Transfer from BMOIL or Savings Builder to EQ Bank

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Hogwild
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Transfer from BMOIL or Savings Builder to EQ Bank

Post by Hogwild »

Hi:

I recently opened an EQ Bank account, and would like to transfer in the tens of thousands of dollars to it. I'd prefer to do a push from BMO. I couldn't find a way to do so electronically, other than email money transfers, which of course are limited to $3,000. Bill Payment doesn't seem to work as there is no Equitable Bank payee.

I called BMO and they said there was no other way to do it.

Is there another electronic method, or do I have to resort to a cheque (gadz, how old fashioned!)
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AltaRed
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Re: Transfer from BMOIL or Savings Builder to EQ Bank

Post by AltaRed »

You have to do the push/pull via EQ Bank.

None of the big banks list chequing or savings accounts as potential Bill Payees nor do they have DIY EFT options (for the most part). I've only found it possible at Scotiabank to do a push/pull EFT and IIRC, from about 5 years ago, a special form needed to be filled out.
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amphitryon
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Re: Transfer from BMOIL or Savings Builder to EQ Bank

Post by amphitryon »

AltaRed is correct. EQ like most others of these on-line banks all have one preferred way of doing it: start the account with a nominal deposit after opening it on-line and once this is done (or at the time the account is open) link your preferred chequing account from your bank or credit union to your EQ account. Then you can transfer any time you wish, based in their (''on-line banks'' like EQ) in-out restrictions vary quite a bit). Most will allow out 100,000 at a time, or twice 50,000.

I should add for those who are interested, Canadian Tire Bank, while now down to 1.30% on their Hi Int. Savings, is probably the fastest when it comes to transfers out: I recently had an emergency (well, an error on my side) and needed to cover an unplanned overdraft at my CIBC chequing account. At 10:00 I transferred twice 50,000 out from Can. Tire. and my CIBC account had received the funds by 14:00 same day. I was impressed.
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Hogwild
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Re: Transfer from BMOIL or Savings Builder to EQ Bank

Post by Hogwild »

EDIT: Looks like EQ didn't prevent me from trying. Will it go through?


Thanks for that. From EQ Bank, can I link a BMO Savings Builder account?
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AltaRed
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Re: Transfer from BMOIL or Savings Builder to EQ Bank

Post by AltaRed »

There is no reason I can think of why you cannot link an EQ account with an institution's savings account.

Remember though on BMO Savings Builder accounts, you have limited free transactions out, i.e. 1-2 per month before you are charged.
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Hogwild
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Re: Transfer from BMOIL or Savings Builder to EQ Bank

Post by Hogwild »

I did a "pull" from EQ Bank itself. It seems to be going through, but why 5 days in this age of global data? Other banks can do it in 2. Sometimes I get my other EFTs done in 1 day.
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Koogie
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Re: Transfer from BMOIL or Savings Builder to EQ Bank

Post by Koogie »

I wouldn't assume "all" the slowness is because of EQ. Some of it might come from the other end. I have pulled into EQ from TD and from BNS. TD was much slower.

Going out though, EQ is fast. Funds are always in our TD accounts first thing the next morning.
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