Meridian 3.5% 5 year GIC | Page 2 | Meridian Credit Union | Discussion forum

Saver-Mom said
What happens if you have a savings account there, bring in more money for a GIC, then want to withdraw money from the savings account?  

I wondered about that too but didn't want to ask.

I've decided that I'll leave my savings amount there for sure for another 3 months.That's the usual point at which there are penalties for early withdrawals in banking. However, I don't have very much there in savings and have no pressing need to move it.

Is that your interpretation or did they confirm?

Thanks for your input, your logic appears sound to me.
Do you have an opinion on Meridian in general, how safe they are etc? Another post mentioned fearing that Tang was offering high rates due to having bad debts. Should we think similarly here?

Nehpets said

It's not Me to Me but rather Money Mover, apparently a different protocol.

A bit slower than MtM, and has a limit of $10,000 push /pull per day, that can be overridden by a staff member.

Otherwise very pleased with Meridian service after one year, being selective, of course, offering their offerings.  

Can you confirm if a pull initiated from an external account to get money out of Meridian is limited to 10K /day?
The Meridian term says limited to "10,000 for transfer requested", it did not specifically say push or pull. I will need to pull out a much larger sum than 10K.

This doesn't answer that particular question, but the 10K limit is per transaction, not per day. You can do it several times.

I don't think one can pull money out of the Meridian Good To Grow HISA, from another financial institution.

At the bottom of their Good To Grow High Interest Savings Account (HISA) page, there is this small print:

¹ Transactions available include deposits, transfers between accounts via: Branch, Online, Mobile or Telephone Banking, Interac® Direct Payment purchases, and withdrawals at Meridian and THE EXCHANGE Network ABMs. Bill payments and pre-authorized debits are not available on the Good To Grow HISA.

I think one will need to move the money into one of their chequing accounts first.

Norman1 said
I don't think one can pull money out of the Meridian Good To Grow HISA, from another financial institution.

I think one will need to move the money into one of their chequing accounts first.  

Yes, that's right, Norman. The process is quite simple, and can be set up either by a telephone CSR or in branch. There is a "Senior Checking Account" for those who qualify (no fees, free checks) where funds can be transferred between Meridian accounts and can be linked to external FI's. Funds can also be pulled from the Meridian checking account, from an external FI.

HISAhopper said To achieve the above with more than a dozen scheduled recurring pulls of 10K seems awkward. Please share if you have new info and so will I. 

I called Meridian telephone CSR who told me Meridican transfer limits apply to external pull transfers: there is a $10,000 daily limit for Money Mover transfers which apparently also applies to all client initiated transfers, such as external pulls.

As has been my own experience at my local branch, transfer limits are easily overridden by a branch staff member or a telephone CSR.

Stephen

Nehpets said

Yes, that's right, Norman. The process is quite simple, and can be set up either by a telephone CSR or in branch. There is a "Senior Checking Account" for those who qualify (no fees, free checks) where funds can be transferred between Meridian accounts and can be linked to external FI's. Funds can also be pulled from the Meridian checking account, from an external FI.

HISAhopper said To achieve the above with more than a dozen scheduled recurring pulls of 10K seems awkward. Please share if you have new info and so will I. 

I called Meridian telephone CSR who told me Meridican transfer limits apply to external pull transfers: there is a $10,000 daily limit for Money Mover transfers which apparently also applies to all client initiated transfers, such as external pulls.

As has been my own experience at my local branch, transfer limits are easily overridden by a branch staff member or a telephone CSR.

Stephen  

Thanks for all the info.
As I said the external pulls are used as a backup for when I am dead before the 4 months promotion end, so calling to CSR to transfer is a no go.
Multiple transfers are very awkward, I have to schedule tranfer from Meridian savings to Meridian chequing, then schedule transfer from Meridian chequing to Tangerine chequing, then from Tangerrine chequing to Tangerine savings. That is 3 scheduled transfers for $10K. Multiply that by 12 for $120K, total to 36 scheduled tranfers for something can be done by 1 scheduled transfer at other credit union example Duca.

Loonie said
I think you'd be best to arrange not to be dead!

I'm not sure why you have to go through chequing, but perhaps there is a good reason. I don't normally do scheduled transfers. I push directly from M savings to BigBank.

You could open a joint chequing at Tang, which would cut out one level.

In any event, I think it's open to question whether a scheduled transfer after your death would be honoured. Have you asked about that? Upon death, everything is supposed to be changed to "the estate of" and is frozen until probate granted to the executor - if the FI is aware of the death at least. If not, I'm not sure.  

You read my mind precisely, I hope the FI would not know when its client dies. The transfer is scheduled pre-dead and automatic so I assume it would go through smoothly given the FI does not know. In the worst case where FI stops the transfer or take legal action after the transfer, I have it in the will.

No I have not asked about the scheduled transfer when a client dies! What would you do to make sure your money going to loved one(s) if you can't make all accounts joint? I am all ears.

You are correct that there is a good/personal reason that I couldn't make a joint chequing, hope that would change in the future.