Me to Me Frequently Asked Questions

Questions

  1. What is a Me-to-Me Transfer?
  2. How long does it take to set up my accounts for Me-to-Me Transfer?
  3. How long does it take to receive money from my accounts at another bank or credit union?

 

Answers

1. What is a Me-to-me Transfer?

A Me-To-Me Money Transfer allows you to transfer your money in Online Banking between your accounts at Interior Savings and your own accounts at another Canadian bank or credit union.


2. How long will it take to set up my account on Me-to-Me transfer?

It will take five business days or less, from the date that we receive your authorization form and void cheque, to activate your linked accounts so that you can begin transferring your money.


3. How long does it take to receive money from my accounts at another bank or credit union?

We will begin the transfer process on the date that you choose in Online Banking. You will begin earning interest on your money from the date of the transfer, but your funds may be held for up to 5 business days after deposit to make sure that the funds have cleared. It can take up to 5 business days for the other bank or credit union to withdraw the money from your account. Note: you must ensure that your account at another bank or credit union has enough money to complete the transfer.

If the bank or credit union you are transfering funds from also offers Me-To-Me Transfers then your transfer will be immediate.


4. How much does it cost to do a Me-to-Me Transfer?

When you send money to another bank or credit union your Interior Savings account will automatically be charged $1.50. Interior Savings does not charge a fee to deposit money from your other bank or credit union into your Interior Savings account, but your other bank or credit union may charge a fee.


5. Who can use Me-to-Me Transfer?

You can link personal accounts in Canadian or US funds that do not require more than one signature to withdraw or operate the account. Business accounts, and two-or-more-to-sign accounts cannot be linked.


6. Can I link my savings account at another bank or credit union?

We require a cheque drawn on your accounts at your other bank or credit union to link your accounts. You can link to your savings account only if your other bank or credit union can provide you with a personalized cheque from your savings account.


7. Can I cancel a Me-to-Me Transfer?
 
Once a transfer begins it is not possible to cancel the transfer, so be sure to have enough funds in your account to complete the transfer. If the transfer begins but you do not have enough funds in your account for the amount of the transfer you may overdraw your account and be charged a fee.

8. Why do you hold my money when I receive a Me-to-Me Transfer?

We put a 5 day hold on money that you transfer to your Interior Savings account to permit your other bank or credit union to "clear" (or authorize) the transfer. After 5 days the hold is automatically removed and you have full access to your money.


9. Can I transfer money to an account outside of Canada?

No. You cannot use Me To Me Money Transfers to transfer your money to an account outside of Canada. To transfer funds internationally please visit your nearest branch.


10. Can I do a Me-to-Me transfer by telephone or in branch?

No. For security reasons you can only do a Me To Me Money Transfer in Online Banking.

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