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Email this11:40 am
February 20, 2013
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For myself I prefer to "pull" funds into my account even though the "hold" period is usually longer than when you "push" funds in and I find that most FI's will calculate interest from the date you "pull" funds in.
I find myself more worried when pushing funds out when I see it going out of account until I see the $$ into my account.
Was just wondering what most people prefer "push" or "pull" and why?
Was also wondering if anyone has ever had an "EFT" gone bad - is that even possible if you had your accounts "verified"?
12:31 pm
February 27, 2018
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Honestly, i think it depends on the institution.
Outlook in Manitoba has "me to me" outbound limits, which i found very limiting. So when i wanted money from Outlook, i had to write myself a cheque. Then, when i deposited the cheque in Ontario, i had a 5 business day hold placed on my funds.
Tangerine. i have easily moved money in and out of my accounts, to my linked TD account. I have never had an issue. I have done these pushes and pulls from within tangerine, either online, or by phone. I always link other institutions to my TD account, but my Td account is not linked to other institutions. Does that make sense? I can not ask td to take money from tangerine but I can ask tangerine to take, or deposit money to td.
12:34 pm
December 20, 2016
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Push or pull, diligent record keeping is essential. I keep a screenshot or a copy / pasted record of every transaction as proof ensuring the confirmation or reference number is clearly visible.
All digital files are always backed up,, as an added security precaution.
12:41 pm
August 17, 2010
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I try to work the push pulls in my favor for the interest, so for some FI 's I have them linked at both ends. I like it when I pull on Thursday or Friday and it posts and collects interest all weekend.
12:50 pm
March 21, 2018
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Everyone I am sure has developed their preferences to push or pull.
I use Accelerate as my central cash savings so I have to push to them.
The good thing, I find, is when I pull I can usually do a GIC on the pulled funds with some but not all FIs on the same day.
7:08 am
February 27, 2018
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I Agree. From within "bank A" if you ask for funds to be transferred (pulled) from "bank B", "bank A" normally gives an instant credit, whereas "bank B" seems to take their sweet time handing the money over. If the funds never arrived in "bank A".... your investment with "bank A" (gic) would be canceled, you would receive no interest and you'd probably receive a service charge from "bank A".
It does feel good for those couple of days when you have $xxxx in "bank A" and $xxxx in "bank B" but these banks deal in billions. Our $xxxx means nothing to them, even when it looks like (2 xxxx).
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