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Email this2:20 pm
December 26, 2018
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From Hold Funds Policy. This is the table from that page:
| Amount of Deposit | Maximum Hold Period |
| $1,500 or less | 5 business days2 after the day of deposit |
| Over $1,500 | 8 business days2 after the day of deposit |
|
2The term “business day” refers to weekdays only and excludes Saturdays, Sundays and statutory holidays. |
|
7:30 pm
October 21, 2013
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8 business days (actually 9 - essentially 2 weeks) is ridiculous. I can see where they might be hesitant about new customers that they don't "know", but for those of us with a positive history with them and who have good credit records and reliable histories, it makes no sense to me.
If their problem is security or something related to that, then they should put their resources into fixing that problem, not punishing us.
The way money whips around the world these days, the concept of "business days" should be obsolete.
8:34 pm
April 6, 2013
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Those are maximums.
Last pull I did to take up their 3.33% 3-month GIC offer was for over $1,500. The hold on those incoming funds was five business days.
It is not their customers they are worried about necessarily. It is the unknown people who issue the cheques that their customers deposit.
9:03 pm
November 19, 2022
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I pulled 10k from Tangerine on August 01, I see funds were pulled from Tangerine on August 02.
It is not a paper cheque deposit it’s EFT and it should be crystal clear to EQ bank that funds are sufficient. I still don’t have access to my funds with EQ bank.
I don’t think I will deposit more fund into EQ bank.
FYI I also pulled 85k from Tangerine to Motive financial on the same August 01. I already have access to all my funds in Motive Financial.
For this very reason I don’t recommend EQ bank to anyone.
9:56 pm
October 27, 2013
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I do not like holds on funds either but in the broad scheme of things, holds are mere nuisances. There really is no material costs to holds.
EQ Bank is likely to be one of the major fintech survivors as the financial industry shakes out and consolidates over the next 5-10 years.
Added: If/when Canada gets to Open Banking, holds will be a moot point.
8:16 am
November 3, 2022
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EQ's hold policy cuts both ways. Last month, I had five figures "waiting" in my EQ account to purchase a GIC at 5.2%. During the hold period, Tangerine raised its 18 month GIC to 5.5%. So as soon as my hold cleared, I transferred my money over to Tangerine for the (then) higher rate. I will make more in interest as a result of EQ's hold, plus Tangerine offers joint accounts for GICs.
9:02 am
April 6, 2013
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UkrainianDude said
…
It is not a paper cheque deposit it’s EFT and it should be crystal clear to EQ bank that funds are sufficient. I still don’t have access to my funds with EQ bank. …
It doesn't matter. Electronic pre-authorized debits and cheques are processed the same way. Just that there's no cheque image with the electronic pre-authorized debit.
Like cheques, pre-authorized debits can be bounced back later for many reasons besides NSF.
10:18 am
April 27, 2017
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This is particularly unfortunate for an internet bank. And given that all the other banks I am with are much faster.
12:50 pm
March 30, 2017
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They r the worst when it comes to funds holding. Even for incoming funds use to purchase GIC, there is no exception. For that reason, I stop giving them my business.
3:19 pm
October 21, 2013
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savemoresaveoften said
They r the worst when it comes to funds holding. Even for incoming funds use to purchase GIC, there is no exception. For that reason, I stop giving them my business.
+1 (also, no joint GICs, and unpleasant staff)
3:23 pm
January 9, 2011
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savemoresaveoften said
They r the worst when it comes to funds holding. Even for incoming funds use to purchase GIC, there is no exception. For that reason, I stop giving them my business.
Ditto, especially when they have no joint GICs available (STILL?). Even when the funds for that GIC come from a joint savings account, and go back into that same joint savings account at expiry, and all the while are 'captive funds' to EQ. I mean, what's their problem with any hold funds being needed for incoming funds to the savings account in this situation?
I do have a TFSA GIC but that's only because successor holder is set up, and expiry juggled to December. If on expiry rates aren't the best, then I'm out.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
2:53 am
February 7, 2019
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Norman1 said
Those are maximums.Last pull I did to take up their 3.33% 3-month GIC offer was for over $1,500. The hold on those incoming funds was five business days.
It is not their customers they are worried about necessarily. It is the unknown people who issue the cheques that their customers deposit.
Like EFT's from other FI's?
| CGO |
6:31 am
April 6, 2013
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cgouimet said
Like EFT's from other FI's?
As I wrote earlier, it doesn't matter. The only difference with the EFT is there is no cheque image included with the debit item submitted to the Payments Canada clearing system.
Like a cheque, the EFT pre-authorized debit item can be disputed weeks later when the owner of the account debited reviews the monthly statement.
4:05 pm
November 19, 2022
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Norman1 said
cgouimet said
Like EFT's from other FI's?
As I wrote earlier, it doesn't matter. The only difference with the EFT is there is no cheque image included with the debit item submitted to the Payments Canada clearing system.
Like a cheque, the EFT pre-authorized debit item can be disputed weeks later when the owner of the account debited reviews the monthly statement.
If I pushed the money from my account into my another account, it is not PAD. Therefore how it can be disputed?
4:55 pm
April 6, 2013
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Direct deposits can be corrected by the sender within three business days. But, the direct deposit recipient can refuse the correction attempt.
That's why there's ordinarily no hold on funds arriving by direct deposit.
Please write your comments in the forum.