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Email this8:06 am
February 24, 2015
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Bill said
Which reminds me: If you're cleaning out a TFSA savings account in 2016 to recontribute the amount elsewhere in 2017 looks like it has to be done by Friday Dec 30 unless your bank's open Dec 31, yes - ? Or are Saturdays (Dec 31) a business day for all banks now? You might have to leave December's interest behind if it's in a savings account, depending on the date (Dec 31/16 or Jan 3/17?) it's credited to your account - ? I've never really paid attention to this stuff, has anybody?
For something like this, I wouldn't take any chances on post dated transfer requests or leaving things to the last minute. Why not just make the transfer from TFSA Savings to regular savings first thing Friday morning?
8:20 am
February 14, 2014
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What's the advantage of pulling your tfsa funds out at the end of December and re-contributing them in January, compared to just doing a direct tfsa to tfsa transfer which does not trigger a withdrawal?
8:39 am
February 24, 2015
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RicksBank said
What's the advantage of pulling your tfsa funds out at the end of December and re-contributing them in January, compared to just doing a direct tfsa to tfsa transfer which does not trigger a withdrawal?
When you make a withdrawal, you don't pay any fee. Also, your money is not in limbo during the transfer period, maybe earning interest, maybe not. For the amount of time to transfer, you are really at the mercy of the 2 institutions.
10:53 am
September 11, 2013
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2of3, I can make the transfer Fri Dec 30 but then the December interest will go into the account after that, possibly too late to take it out in 2016 depending on how they date things. It's no big deal, just wondering.
12:10 pm
February 24, 2015
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Bill said
2of3, I can make the transfer Fri Dec 30 but then the December interest will go into the account after that, possibly too late to take it out in 2016 depending on how they date things. It's no big deal, just wondering.
When the interest for a month ending on the weekend is paid depends on the institution. For example, I remember that for the first month that EQ offered their 3% promotion, the interest was paid on Friday the 29th. Of course, that was not a TFSA, but just an illustration. Personally, I will be doing other things on Dec 31 just before midnight, and will accept that the December interest will stay in the account.
4:49 pm
February 14, 2014
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My $135k EFT initiated from EQ (in 2 transactions) on the evening of the 22nd to clear out my Tangerine account was processed by Tangerine today, which is after only 2 business days.
It doesn't yet show as "available" on the EQ side, but that's OK with me.
8:40 am
February 14, 2014
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This morning I see that the funds are now available in my EQ account, so a total of 3 business days.
4:38 pm
October 21, 2013
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Spouse has not been able to log to EQ in all day today. This morning, it said it was down for upgrades or something like that, and now (almost 8pm here) it's even worse.
Not acceptable in daytime hours.
The transaction was finally completed by telephone. However, even by phone, the only way into your account is through a security code sent by email. If the internet is down or if you are somewhere where there is poor or no connection, you are SOL.
Another reason to not "like" EQ. We put up with them when the rates are superior, but I would not bother otherwise. May reconsider if they ever get joint accounts.
5:27 pm
February 17, 2013
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They all go down at one time or another. There is not a bank I have dealt with that didn't have web issues sooner or later. Tang does it on a regular basis. Motive, Peoples Trust, Ally, my BMO CC recently. No one is immune.
5:33 pm
February 17, 2013
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Bill said
2of3, I can make the transfer Fri Dec 30 but then the December interest will go into the account after that, possibly too late to take it out in 2016 depending on how they date things. It's no big deal, just wondering.
When I moved it out of PT, the interest was paid on the 31st of Dec, after I moved out the principal, and was still able to move it to reg savings right away. Was reported as a withdrawal for that year and my next years contribution room was increased accordingly. Account closed in the new year.
7:05 pm
October 21, 2013
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It's true, no doubt, that they all go down from time to time.
However, this is not the first time a prolonged issue has been noted with EQ.
And nobody in my family has ever had a problem with any of the others, so I am only reporting what I know.
Presumably, EQ knows when they are going to update. If it's going to take all day, they could (and should, in my opinion) send us an email to tell us in advance - if they wanted to be user friendly about it.
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