me2me Transfers | Outlook Financial | Discussion forum

There seems to be a new group of management from V.P. downwards. Perhaps that is why the improvement. The ability of Me-to-Me pretty much should be a standard banking option. But I don't see that with my BMO or Coast Capital accounts. Most of the time I write a check is to transfer funds from one bank to another.....so it is a needed and more secure option.

I must say even with the changes, Outlook still has crappy customer service. I have been with them for 6 years and would say at least 70% of my transactions require further communications with them due to errors and omissions. All of our accounts are being phased out.

Both BMO and Coast Capital I can move from account to account internally. But I cannot move funds say from BMO to Accelerate.

I assume me2me means to have the ability for moving funds from one bank account to another institution.

Oaken, Implicity, iTrade, Outlook, Hubert and Peoples does the latter.

Am I missing something with BMO?

Altared, I think we both have our own interpretation of what me2me is, or how we each use it.

Here is what the Outlook Financial Website says.
What are Me2MeTransfers?
Me2Me transfers are an electronic method of transferring funds between Outlook accounts and those held at other Canadian financial institutions.

I find a huge convenience for any institution that offers a push/pull or EFT option to transfer funds from one financial institution to another. You can skip writing an expensive cheque, you can skip running down to the banks ATM.

Credit Unions have a good deal that you can do ding free deposits and withdrawals at almost any Credit Union....but that is for deposits and withdrawals only for no ATM charge.

I used to feed my iTRADE account using the bill payment option from BMO. The deposit took days to show up and no trading till it did! I have signed up to iTRADE's EFT option and can pull money in and trade immediately.

I recently set up EFT with Implicity and can pull funds in and invest into a GIC immediately. No doubt the funds or GIC is on hold but it is a fairly quick transaction no cost and no trip to the bank.

I see that iTRADE allows you to EFT from a registered account to an external bank account too.

Recently I pulled funds out of my TFSA account at Outlook and emailed them for the process. I had to download a form, sign it off, mail it in to do so. So, so much for their me2me.

It appears the big 5 and some credit unions are far behind. Perhaps they feel they will lose customers? I quess the ones that are not up to date think we are all loyal? Ever since I was married and was into mortgages etc I was only loyal to the best rates and always had accounts in two or three different banks.

Doing the EFT is far more secure than using a cheque. Keep in mind most financial institutions no longer verify signatures on a cheque. I would suggest to secure cheque books at home in a safe place.

I have to use cheques just to move money between 2 of the Big Banks! Much easier between one Big Bank and one small lesser-known institution.

But doesn't that become a long process due to waiting for holds to clear each step of the way?

I know my banking is a bit comlicated. I keep my wife up to date with it but she still prefers that I manage it. I like to do the transfer and buy on the same day and get it over with. Ie. All done within 10 minutes.

That is something that concerns me too. When do I need a POA? What accounts can be completely controlled online with by knowing the password etc? Either my wife or I or my daughter could take control. I have one for sure, possibly 2. Those accounts are keepers. I know I have too many accounts and none have the same protocol. One set of accounts is being phased out but as we all know that can take 5 years if the account holds GICs. I have another account to also to drop..either Oaken or PT. Oaken does not have associated savings accounts for TFSA, RRIF, or RRSP. PT, I just feel uncomfortable with them but have not had any issues with them.....so the reason to drop one or the other will be for a very flimsy reason. But I have to keep in mind they must offer me RRSP, RRIF and TFSA savings account. So I have one down for sure...targeted for 2019. And number two decision will occur????

Oaken, apparently has intentions to set up TFSA. RRIF, RRSP savings accounts. I have sent them my reasons why they would be helpful. And a surprising response......Obviously if this is what you need, we cannot help. While each financial institution has different options to withdraw from a GIC an amount over the minimum percentage I believe you can with Oaken but you have to advise them one year in advance....I think? But if you manipulate your GIC amounts and terms (years) and put those matured funds in an RRSP or RRIF savings account you can control your withdrawals to max out while not going into the next tax bracket. I want to control the withdrawals and not be limited by the financial institution. I believe both Hubert and Acclerate have associated savings accounts.

Iam not sure what PT has and I only have TFSAs with them....and no intention, at this time, to invest RRSP with them. And yes as they continue to crank down the savings account interest rate makes me wonder about them for sure. But they have had the highest 5 year GIC rate for awhile.

Decisions decisions....Oaken no associated accounts....PT savings account let down but highest GIC rate....but what is the difference of 2.5 vs 2.6....$1 per 1000 invested. And I like the mix of CDIC and DCGM coverage. All stuff to consider before closing accounts.

Over the years some will go......but will still maintain not to exceed 100,000 including interest.

Looking at PT site appears to not have RRIFs. Another consideration to look at. Ideally for retirees you want an institution that has TFSA, RRSP, RRIF with associated savings accounts. It is difficult to see if Hubert has RRIF but I see they do. I want full control and flexibility of my money and any RRSP withdrawals must flow through a RRIF account to allow income splitting.

Although some institutions have some flexibilities, it is an extra cost to them to manage the RRIF. And I noticed some say you must have a minimum of $10,000 remaining....I assume if you had 2 GICs of which you were withdrawing from one and the other one was $10,000 you would be ok. And of course they really want to keep as much money as they can for their investments vs how much they can loan ratio.

While we should have priorities or a well thought out plan, as times and legislation changes and we learn more......plans must be open for review and change.

So the CU question. BC has unlimited and the best rates are at Coast Capital and better at Coast Captial if you do through an adviser....but still not as good as PT, Oaken and most of the Manitoba CU's. For sure what I can see CDIC coverage is separate for joint non registered, TFSAs, and RRSP/RRIF.....but not sure if DCGM is the same.....I guess it is as they say it is unlimited. I use 4 Manitoba CU's and one has very few dollars and is being phased out. So what if the overall Manitoba credit union system fails?
If one is shaky it usually gets merged with another CU. So in my small sheltered way of thinking....I will have 3 and be able to do a bit of rate chasing and if one has a problem I will be covered one way or another. Thus the tussle with keeping PT or Oaken for the CDIC mix. I still have to vacate from Manulife. I have one mutual fund and one ETF with them and I have a break even and what I would like threshold number to sell them at. Once they are sold I will have no more than a year for GICs to mature and vacate. Every time my realistic threshold numbers come close, the market dives!!! Time to change the planned threshold number and take into account the $320 a year we have for self directed fees. So once I see how much I will have in RRSP and RRIF I want to minimize how many financial institutions where those funds are. So both my wife and I may exceed the 100,000 each and like you say....to what limit 125k or 150?. I am only 66 so I have 5 years to preferably have all of our RRIF money in no more than 2 institutions. I would manage one institution using my method and let the other one pay out the minimum percentage. As soon as I close down Manulife we will likely have RRSP money in 3 institutions.

I had planned to pull as much out of RRSP as possible and put into TFSAs but have since rethought that plan and will convert any non registered GIC that matures into TFSA and then withdraw RRIF funds to the limit if there is room left. Then at age 71 I will look a poor as possible and then deal with managing RRIF withdrawals to spend and/or to purchase TFSAs.