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Email this5:48 am
November 18, 2014
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My daughter had Tangerine pull $8k from her National Bank checking account but NBC disallowed the transfer. When she called, the rep stated that they only permit transfers of $3000 per day. I've had Tangerine pull $50k from my TD account with no problems so I'm wondering if this is unique to National or other banks have the same policy. Also, I question if she could have National bank 'push' the $8k to Tangerine and that would just require linking the Tangerine account to National.
Any input is appreciated.
1:22 pm
October 21, 2013
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I would ask National Bank to show me where, in the T&C related to that account, that this is not allowed. People have a right to know the rules. Sounds like National is running scared of the other upstart banks and doesn't know how to stop the potential hemmorhage. $3000 is a ridiculously small amount. It would take over a month to move 100K !!
That aside, I can't stand National Bank. They have the highest fees for transferring a simple RSP, and they also charge $100 (as of 2015) simply to cash it in.
Suggest she switch to another bank.
All of that said, I think we should expect some push-back from the Big Six in the future.
11:26 pm
April 6, 2013
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That's odd, deepcman. Are you certain that the rep told your daughter that National Bank only allows $3,000 per day of pre-authorized debits (PAD's)?
Perhaps, she misheard. Instead, only $3,000 was allowed that day because there was a hold on the remaining $5,000 of the $8,000 balance.
5:06 am
November 18, 2014
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I'm absolutely certain that there were no holds on the account and the stated daily limit is $3000 which is why I'm looking for comments on this forum.
Loonie......You are absolutely correct about NBC's fees. Not only do they charge you $7.50 for a draft, then they charge you $1.50 cause you saw a teller. How the hell do you get a draft without seeing a teller? It's not hard to see why the bank make billions and my shares are a record highs.
I hear NBC's next 'new account' promotion will include a jar of petroleum jelly so it doesn't hurt so much.
7:28 am
April 6, 2013
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That $3,000 per day limit sounds like a bank card daily withdrawal or Interac daily debit limit. My PC Financial chequing account has accepted PAD's that are larger than the daily limits on the bank card.
There used to be an industry wide limit on personal funds transfer PAD's. I think it was something like $13,000 per PAD, not per day. That limit is now gone.
The only limits I've seen for PAD's is on the originating side, not the targeted side. In your daughter's situation, it would be Tangerine Bank that may have a limit on how much money it will originate a PAD for, to pull funds from National Bank.
Would your daughter be able to contact Tangerine and get the returned item reason code that National Bank sent back for the failed transaction? It will be a three-digit number starting with 9 or a three-letter code. That might shine some light on the actual issue.
These are some from reason codes from Payments Canada's Standard 007:
| 900 | Edit Reject | REJ/REV |
| 901 | NSF (Debit Only) | NSF/DSP |
| 902 | Account not found | CNT/ITV |
| 903 | Payment Stopped/Recalled | STP/ARR |
| 905 | Account Closed | CLS/FER |
| 907 | No Debit Allowed | NCP/PPC |
| 908 | Funds Not Cleared (Debit Only) | FNC/FNL |
| 909 | Currency/Account Mismatch | WCU/MDC |
| 910 | Payor/Payee Deceased | DEC/DEC |
| 911 | Account Frozen | FZN/BLQ |
| 912 | Invalid/Incorrect Account No. | INA/INV |
| 914 | Incorrect Payor/Payee Name | INP/NOM |
Please write your comments in the forum.