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Email this8:27 am
March 3, 2022
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As per their website, to transfer funds to and from Meridian to your external bank accounts, Meridian uses a system wherein you provide your external bank's login and password to a U.S. based third party service, which then connects to your external bank account.
Do they have an alternative method to link your external accounts? (For example, in Tangerine, you provide just the routing and a/c number and they deposit a couple of token transfers to verify, or with Simplii where they do it with a void cheque or a PAD form.)
Thank you very much.
11:03 am
April 21, 2022
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iotama said
As per their website, to transfer funds to and from Meridian to your external bank accounts, Meridian uses a system wherein you provide your external bank's login and password to a U.S. based third party service, which then connects to your external bank account.Do they have an alternative method to link your external accounts? (For example, in Tangerine, you provide just the routing and a/c number and they deposit a couple of token transfers to verify, or with Simplii where they do it with a void cheque or a PAD form.)
Thank you very much.
Meridian has a manual linking process like Simplii's. The completed Money Mover form and a copy of a void cheque can be sent via secure message to complete the linking process. It would also apply to banks that are available using the third-party option as an alternative method.
11:28 am
April 6, 2013
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I found their Money Mover page that has more details, including a link to the form.
These are limits:
Money Mover
- Best for moving larger sums of money between your different bank accounts
- Transfer up to $10,000/day, $70,000/week, $250,000/month
- Transactions are free and unlimited
- Transfers take up to 3 business days to process
11:51 am
April 21, 2022
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Norman1 said
I found their Money Mover page that has more details, including a link to the form.These are limits:
Money Mover
- Best for moving larger sums of money between your different bank accounts
- Transfer up to $10,000/day, $70,000/week, $250,000/month
- Transactions are free and unlimited
- Transfers take up to 3 business days to process
I would always, where possible, move funds in and out of Meridian from another bank that allows linking and use Meridian push/pulls as a last resort. Granted, the limits are higher if you call into Meridian and have them manually process the request.
12:15 pm
October 21, 2013
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I wouldn't trust the 3-day transfer time. My experience is that 4 is common, sometimes even 5. Perhaps they've improved since my last transfer.
Remember that these are business days AFTER the day you initiate the transfer. If, for example, you initiated a transfer on June 30 this year, even by their posted standards it wouldn't arrive until July 6.
12:43 pm
November 8, 2018
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Note also that with Meridian, if you pull funds to your account they do not show immediately.
With most other FIs, when you pull money the funds are shown as on hold immediately and start collecting interest.
1:18 pm
April 21, 2022
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Alexandre said
Note also that with Meridian, if you pull funds to your account they do not show immediately.
With most other FIs, when you pull money the funds are shown as on hold immediately and start collecting interest.
Motive and Canadian Tire Bank come to mind. With both you can pull funds on a weekend ( Saturday ), or Friday night too and interest starts to accumulate from that day. For Tangerine and Simplii a pull has to scheduled for the next business day and interest accumulates from then. Motive has high push/pull limits that can be initiated online:
"Me to Me Features:
Transfer to and from Motive account(s) with external bank account(s)
Personal accounts only (Savings or Chequing accounts only)
Link up to five 5 Canadian financial institutions
Outgoing limits of $150,000.00 per transaction (max $999,999.99 a rolling 24 hour window)
Incoming limits of $999,999.99 per transaction (a rolling 24 hour window)
Minimum limit of $10.00 per transaction
CANADIAN FINANCIAL INSTITUTIONS ONLY
CAD funds only
Business and US accounts excluded
*Transfers to external accounts can’t be completed through the Mobile App.
Note: Transfers to/from RRSP & TFSA accounts are not available."
5:10 am
November 8, 2018
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The annoying part with Meridian pull is that for 2-3 days transaction is nowhere to be found. Initiate a pull and, then, nothing. It is not in "pending transfers," it is not in account with hold.
Only after few days funds do appear, and with hold.
Considering pull is limited by $10K, it is not that much money, but still I would rather see where it is now, than be in dark for days.
The good thing with Meridian is their app allows cheque deposits with quite large amounts. I don't know the limit, but one of my cheques was for $75,000 and it went through with no issues. Funds appeared instantly in Meridian Savings account (on hold, of course), and were taken from the source FI in 24 hours.
For me, this is how I'll be moving money with Meridian: to Meridian by cheque deposit through app, from Meridian by pull from FI such as Tangerine or EQ.
6:36 pm
October 21, 2013
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Alexandre said
The annoying part with Meridian pull is that for 2-3 days transaction is nowhere to be found. Initiate a pull and, then, nothing. It is not in "pending transfers," it is not in account with hold.
Only after few days funds do appear, and with hold.Considering pull is limited by $10K, it is not that much money, but still I would rather see where it is now, than be in dark for days.
Yes. And this is particularly annoying when it occurs over a month-end or year-end when you are trying to figure out here you're at financially. The first time it happened to me, I was a bit panicked as a large amount of money was simply missing from my balances. I didn't appreciate the time I had to waste figuring out what had gone wrong.
So, now I avoid any transfers near the end of the month at Meridian. We shouldn't have to put up with this amateur bookkeeping.
"It's 3 a.m. Do you know where your money is?" I often wonder where it is exactly. Somewhere on the Pony Express, I imagine.
9:18 pm
April 27, 2017
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What about using Meridian’s cheques and another institutions cheque deposit app to move the money out of Meridian? Assume there would be a hold on the amount for a few days but presumably large amounts can be moved out quickly. Am I missing anything?
10:48 pm
October 21, 2013
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mordko said
What about using Meridian’s cheques and another institutions cheque deposit app to move the money out of Meridian? Assume there would be a hold on the amount for a few days but presumably large amounts can be moved out quickly. Am I missing anything?
Some FIs do not permit large cheque deposits by App, e.g. DUCA. You can do it it in person if available.
Hold periods can be two weeks at a number of FIs.
Generally, though, transfer by cheque is worth considering. For this reason, I value FIs that offer chequing. For example, if I want to buy a GIC through a GIC broker, I need to come up with a cheque right away or I might miss the rate; i have no time to wait around for money to transfer out of EQ, Oaken, Hubert etc, which don't offer chequing, to an FI that does.
4:30 am
October 27, 2018
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Loonie said
Yes. And this is particularly annoying when it occurs over a month-end or year-end when you are trying to figure out here you're at financially. The first time it happened to me, I was a bit panicked as a large amount of money was simply missing from my balances. I didn't appreciate the time I had to waste figuring out what had gone wrong.
So, now I avoid any transfers near the end of the month at Meridian. We shouldn't have to put up with this amateur bookkeeping."It's 3 a.m. Do you know where your money is?" I often wonder where it is exactly. Somewhere on the Pony Express, I imagine.
Re Meridian.
To view recent account activity e.g. pending transfers, Select Settings, then account activity. The transaction should appear in the list.
6:56 am
November 8, 2018
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mordko said
What about using Meridian’s cheques and another institutions cheque deposit app to move the money out of Meridian? Am I missing anything?
Meridian has free checking account with free first order of cheques only for those over 60.
Meridian is generous how much one can deposit with single cheque through their mobile app, but other FIs may not be. I saw limits as low as $30,000 for cheque deposit, sometimes even less. If you need to move 6 digit amount from Meridian, you might end writing multiple cheques, and possibly hitting daily deposit limit at FI where you move these funds.
7:46 am
December 20, 2016
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Alexandre said
.......Considering pull is limited by $10K, it is not that much money,......
Alexandre,
My understanding is the PUSH limit from Meridian, ie, an EFT initiated at Meridian to push funds out to another FI, is limited to $10,000.
I am not sure if a pull, initiated from an outside FI to retrieve funds from Meridian would be restricted to any maximum when it arrived at Meridian....worthwhile to get this clarified.
It should be noted that a Meridian manager can initiate a push for a larger amount using a "one time" pre-authorized debit to move funds out....which might be subject to the same time lag, but at least the funds could be transferred out this way.
Stephen
8:15 am
October 21, 2013
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Patch002 said
Re Meridian.
To view recent account activity e.g. pending transfers, Select Settings, then account activity. The transaction should appear in the list.
You can do this, but it still doesn't tell you where your money is, only where it isn't. Perhaps I should add a line in my ledger for "hiding under the bed at Meridian" to track funds that are MIA ("Missing in Action").
8:31 am
April 21, 2022
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I've pulled large amounts out of Meridian using external linked banks and the funds usually leave the same day. The limit of what you can pull via EFT is determined by the external bank.
9:33 am
October 21, 2013
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JohnnyCash said
I've pulled large amounts out of Meridian using external linked banks and the funds usually leave the same day. The limit of what you can pull via EFT is determined by the external bank.
Good to know, but the big banks and some others deliberately won't enable pulling, so, with Meridian, you have to push, which incurs the big delay and missing funds. Probably I should dump the big banks as there would be no love lost on either side, but I'm lazy!
11:18 am
April 21, 2022
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Loonie said
Good to know, but the big banks and some others deliberately won't enable pulling, so, with Meridian, you have to push, which incurs the big delay and missing funds. Probably I should dump the big banks as there would be no love lost on either side, but I'm lazy!
I've found using an intermediate bank such as Motive quite effective. Essentially pulling with Motive and once the funds are no longer on hold, pushing to the big bank. The key is to find an intermediate bank that has a good interest rate while the funds are on hold pending release.
3:18 am
October 27, 2018
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Loonie said
You can do this, but it still doesn't tell you where your money is, only where it isn't. Perhaps I should add a line in my ledger for "hiding under the bed at Meridian" to track funds that are MIA ("Missing in Action").
I agree that the transfering transactions situation is not ideal, I've said it to Meridian before. They replied that they'll look into it.
My resolution was to keep a minimal amount in Meridian until they improve the system. There are plenty of other FIs that offer competitive rates.
Please write your comments in the forum.