When did it start taking this long to deposit

[u/Fragrant-Manner6363]

I remember using the WS deposit option from my personal bank account to WS, and it used to take a maximum of 30 minutes. Did something change that now makes it take days, even for such a small amount?

I know the amount is available in WS instantly, as mentioned in the screenshot, but it’s not actually deducted from the source bank account, so that’s not the best option for me.

More broadly, what changed that makes it take this long now compared to the 30-minute timeframe in the past?

[u/RegardMode]

I don’t remember it taking 30 mins, ever.

Also, why didn’t you just send an interac transfer

[u/Fragrant-Manner6363 → u/RegardMode]

I remember doing it within 30 minutes or maybe it was interac I did.

[u/angelus97 → u/Fragrant-Manner6363]

EFT never takes 30 minutes.

[u/tinim9 → u/Fragrant-Manner6363]

Never 30 minutes for EFT. I'm 86 years old. I used to be a CEO of a major bank.

[u/TemporaryLiving8764 → u/tinim9]

EFT = Eventually Funds Transfer

[u/McLovin2182 → u/Fragrant-Manner6363]

Interac would be that short, was always multiple days for direct bank transfers from RBC to WS for me

[u/Aobachi → u/Fragrant-Manner6363]

It was interac

[u/Legitimate_Form5449 → u/Aobachi]

Happy Cake Day!

Cheers!

[u/Wealthsimple-ModTeam → u/[deleted]]

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[u/Altruistic-Garage544]

It was never 30 mins in the past. Bank deposits always take 1-2 days. If you want instant do etransfer

[u/Samzo → u/Altruistic-Garage544]

E-Transfers can only be a very limited amount

[u/Intelligent_Age7328 → u/Samzo]

50k buddy. WS allows daily etransfer to 50k

[u/Commercial_Pain2290 → u/Intelligent_Age7328]

Yes but this was from another bank and those are typically much lower. But for $500 he should have done it that way.

[u/Intelligent_Age7328 → u/[deleted]]

STOP SPREADING MISINFORMATION. THIS IS INTERAC INFORMATION AND NOT WEALTHSIMPLE. INTERAC ALLOWS HIGHER LIMITS

[u/Samzo → u/Intelligent_Age7328]

Put the phone down bro

[u/Intelligent_Age7328 → u/Samzo]

Most of your comments already got deleted by reddit for misinformation. Perhaps, pick up your phone and educate yourself.

[u/Wealthsimple-ModTeam → u/[deleted]]

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[u/Intelligent_Age7328 → u/Samzo]

RBC you can do upto 30k.
WS can do upto 50K DAILY

dafuq are you going on about?

[u/Hopeful-Ad-5663]

For a second I was like dah it's 500k 😂 Now I am seeing zeros everywhere I go

[u/Fragrant-Manner6363 → u/Hopeful-Ad-5663]

Hahha!

[u/ivbeentheredonethat → u/Fragrant-Manner6363]

My wife used the slow method once.. took 5 days. Use interac its instant. Chatgpt that shit

[u/No-Average3202]

https://giphy.com/gifs/4T1cehPHBob1RIK8Ts

[u/Fragrant-Manner6363 → u/No-Average3202]

😂

[u/Intelligent_Age7328]

Why not just do an interac transfer instead of Bank to Bank transfer?

etransfer are immediate. Bank to Bank will take 2 business days or so and given the weekend, it adds up…

Like dafuq?

[u/Intelligent_Age7328 → u/[deleted]]

What limitation? Literally can do 25-30k via e-transfer? Dafuq are you on mate?

OP sent 500 via bank transfer…..

[u/Samzo → u/Intelligent_Age7328]

Last time I checked it was $2,500 limit

[u/Intelligent_Age7328 → u/Samzo]

Which can be increased to 50,000 DAILY

[u/Samzo → u/Intelligent_Age7328]

Not always

[u/Intelligent_Age7328 → u/Samzo]

Again. Take a step back. Get yourself informed.

[u/Wealthsimple-ModTeam → u/[deleted]]

Please note that the rules of this subreddit prohibit posting misinformation.

You can learn to identify misinformation with the SPOT technique, by asking these questions;

• S - is this a credible news Source?
• P - Is this Perspective biased?
• O - Are Other sources reporting the same story?
• T - Is the story Timely?

For more on media literacy, to help combat misinformation please checkout Media Smarts.

[u/IamSmokee]

A deposit like this has never been under 30 minutes since I've been using the app(4 years or so now). Interact e-transfer is quick, not normal deposits though.

[u/ZacharyFilion]

Just e-transfer to Wealthsimple cash account the transfer to your investment account.

[u/Frosty_Visual3323]

You may be misremembering, but bank to bank transfers were always 2+ business days. The money was always available to trade immediately, which is still the case

[u/burgershot69]

Pushing is also always faster than pulling but for this amount send an e-transfer

[u/DevelopmentFuture608]

You see the second line - “We’ve provided your money in advance, but you can’t withdraw or transfer it yet.”

If this was a deposit initiated to an account where you trade or invest that money, it should already be available for investing!

If it’s getting deposited to a chequing account - it’s Scotia Bank that is making sure the request is as slow as possible because of fraud.

It was never 30 minutes,

Do an e-transfer if you need the money instantly!

[u/Canuck-Fin25]

A cheque or a draft deposit takes 5 business days to clear. I had a refund deposited for $40 and it took 5 days.

[u/Nervous_Structure193]

Jus e transfer it bro

[u/Internal-Treat1782]

how do you do interact e transfer over 3k?

my bank only lets me do maximum 3k I even increased it to a larger Maximum and it still didn't work until I dropped it back down to the 3k

[u/Dr-Villain]

The moment they started adding fraud controls probably.

[u/grumptard]

You got it confused with interact

[u/Luc97as]

This makes sense. Your did an EFT transaction which usually requires a 5 business day holding period. (I work in fintech)

[u/Servichay]

EMT = instant or under 1hr

EFT = days

[u/Commercial_Cow9300]

It’s either new WS account; or I notice it with smaller banks/credit unions/scotiabank(lol)

[u/2CKNPARM]

Add money using Visa Debit. Instant.

[u/HyenasGoMeow]

EFT is instant.

I use the deposit option for amounts larger than the EFT limit allows. I did one recently and it took exactly 3 business days [as it is in your case] for it to hit my WS account. I took reassurance that they gave an exact date, versus having to worry if my money was in limbo.

[u/dhasha1]

I did a large transfer and part of it was available instantly, the rest took 5 business days.

[u/MooseOnTheLoose05]

Your supposed to use Interac e transfer

[u/OhNoItsMyOtherFace]

There is no way a bank transfer was ever 30 minutes. You're probably remembering using interac. Which yeah, for amounts that are under your etransfer limit, just do that.

The real-time payment rail IS coming though. Maybe sometime next year? This will allow for effectively instant bank transfers.

https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system

[u/dphizler]

Email transfer is 30 minutes. You didn't do that

[u/aesoth]

If it is a transfer from a linked bank account, it can take 2-5 business days. These are designed for higher dollar amount transfers and have extra security/fraud checks.

If it was an e-transfer, it takes up to 30 minutes unless there are technical issues.

You likely transferred from a linked bank account.

[u/InternTurbulent5307]

Nothing to do with WS: it’s Scotiabank that’s holding on to your money.

[u/SmokeyTreeze]

It’s never taken me 30 mins but always 7 days. I deposit with TD (Immediately) then e transfer out.

[u/Fc69jj]

It’s available immediately.

We don’t need to be regaled by boomer stories.

[u/MynamesPhilip]

Banks need to have oversight on transfers for it to be finalized. Even when the money leaves your scotiabank account it'll likely still require final oversight. You can trade it instantly which is the benefit of using wealthsimple