SAVEN Hold Policy - Locks your money up for 2 days minimum after transfer | Saven Financial | Discussion forum

MAC99 said
As an example, I have $10K in Saven. I initiate a $5K transfer to my linked financial institution, let's say RBC.

After 5 days my $5K lands at RBC. Great!

However, the remaining $5K at Saven is ON HOLD for 2 more days until their "digital platform" releases your funds at 9pm. So effectively 3 days.

So I know have $5k in RBC and Saven shows $5K balance with -$5K available.

This is standard policy "to protect their customers from overdraft fees"

I find it unsettling - they won't let me access MY unencumbered funds.

Once my account freeze is over, I have no choice but to close the account as I find this process absurd and I don't need any bank to protect me from myself.  

Mac99, Were you actually able to close your account? And get your money out?
I just tried.
She put what was in my savings account into the shares account and told me I could etransfer it. BUT I CAN'T! There is no option to access where the money is. I can only access my closed savings account with the 0 balance.
On the phone with customer service, who have told me they are sending this to the IT department as it is probably a glitch. LOL The whole system is a glitch. Let's see how long it takes me to get my dough out of here.

Let us know if you actually get it out. As for the savings rate, for .1 %, I’ll go with a bank I have used for years, works perfectly fine, and sends me chocolate at Christmas

I get it.
Luckily I was already with them and have always had exceptional service.
This never ending drama with Saven is the price I paid for getting greedy..

It won’t matter. The beauty of having both options is that you can get $100K CDIC from each, so 100K in HomeTrust, and 100K in Home Bank.

Welcome! Once you open an account with Oaken, you have access to them both so it’s really only one more bank. It’s an easy setup and they’re always been great to deal with.

I am encountering the same issue with Saven. They have put a hold on my account for over 2 weeks and today they told me they want to close my account because I was using it too much? Could someone explain to me why this is happening? They have free e-transfers of course I’m going to use it and this was not mentioned anywhere in the fine print that there’s a limit.

Hi Mac99,
I ran into the same problem last week with another financial institution where I spend close to a very frustrating hour on the phone before the CSRs finally figured out how to cancel a transfer!

I just checked the Saven wed site and found their faqs that may help explain their process.
https://savenfinancial.ca/en/on-faq

How do I cancel a transaction?
To cancel a transfer, log into online banking, navigate to “Move Money”, then “Manage transfers between accounts”. Under the “scheduled transfers” tab, locate the transfer you’d like to cancel and click on the garbage can icon. Press Yes to “are you sure you want to remove this transfer?” and your transfer will be cancelled.

Transfers cannot be cancelled within three days of their scheduled date, or after 9 p.m. EST for same day transfers.

How long does it take money to transfer from Savens Financial to another Financial institution?
It may take up to five business days to transfer funds between Saven and other financial institutions. A transfer will not appear in your account history or statement until it has been processed.

Are there Holds placed on deposits my account ?

Yes, Saven holds funds based on industry standards and best practices. Holds are placed on accounts to protect our members and Saven against possible losses and service charges.

All money transfers coming in and going out of Saven member accounts are held for up to seven business days.
The amount held will earn interest at the applicable rate but is not available for withdrawal.

Processed transfers will appear in your account history or statement within five business days.

I read this as only pertaining to funds deposited that are subject to a hold !

Could you please provide a follow up comment on how long it takes to transfer money out.
Thanks

Wayno

MAC99,

"Transfers cannot be cancelled within three days of their scheduled date, OR after 9 p.m. EST for SAME DAY TRANSFERS."

This statement had to be written by a lawyer!

I assume the "SAME DAY TRANSFERS" to mean immediate transfers !

However, the CSR may not really understand if an immediate transfer can be cancelled because I assume it is an infrequently used process they have limited experience with.