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Email this7:50 am
March 2, 2015
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I sleep in late in the mornings and like to hope my transfer outs are received same day at receiving institutions.
For the past 5 overnights, I made withdrawal transfer outs from Duca between 12:05 and 12:30 am each time. Now I see on my Duca promo account activity that each transfer has a date of one day earlier.
Am I entitled to interest on these until the actual day (shortly after 12:00am est) that I do the transfer submission out from Duca ?
I’ve noticed the same from Tangerine, that transfers out I initiate just after midnight show up as if on the previous day when I view the activity of account.
Thanks in advance, for any responses.
1:14 pm
November 5, 2022
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yuj said
I sleep in late in the mornings and like to hope my transfer outs are received same day at receiving institutions.
For the past 5 overnights, I made withdrawal transfer outs from Duca between 12:05 and 12:30 am each time. Now I see on my Duca promo account activity that each transfer has a date of one day earlier.
Am I entitled to interest on these until the actual day (shortly after 12:00am est) that I do the transfer submission out from Duca ?
I’ve noticed the same from Tangerine, that transfers out I initiate just after midnight show up as if on the previous day when I view the activity of account.
Thanks in advance, for any responses.
Don't know if its entitled, depends on the timezone and policy of the bank.
Automatic transfers seem to go through just after 1:00 am.
But for Tang, I make sure to wait until after 12:30 am to do a transfer, and that works.
I think 12:05 am is too risky.
7:24 pm
January 10, 2017
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Here is another anomaly.
An E-Transfer was sent on November 9th and accepted within 30 minutes at Simplii on November 9th, but it was only posted at Simplii 3 days later on November 12th!
E-transfers leave the sending bank immediately, so how can Simplii get away with posting the acceptance on the next business day in this case? Which bank had the benefit of the funds over the 3 days from 9-11 November? Something fishy is going on.
10:05 am
April 6, 2013
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Doesn't matter if it's a cheque or an Interac e-Transfer. Interac e-Transfers are not setttled immediately between the financial institutions either.
There has been no real-time settlement of cheques, Interac e-Transfers, or even point-of-sale Interac debits. All those are batched and bulk settled the next business day.
Central 1 Credit Union provides details of how Interac e-Transfers are settled in Interac e-Transfer Solution Overview:
How it works: Settlement, Tracing and Reports
Settlement
All completed Interac e-Transfer transactions are posted to your financial institution’s Central 1 account with separate totals for debits and credits. Settlement is in Canadian dollars and is posted on the following business day on your statement as code ET. Settlement occurs on business days only.
…
Real-time exchange/notification of payment items does not mean real-time settlement of them. That's the point of the upcoming Payments Canada Real-Time Rail initiative: Real-time exchange of payment items and real-time settlement of them.
Please write your comments in the forum.