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Limit on mobile deposit?
August 8, 2020
4:21 pm
ottawa
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Does PT/PB have a limit on mobile deposits, both individual and per day, week or month? I think some institutions do (despite putting a hold on the funds). Can't find anything on their site about it.

Thanks.

August 8, 2020
6:16 pm
Nehpets
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ottawa said
Does PT/PB have a limit on mobile deposits...... 

I wasn't aware Peoples Trust has a mobile app, and they don't have a link for it on their website. The Android app is on Google Play Store which i installed out of curiosity.

Their Android app is clearly deficient and does not accommodate mobile deposits as you asked about. All you can do is transfer between your Peoples Trust accounts.

Regarding EFT's on the other hand, I have not encountered any limitations, but Peoples Trust does have a "Hold Policy" which is described HERE

The hold policy is overridden when the deposit is intended to fund a GIC but you have to speak to a CSR to make the transfer to the GIC account.

Stephen

August 8, 2020
7:04 pm
GICinvestor
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If you have money at PT “on hold” and you want to purchase a GIC just give them a call and they will lift the hold and put it back on the remaining funds. They will stay on the phone if you want, while you do the GIC....it takes seconds to do! Also you have to contact them after you do a GIC if you want to have it pay out interest annually or if you don’t want it to auto renew at maturity.

August 8, 2020
7:42 pm
ottawa
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Thanks, the account is brand new so doesn't have much in it ($1.01). I guess was skimming the app in Play Store too fast, this is the reference that I misread:

• Access to pictures and videos – allows your device to download the app and when it is launched enable use of Deposit Anywhere, a function that allows you to deposit cheques on your phone.

key phrase "when it is launched" which I missed. When we set up the account, my relative only had a cheque for one account handy, and that's not the one we'd want to fund from. We're going to fax in the external account form now that she has cheques for her main account handy, but I'm trying to figure out how to get her money into PT a little faster (it's some of her savings so don't care if there's a hold).

Thanks and sorry for the false alarm.

August 8, 2020
10:37 pm
Loonie
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I don't know anything about incoming funds but the limit on withdrawals is $250,000, as told to me on the phone by CSR a few months ago.
Normally, incoming limit is higher than outgoing, so there shouldn't be any problem, especially if you intend to stay within CDIC limit - which I would advise.

August 9, 2020
5:56 am
ottawa
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For sure stay within CDIC limits. The challenge is the only place she can stage her money is bank A, for which she didn't have cheques at the time, so her PT account is linked to bank B because that was the cheque she had.

Now she has cheques for account A, so we're going to fax the form to link account A to PT but who knows how long that takes. We can't mobile deposit, no ATM (or no debit card), right now the only solution I see is to write herself a cheque on A, deposit to B (possibly by ATM if they have a mobile limit), wait for the hold to clear, then pull into PT.

If anyone sees an easier/faster way, please let me know. Thanks.

August 9, 2020
9:25 am
Vatox
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This is one reason I love EQ so much! I use it as a hub, with all accounts linked to it. Very easy and fast to link any new accounts and money can be shuffled everywhere.

August 9, 2020
12:05 pm
ottawa
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And now joint accounts at EQ too. If EQ were an option, we wouldn't have done PT, but the relative lives in QC.

August 9, 2020
12:25 pm
Vatox
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ottawa said
And now joint accounts at EQ too. If EQ were an option, we wouldn't have done PT, but the relative lives in QC.  

And hopefully a TFSA is coming too!

Yeah, I don’t understand why some FIs won’t operate in QC. Perhaps Someone here can shed some light on why QC is sometimes excluded?

August 9, 2020
1:04 pm
ottawa
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Me too, I know why some contests and all free-first-month don't include QC, not sure about federally chartered banks (and I note that many of the MB CUs on the chart do include QC).

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