Pull Funds out of Hubert? | Hubert Financial | Discussion forum

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I have my Hubert SA as an External account at three different FIs ... never had a problem (Push/Pull) with them.

At Hubert, I have four different External accounts linked there ... never a problem with those either. I've always got 'Next Business Day' service.

Cheerio,

Dean

Only direct deposits to a Hubert's savings account are officially supported. Pre-authorized debits are not. One risks having the pre-authorized debit returned by trying to pull funds out of a Hubert savings account from another financial institution.

Hubert processes push requests the same business day. If I submit a transfer-out request early enough during a business day, the funds will arrive in my Simplii account later that evening.

Pewter said
There seems to be limitations on the Hubert side.   

Can you say more on the Hubert limitations? Like Dean, I have numerous links established at Hubert and they get exercised in and out regularly without glitches ...

gicjunkie said

FYI: Hubert does have transfer out limits, I believe $50,000 per on line transaction. But, if you call the customer service rep, he/she will raise the limit to your need for any particular withdrawal.  

Well, just for blood pressure reasons, I never initiate a transfer >$25k from anywhere. I'd rather chase after a misplaced $25K transfer than one for $250k.

It doesn't take much time to do additional ones as needed. If I need to move $75k, I'll move $25k in each of our individual HUB HISA's and then trigger one $25k transfer out of each one.

HermanH said

gicjunkie said

FYI: Hubert does have transfer out limits, I believe $50,000 per on line transaction.

https://www.happysavings.ca/meet-hubert/faqs/

Does Hubert have transfer out limits?

Yes! You can transfer out $50,000 daily (every 24 hours), $250,000 weekly (every seven days), and $500,000 monthly. Please note that all transfers in the last 30 days will count towards the monthly limit.

Be careful. I once transferred a large amount out of Hubert and did not remember that I had a few additional scheduled transfers later that week. Without warning, those subsequent transfers were auto-cancelled and caused me to miss payments.  

To be fair, you can schedule post-dated payments and transfers without funds currently available at a number of FI's. Some warn you to ensure having funds available by the scheduled date, some don't. For example, I always get warnings @ BMO & TD but not @ TNG.

FYI: I initiated a large push of funds out of Hubert today at around 8:45 this morning. It arrived in my other bank later today. That's quick service!

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Well, it's definitely Not worth getting one's Knickers-In-A-Knot ... LOL

It's all just part of the normal Ebb & Flow of HISA/GIC interest rates. And it's one of the main reasons most of us here have accounts with several different FIs.

If history is any indicator, Hubert will be back near the top of the GIC chart
again ... it's just a matter of time.

My Two Centavos,

Dean

Dean said

It's all just part of the normal Ebb & Flow of HISA/GIC interest rates. And it's one of the main reasons most of us here have accounts with several different FIs.

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I agree. The relative standing of the rates between the various choices change depending on changing needs for deposits.

At the moment, Hubert's savings account rate of 3.6% may attract the targeted amount of deposits for Access CU. But, there are better rates available elsewhere:

• 4.75% from RBC's variable rate Prime-Linked Cashable GIC
• 4.85% from BMO brokerage ISA's via BMO InvestorLine
• 5.0% from Series F versions of Scotiabank brokerage ISA's via Scotia iTRADE

Doug said
Also, keep in mind that looming in the background for the fall is the Hubert/Sunova migration to the Access Credit Union core banking system and online banking platform. It's quite possible they do what Implicity Financial did with the migration to Outlook Financial and simply require members to re-link all their FIs, using the new process (which will likely require paper mailing a signed account authorization form and VOID cheque form to Access Credit Union, just as they do with the parent institution and with AcceleRate Financial). In short, Hubert being used as a 'hub' is likely coming to end in the near-term.

For that reason, I am consolidating my banking with Tangerine, EQ Bank, and Scotiabank and my investing with Scotia iTRADE. 95-99% of my HISA and GIC deposits will be with Scotia iTRADE in eligible CDIC member institutions. 🙂

Cheers,
Doug  

To add to this, Access is currently in discussions with Casera and Carpathia credit unions, meaning that, if the provincial regulator and members approve, two more virtual Manitoba credit union branches being Casera Financial and Ideal Savings will also merge into Access Credit Union with no differentiation between them, other than possibly retention of different logos.

Thus, I expect we'll end up with:
- Access Credit Union (direct, with several banners for new member origination and SEO purposes)
- Achieva Financial (Cambrian Credit Union)
- Outlook Financial (Assiniboine Credit Union)

Cheers,
Doug

Doug & Rail Baron ...

I'm curious ... Is this based on knowledge or speculation?