Mobile cheque deposit holds for out of province new members | Meridian Credit Union | Discussion forum

Overall my experience the past year and a half with Meridian has been positive, mainly because I happen to have a nearby Branch where the Manager and my primary contact have been outstanding to resolve any minor issues I encountered with the default system.

In most cases a phone call to my Branch can resolve issues, because it seems that Meridian Managers are given quite a bit of discretionary authority.

That said, it's not unusual for a FI to require holds on an initial deposit until one's account is established. I recently deposited two checks using mobile banking and neither was subjected to a hold.

My main complaint with the Meridian "Money Mover" online banking protocol is the $10,000 limit for individual EFT transactions, although, that limit can be overridden by a staff member at the Branch or at the Contact Center.

If you are not in Ontario, presumably you are dealing with the Contact Center, is that right?
Were you given an explanation as to how long before holds on deposits would be lifted?
Was there any opportunity to escalate your concern to a supervisory level?
I wonder if you might establish a better working relationship if you contacted someone at a Branch level.

Stephen

gamgam said
Could you provide me with a branch manager’s name and contact number?  

Please see my PM.

Stephen

gamgam said
This sure makes one think twice before opening a Meridian account if you are outside Ontario?  

Certainly does not look good for their hopes to become a National Bank, agreed!

You may want to pursue your feedback to the Corporate level using their contact information for customer service. See the drop down section at the very bottom of this page on their website .....titled "Compliments & Concerns".

One should reasonably expect that extensive holds be reduced and / or eliminated once a reputation is established following a predetermined number of successful transactions.

gamgam said
Thankyou again Stephen!  

Were you able to sort this out with the manager, when you called in?

We were thinking of opening a savings account with them to use for bank drafts (vs risking having them couriered to you by an online bank), but if they place deposits on hold this long, it's a matter I'd need to discuss with them prior to using them. We'll be in Ontario by the time we need the drafts, but still would like to know what your outcome was.

I have actually seen, in the fine print, in other "banks", where it gave different hold periods for different situations, and also said that they could hold it for up to a month if they felt the need. Sorry, but I can't remember which ones.

I deal with Meridian and have not had any big problems, but I don't do much with them, just a smallish GIC or two, and it is almost always at a branch. That said, realistically, it's hard to imagine any FI being very interested in you if all you want is bank drafts. Once they get to know you, they can waive some restrictions, but they won't get to know you very well with drafts.

Loonie said
I have actually seen, in the fine print, in other "banks", where it gave different hold periods for different situations, and also said that they could hold it for up to a month if they felt the need. Sorry, but I can't remember which ones.

I deal with Meridian and have not had any big problems, but I don't do much with them, just a smallish GIC or two, and it is almost always at a branch. That said, realistically, it's hard to imagine any FI being very interested in you if all you want is bank drafts. Once they get to know you, they can waive some restrictions, but they won't get to know you very well with drafts.  

Yes, there are so many little barbs hidden these days. I used to put my fair amount of effort into being a great loyal customer, but methinks giving any company the benefit of the doubt makes you a sucker these days. The drafts are what I need to start with and is their opportunity to get me in the door and sell me on their services. If that doesn't work; well; they'll feel the draft of my business flying by them.

I've always had at least one brick and mortar financial service provider until moving to vancouver island. The offerings are so bleak and the customer service so frustrating, that I'd gotten used to using only online solutions. I would like to have a brick and mortar service provider in Ottawa, but I'll avoid if I'm not getting a fair amount of value vs my effort to deal with them.

Loonie said
I have actually seen, in the fine print, in other "banks", where it gave different hold periods for different situations, and also said that they could hold it for up to a month if they felt the need. Sorry, but I can't remember which ones.

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According to Cheque hold periods and access to funds: rights and responsibilities, if they were federally regulated, Meridian CU would not be allowed to ordinarily hold deposited cheques for more than eight business days.

Meridian CU is Ontario regulated. As well, that federal limit would not kick in until the account is open for at least 90 days.