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PT: timeline for funds transfer from external linked FI
January 5, 2020
10:39 am
ReX
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Assuming an e-account is already open... and transferring new funds in, do they credit your account instantly or there is a wait period before you see it checking the balance?

January 5, 2020
10:45 am
GICinvestor
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Can provide more information about your question?

January 5, 2020
11:07 am
Nehpets
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ReX said
Assuming an e-account is already open... and transferring new funds in, do they credit your account instantly or there is a wait period before you see it checking the balance?  

My experience, as recently as this weekend, is that the account is not credited immediately, as it is with, say, DUCA.

I did an EFT transfer from an external FI to Peoples Trust on Friday afternoon and the Peoples Trust account showed the credit the next day, when the actual EFT was completed.

This most recent experience is consistent with previous transfers to Peoples Trust during the past year.

I believe there is also a ten day hold on incoming funds, which is overridden when the funds are transferred internally to a GIC account, for example.

Stephen

January 5, 2020
12:59 pm
ReX
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Thanks Stephen...good to know.

For those without Oaken and EQ HISAs, you are credited the amount pulled in instantaneously with a 5 day hold on pull outs.
Internal between accounts transfers, just like Stephen mentions above, can be moved right away e.g. savings to GICs.

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