HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%) | Page 4 | HSBC | Discussion forum

HSBC also told me that about the "wire transfer". But they are not even Canadian's CSR's, and don't know what an EFT is. An EFT is a domestic wire transfer.
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What is the difference between an EFT transfer and a wire transfer?
An EFT transfer is a way to transfer money between two accounts that are both located in Canada. A wire transfer is a transfer between two accounts – but they aren't required to both reside in Canada.

EFT is not the name for those "push" and "pull" transactions.

In business banking, they are known as customer automated fund transfers (CAFT). Don't ask a retail banking CSR about CAFT's. He/she won't know what you're talking about; CAFT is usually offered to business banking clients only. It's what employers use to direct deposit paycheques and billers use to pull/collect monthly payments from customers for, for example, utility bills.

A retail banking CSR should know about direct deposits and pre-authorized debits (PAD). Ask the CSR if the HSBC HRSA can accept pre-authorized debits.

If yes, then ask for the transit, institution, and account numbers of the HRSA that would be needed to set up pre-authorized debits with a biller. Those numbers can also be used to create a link to the HRSA at an online bank.

According to their Personal Service Charges Statement of Disclosure, a bank draft is $7.50.

One of the nice things about the HSRA feature showing 'Credit Interest Accrued' is that on Friday, they added the amounts for Friday, Sat, and Sun. It doesn't mean much (unless you make an ATM withdrawal during the weekend, perhaps), but it is interesting to see that they calculate the weekend beforehand so that you can make a withdrawal immediately on Monday (and not wait for the end of Monday business to update.)

also confirmed the interest rate in the live chat, based on balance. And can save that chat from the print menu. 4.9% total.

It shows on the website as "Performance Statement"
They sent me free checks as well
Perhaps only available to seniors?

Norman1 said
Free cheques are part of the Performance Chequing Unlimited account. That account is only free for customers age 60 or over. Otherwise, there is a monthly fee of $14.95.  

Thanks Mustang and Norman1 for confirming, much appreciated.

anyone rec their first round of bonus interest yet ?

I have been tracking according to the accrued interest and it has been off 2 cents, probably due to rounding differences. Otherwise, I am seeing 1.4% annualized interest as a daily increase. I can only keep my fingers crossed for the additional 3.5% bonus interest.

The interest calculation is unnecessarily complicated due to:

Reg interest is based on your account cycle date, so for example, mine has reg interest to Nov 3rd, entry posted Nov 4th.

Bonus interest is finally posted with posting date Nov7, but no mention of the cutoff date is Nov6 or ? I assume it sb Nov6.

It does looks like the whole amount is at the higher rate as long as its above $25k, as the wording suggests the same.

At 4.9% until Jan, a no brainer place to park cash and wait. Especially for those that are not loved by Tangerine and no 4.75% promo.

COIN said
"It does looks like the whole amount is at the higher rate as long as its above $25k, as the wording suggests the same."

So, 4.90% on the full balance as long as the full balance is greater than $25,000?  

I believe that is how my account is being calculated.