As a helpful hint, here are some easy ways to transfer funds from one bank to another.
Small Amounts Only
Substantial amounts of cash scare banks and they will always put holds on large amounts. What is a large amount? Ask the bank to receive the funds, and they will tell you.
Cheque or Bank Draft
Unless this is a small amount (see above), these will get 5 or 10 day holds put on them (by the receiving bank). How do I know, it happened to me, again. I got a bank draft from the Royal Bank and attempted to deposit it in TD. I was informed that due to fraud bank drafts are not trusted by TD, even from Canadian banks.
As long as it is less than your daily (and eventually monthly) limits, Interac Transfer is pretty good. You can increase your daily limit, but you must call your bank to do it.
More than a few folks have told horror stories of the following theme.
- A friend (or family member), went to a bank and took out money. The amount is usually over $2000 in the story. This person then took the money to deposit it in a different bank in town. Counterfeit bills were found in the first bank’s money, and the receiving bank refused those notes. I have heard this story from a few folks.
- Someone took out a large cash amount and was mugged on the way to the bank, where they would deposit it.
- Another poor soul could not take out a large amount of cash at once due to “bank rules”.
Did these stories transpire? The first one I know of 2 folks who told me that story, so yes these stories do happen, with Cash.
Conclusions about Transfers
The only perspective I can give is that no matter which transfer method I use, it does not work as I had hoped.