phone back after doing the online application.
When we ran into another snag, the next person responded to that and said it would not be open until someone "looked at it", and various other things; didn't know how long it would take.
The third one we spoke to when we called back as instructed by the first one had no idea what we were talking about, did not know enough to ask ID questions, and we had to repeat the basic question 3 times before it even began to register. Eventually we politely hung up.
The fourth one said it would take until Tuesday or Wednesday to get the account open even though we've done everything and are already members.
Take your pick!
On Tuesday we will call again if the account hasn't shown up.

And so it goes...

Norman1 said
No holds on pushed (direct deposited) funds are allowed.

Unless there is some restriction on the account (like account frozen), Payments Canada Rule F1, Section 8 requires pushed funds to be available for withdrawal at the open of the business day the transaction is posted to the account. That can only be zero, one, or two business days after the transaction is received.

Zero business day posting means within 2 hours after the 9:30 am, 4:30 pm, or 9 pm Eastern time cutoff the transaction is received by.

My experience is that EQ Bank requires one business day to post an incoming direct deposit.

Holds on funds pulled in are a different matter.  

Okay, so I am pushing funds into tangerine from another FI, if there is a hold, I will contact tangerine and quote this piece of regulations.

Do these same regulations about no holds on pushed funds apply to USD transfers?

I'm moving USD from my brokerage account, then hoping to convert it to CAD in my savings account within EQ to position the funds for a pull into Tangerine's 6% GIC (if it lasts a few more days).

Today, my US funds arrived in EQ, pushed over from QTrade. I was able to convert them to CAD immediately, and transfer them to my EQ savings account, where there are awaiting a pull from Tangerine into a 6% GIC. There seems to be no holds on these funds, as far as I can tell.

.
Most inline FIs have their set of Warts. That's ⬆ just one of EQ's Warts.

Dean

boatowner2000 said
Pulled 12,000 into EQBank and tried to purchase a on year term deposit. Even after
talking to a representative, I must wait 6 business days. Buying a GIC for 365 days did not matter. This is an unusual practice for GIC purchase and a practice that EQBank needs to correct. It is not a policy for a modern, digital bank!  

If you would have pushed those funds into EQ, rather than pulled them, you would have avoided EQ's long internal hold policy. Always push funds into EQ. Never pull.

BlueSky said
What stops them from cancelling a GIC if funds don't arrive? One can understand the hold on SA transfer.  

too much hassle

EQ is the only bank that takes advantage of the interest rate spread hugely in their favor for transfer in with the intention of buying GICs. Every other FI will release the hold if one calls in.
Also unless u link them with another mainly online FI, you can not push. I am not aware if any of the big5/6/7 allow push to another FI.