Adding transfer limit to ''Comparison Chart'' | Site suggestions | Discussion forum

As these limits are in constant flux, and often difficult to obtain from each institution and can even vary by depositor, I would not be in favour of adding this information to any of the "comparison charts". We already provide tonnes of information, more than is probably expected, and I don't think people expect it to be a truly exhaustive source. That's why, I think the best approach is just to e-mail or live chat with the particular FI to ask pointed, definitive questions as to transfer limits, whether they apply to all, whether they can be overridden, and then share that information via a discussion thread in an existing FI's discussion forum. If an FI doesn't have its own discussion forum, suggest it! The criteria for an FI to have a discussion forum and/or profile page are much less (almost nil, really) than being added to the comparison chart. 🙂

Hope this helps,
Doug

I think it's fair to say we do think likewise, but they set the rules and we're stuck with them.

endrick said
Thanks Doug,
I did create my own spreadsheet for the five or six banks I tend to use and move funds around to. I did use the very useful Comparison Chart from here as a base. No big deal and updating will be likely as often needed as keeping track of rate changes. The reason I find it useful is that even when the offered rates are great, a very narrow limit on moves out when needed, is detrimental as far as I'm concrned. When I want to move a 100k I don't want to ''dribble it out'', and I thought others might think likewise.
Cheers
Endrick  

Thanks, Endrick! That's great - I'm still working on redesigning and updating the "services chart," but am glad you found it useful. If you want, you're more than welcome to create a new discussion thread and you could post a copy of your Excel spreadsheet showing the transfer limits that you've discovered, explaining your methodology, and updating it as required and I think people could search for it easily using this forum's Google Custom Search function. 🙂

Transfer limits are indeed problematic, especially with so many savings accounts that don't offer cheques. Some, like EQ Bank, even limit cheque deposits to $25,000! I think it's more about dragging out a potential bank run vis-a-vis Home Trust Co. last spring (2017) in much the same way that they now impose maximum deposits per customer - this limits the potential impact one customer could have. It's definitely not convenient and the irony here is that once they have substantial scale (i.e., $20-30 billion in retail deposits), they won't need to offer the same high rates in the same way Tangerine or the "Big 5" don't. 🙁

Cheers,
Doug