Pushing and pulling from linked bank accounts | General comparisons | Discussion forum

To perhaps simplify it further, the transfer will need to be initiated when you are logged into B2B, no matter which direction you are moving the money.

Perhaps someone who has an account there can point you to where the transfer function is located on the B2B site. If not, phone them and ask.

Most of these "alternative" banks and credit unions have dollar limits for transfers, in the range of 10,000 to 50,000.
I don't know about B2B. If you are transferring a large amount, you may exceed their limit. With most banks and CUs, you can still do the transfer but you need to do it over the phone.

To send the funds from RBC to B2B, you will be "pulling" the money. Depending again on the specific financial institution's policies, this can usually be accomplished in one or two business days but sometimes as many as four business days.

In addition, you need to be aware that there is a further delay before you can access the money once it arrives. This is the time needed to "clear" the deposit. It's a legal thing, giving the sender (RBC) time to change its mind in case you didn't really have the money to send.

The money will earn interest as soon as it arrives at B2B but you will have to wait several more days if you want to move it again because of the clearing time. The entire process from start to finish can take up to two weeks. When banks quote you X days to do such-and-such, they are referring only to their business days, which means Mon-Fri and excludes stat holidays.
You will learn through experience how long it takes to move your money with B2B and how long it takes to clear.

I'm not sure how much you are planning on transferring, but be aware that only 100,000 including interest will be insured by CDIC against the bank defaulting. If you have more money than that, you may wish to consider opening an additional account somewhere else or setting up an additional joint account at B2B.

Sorry, I don't have an account there so can't be more specific about B2B's practices.

Congratulations on having opened an account at B2B. That's quite an accomplishment in itself!

Thanks for the feedback. I'm glad you got it sorted out.

I would agree that that is not much for verification. On the other hand, even when more questions are asked, I don't think they are necessarily going to protect us as most do not require answers that are very difficult to get if you're in the fraud business..
Tangerine is now using voice recognition software, FYI.

Darkchild said
Thanks for the replies.
Update: I did have to phone B2B to inquire about how to transfer $$$ over.
It seems like they just redesigned their website, so menu where you could initiate transfers was not overly visible, but it was there.
What I think was more concerning for me was the bare minimum information needed to verify my identity via CSR. All he asked me was my account number and DOB. Maybe I'm just overly cautious, but I do think that there needs to be a further step/verification needed--I did suggest this to CSR and he did say he'd run it by his manager. Not sure anything will come of it, but just the fact that they actively look to improve service/quality, and that they are genuinely friendly, is a plus.

Loonie: Opening an account was actually very quick and went smoothly.
I've heard more horror stories with Motive. That's why I decided on B2B. It remains to be seen how long their 3.3% rate lasts.  

Did you use any referral code during account opening process?

Rick, I don't know, all I know is it starts earning interest same day. Some folks on here regularly remind about ethics, and so to be ethical I don't play the double interest game. But good luck to you if you do!

Some financial institutions, like Simplii Financial, will neutralize the double interest by using the effective date of the pre-authorized debit generated by the pull request, instead of the posting date.

For example, one dies a pull at Alterna Bank to pull money from an account at Simplii Financial yesterday (Friday before Thanksgiving long weekend). If done early enough in the day, the pre-authorized debit would be generated Friday, effective Friday, and sent into the Payments Canada Retail clearing system.

Simplli requires one business day to post pre-authorized debits. So, the debit would be posted today (Saturday), effective Tuesday, the next business day. However, for interest calculations, Simplii uses the effective date, Friday, and not the posting date, Tuesday. So, no double interest results.

Rick, I've got a tip: The big banks are publicly owned, be an owner and you'll get a share of those billions in profits every quarter, probably a lot more than a buck or two.

I don't have issue with pushing of funds across.

However, the "pulling" of money is essentially a pre-authorized debit (PAD) transaction. These days, the authorization can be set up online in minutes and with just the targeted account number. (... signed form, void cheque no longer required)

I wonder what are the safe guards (if any) to protect us from unintended use. For a minimum, the agreement is not a 2-step process. Wouldn't it make more sense to let the other FI know about the agreement for verification purpose ?

Incidentally, I read about unauthorized VISA debit transactions showing up on peoples bank accounts. ... My point ? Murphy's law

I don't think there is a handy list but I think that the big banks (Royal, BMO, TD, CIBC, Scotia) don't have a method for linking accounts for pushing or pulling funds from their end but most online banks and credit unions do, but you can still push or pull money to or from them from a bank like Simplii or most of Ontario credit unions.
Some have their own rules like Oaken which only allows transfers in or out to be done from their end or Saven which requires smartphone for all online banking. As I understand it...