Meridian funds transfer options | Meridian Credit Union | Discussion forum

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 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.

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."

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.

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.

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.

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").

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!

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.