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Email this2:59 pm
February 20, 2013
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Can anyone tell me if the following sounds "normal"
EFT push out funds from Peoples Trust on Oct 11 at 8:00 a.m.
Funds were out of Peoples Trust Oct 12 at 9:00 a.m when checked (funds not out at 7:00 a.m.)
Receiving Bank had funds @ Oct 13 just around 12:00 am.
I don't normally "push" funds but in this case I wanted access to the $$ on the weekend so I thought a "push" would be quicker with holds, etc.
7:52 pm
April 6, 2013
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It can depend on the receiving financial institution branch. Not every branch of a financial institution can credit an automated funds deposit the same day the deposit is received.
According to Payments Canada Automated Clearing Settlement System Rule F1, serviceability codes of "0", "1", or "2" are possible. They indicate the number of business days needed to post a direct deposit to the payee's account in that branch.
Code "0" branches require up to two hours, after the Eastern Time cutoffs of 9:30 am, 4:30 pm, and 9:00 pm.
Code "1" branches need one business day. Code "2" branches need two business days.
1:35 pm
February 20, 2013
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Thanks Norman1 for some insight into transferring funds.
Unless one knew what Code 0, 1 or 2 that their branch was it remains to me to be a try and figure it out scenario.
7:25 pm
April 6, 2013
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In previous thread Rapid Pulled Transfer, Nehpets and Bill reported really quick posting of transfers by TD of transfers initiated at Alterna Bank. That suggests some TD Bank branches have code "0" servicability!
Yes, we retail customers can only try a transfer and see how long it takes. The serviceability codes are not publicly available. The codes are in the Payments Canada Financial Institutions File (FIF). Need to be a financial institution or sponsored by one to get access:
The FIF is available through subscription for an annual fee of $609 CAD and a service charge of $27 CAD per delivery.
Participant financial institutions can subscribe to the FIF directly through Payments Canada. Non-participants need to be sponsored by a participant. Non-participants should contact their financial institution to subscribe. …
9:06 pm
October 21, 2013
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Why the big secret?
Would you not expect all branches of the same FI to have the same code/speed? Surely they all use the same processes.
8:29 am
April 6, 2013
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Same financial institution doesn't necessarily mean a single system internally.
There was a time the bank accounts of Royal Bank branches in central Ontario were on a different system than the accounts of the eastern Ontario branches.
A friend moved to eastern Ontario and needed to do some transactions. Could not be done on the local Royal Bank branch's system. Branch staff had to call the branch in central Ontario and have staff there enter it into the system.
Not sure if the serviceability codes in the FIF are a secret. The codes could be a source of funding for Payments Canada. Companies and financial institutions that do direct deposits of payroll, for example, will need to subscribe for that info to ensure everyone's pay is posted to the employee's bank account when the branch opens on pay day.
Otherwise, could be uncomfortable for a code "2" financial institution to explain why employee's direct deposited pay doesn't show up in his account until Monday morning when his co-worker says her pay is posted to her account Friday morning!
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