![sp_Feed](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_Feed.png)
![sp_TopicIcon](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_TopicIcon.png)
6:17 am
January 12, 2018
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Good morning...
I have just opened and starting to fund a Motive Savvy Savings account. I see that there are 2 free withdrawals/outgoing transfers per month...then after that $5.00 fee per event. They have an outgoing limit of $150,000 per transaction with a max $999,999 per rolling 24 hour period....so essentially you could make 6 withdrawals of 150k per day to move funds to another FI. In the above example the cost, I believe, would be 20 bucks (2 x $0)+(4 x $5).
If I was to pull the same amount $999k from another bank would that transaction take place as one transaction or would they somehow restrict the pull to $150k. I have never had any issues with other banks (EQ and Tang) pulling large funds above the daily push limits.
My Tangerine promo 1.6% is about to end on Jan 10th and I have serious doubts they would roll over at the current rate when I call them later this week...so Motive is my new "go to" bank as long as rate (1.55%) stays competitive. Cdntire application is in the works (Since Dec 12th) but not holding my breath ....
Thanks
7:30 am
November 8, 2018
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Here is suggestion.
Open Motive Cha-Ching Chequing Account in addition to Savvy Savings you have.
It has unlimited transactions with no fee.
Transfer between your Motive accounts is unlimited and free.
Use Motive Cha-Ching Chequing Account to pull funds. When they cleared, move them to Savvy Savings.
Same with push: move funds from Savvy Savings to Cha-Ching Chequing, push them from chequing.
7:56 am
January 12, 2018
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Alexandre...That's a workaround for sure...however was hoping that a large pull from other institution would be a viable option to skirt the imposed limits. I am not sure of the limits associated with the Cha-Ching account but likely would involve similar limits to the Savvy Savings....but with zero cost
If for example, one had $2,000,000 sitting in a Savvy account and wanted to move it to Tangerine...I would prefer to pull from Tangerine in one large pull rather than push the funds via numerous transactions over numerous days. I guess what I am asking...Are the daily limits applicable to both push and pull?
7:59 am
November 7, 2014
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Alexandre said
Here is suggestion.Open Motive Cha-Ching Chequing Account in addition to Savvy Savings you have.
It has unlimited transactions with no fee.
Transfer between your Motive accounts is unlimited and free.Use Motive Cha-Ching Chequing Account to pull funds. When they cleared, move them to Savvy Savings.
Same with push: move funds from Savvy Savings to Cha-Ching Chequing, push them from chequing.
Don't know if I am missing something here or not, but, if you want to pull money into Motive, do it to your Savvy Savings account. You don't have to wait for the money to "clear" in order to start accumulating interest. It starts instantly. You just cannot move the money out of Motive until it clears. And, if you want to pull money to another institution from your Savvy Savings account, you are allowed 2 free monthly transactions from this account and will accumulate interest until the pull is complete. Having a Motive chequing account is still a good idea, but using it for "pulls" is not a good one. If you have numerous payments to make out of Motive, by all means, use the chequing account.
8:12 am
January 12, 2018
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
I wish to understand if there are "pull" limits....
Example: Can I pull 2 million from Motive in one transaction from Tangerine. I know there are no issues at Tangerine with this transaction ...but are there any issues at Motive with that amount. Do the limits come in to play.
I am not concerned with holds or any other items ...only the limits related to "pulls" from Motive.
Thanks
8:45 am
January 9, 2011
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
I have no need for a chequing account. I have 2 savings accounts, savvy with 1.55% and normal with 1.25%. The latter has unlimited withdrawals without fees. Solves all possibilities without fees.
On the pull limits issue, I doubt Motive would allow another bank to dictate their lack of cash management because of a 'pull' that exceeded what Motive is trying to control, but I don't know.
" It wouldn't take much for me to up and run, to another life somewhere in the sun. " - Kenny Chesney
9:12 am
April 2, 2018
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Hubble said
I wish to understand if there are "pull" limits....Example: Can I pull 2 million from Motive in one transaction from Tangerine. I know there are no issues at Tangerine with this transaction ...but are there any issues at Motive with that amount. Do the limits come in to play.
I am not concerned with holds or any other items ...only the limits related to "pulls" from Motive.
Thanks
I do not think there is a limit to 'pull' funds from a FI. It is considered 'pre-authorized' payment (as I have been told). Thus, if initiated from Tang's side you can get all your money from another FI.
The only way to actually find out is to initiate pull...
11:31 am
January 12, 2018
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
1:19 pm
April 6, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
I don't think there are limits to incoming "pulls" or pre-authorized debits. But, the financial institution can bounce the pull/debit if it looks suspicious.
Tangerine Bank did that to tcharger67 a while back. That caused two NSF charges at Tangerine Bank and another two NSF charges at the financial institution where the pulls were originated.
A brand new Tangerine account, less than one month old, and over $100K of funds being moved around in multiple transactions. Tangerine thought that looked suspicious.
7:28 pm
February 17, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
If you wrote a cheque for $1,000,000.00 on your Motive Account for deposit to another FI, do you think they would bounce it? Doubt it....same deal with a pull. Regularly go over Tangerines limits by pulling from Motive.
Open a Motive Chequing account if you haven't already. I wouldn't want to link my Saavy Savings to another FI and transfers between Motive accounts don't count against your monthly limit.
8:58 pm
April 6, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Yes, they would bounce the $1 million cheque if the cheque and other account activity also looked suspicious.
When what actually happened and the theory don't match, I go with what actually happened. The funds in tcharger67's Tangerine account was clear, no holds. Who would have thought a pre-authorized debit could then bounce?
Financial institutions can't always read our minds and know that we are moving all that money suddenly through the account to chase rate offers. It could also look like we are laundering/whitewashing money or running some kind of money services business!
12:10 am
February 17, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Norman1 said
Tangerine Bank did that to tcharger67 a while back. That caused two NSF charges at Tangerine Bank and another two NSF charges at the financial institution where the pulls were originated.
That thread you quote was a unique situation with unusual circumstances and can hardly be held up as an example of standard procedures. Firstly, his account was less than a month old. Making 2 x 6 figure transactions on a new account should well cause a red flag or two. As I recall, it ended up that he had pre-cleared (WTF?????) a push with Tangerine and pulled the funds from Duca (or vice-versa...whatever). When the transfer came through, it was NSF because the funds had already been put on hold for the transfer.
As much as I am not a big fan of Tang and their methods, going with OP's fault on that one.
12:13 am
October 21, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
If they aren't sure about our minds, they have our phone numbers. They can ask.
There is nothing inherently suspicious about moving a million dollars. It's all relative. If you have 10 million, then 1 million is not as significant as the guy who only has 100K and wants to move 10K.
If they are going to get into a tizzy about someone moving a million, then they shouldn't allow them to deposit it.
I can't say what they will actually do though.
12:23 am
February 17, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
1:49 am
October 21, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
12:43 am
February 17, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Loonie said
Yes, I think the zeros got away on you, Rick. Must have been the shock effect from today's shenanigans to the south of us!$1,000,000.00 is what you wrote in #10 = 1 million = 7 figures.
$100,000.00 = one hundred thousand = 6 figures.
Gotcha...think I crossed my threads. Used my million scenario logic and applied it to the 2 x 6 figure transfers in the old thread.
5:45 pm
April 6, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Rick said
That thread you quote was a unique situation with unusual circumstances and can hardly be held up as an example of standard procedures. Firstly, his account was less than a month old. Making 2 x 6 figure transactions on a new account should well cause a red flag or two. As I recall, it ended up that he had pre-cleared (WTF?????) a push with Tangerine and pulled the funds from Duca (or vice-versa...whatever). When the transfer came through, it was NSF because the funds had already been put on hold for the transfer.
As much as I am not a big fan of Tang and their methods, going with OP's fault on that one.
Definitely not standard procedure. But, it shows what could happen if something looks fishy to the financial institution.
There were no holds on the funds at Tangerine. Account holder did call in before to ask if there would be a problem with two $100,000 pre-authorized debits. The Tangerine agent said no problem because the funds were clear and the debits would be well under Tangerine's $2 million limit for external pre-authorized debits.
The Tangerine Ombudsman investigated and said Tangerine bounced the pre-authorized debits because of fraud suspicions in the circumstances.
5:51 pm
April 6, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Loonie said
If they aren't sure about our minds, they have our phone numbers. They can ask.
There is nothing inherently suspicious about moving a million dollars. It's all relative. If you have 10 million, then 1 million is not as significant as the guy who only has 100K and wants to move 10K.
If they are going to get into a tizzy about someone moving a million, then they shouldn't allow them to deposit it.
I can't say what they will actually do though.
It wasn't the amount that was suspicious. It was the amount and the circumstances.
New account, less than one month old. $200,000 transferred in by account holder. Then, two $100,000 pre-authorized debits to account holder's account at another financial institution.
A full-service physical bank would call. Zero-fee online bank like Tangerine? Not likely.
7:14 pm
February 17, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Norman1 said
It wasn't the amount that was suspicious. It was the amount and the circumstances.
Agreed. Hardly an example of common occurrence. There will always be situations that are the exception to the rule.
Norman1 said Definitely not standard procedure. But, it shows what could happen if something looks fishy to the financial institution.
Isn't that kind of a good thing?
9:00 pm
April 6, 2013
![sp_UserOfflineSmall](https://www.highinterestsavings.ca/wp-content/sp-resources/forum-themes/default/images/sp_UserOfflineSmall.png)
Norman1 said Definitely not standard procedure. But, it shows what could happen if something looks fishy to the financial institution.
Rick said
Isn't that kind of a good thing?
It is when it was actually fraud. It is not when it was a false alarm.
I had my credit card declined at a gas station because of a false fraud alarm. Fortunately, I had another credit card to pay for the gas that was pumped.
I called BMO up and asked what was going on. I was told two uses at the same gas station in one day is suspicious.
Yes, credit card could have been skimmed and the attendant was trying to put a charge on the card later in the day. But, I could have been running low on gas on the way out to work and bought some gas in the morning. On the way home after work, I see that gas prices dropped and decided fill up at the same station.
Please write your comments in the forum.