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User 'DanLynch' defines 'push' and 'pull':

If you do a "push", the money will be removed from the sending account immediately, and will usually arrive in the receiving account in 1 to 3 business days. Once it arrives, it will be available for withdrawal immediately without any hold.

If you do a "pull", the money will be added to the receiving account immediately, but will be "held" for several days, the same as if you had deposited a cheque at an ATM. The money will usually be removed from the sending account in 1 to 3 business days, but the hold on the receiving account may continue for longer than this.

If you need the money to be available fast (but not as fast as an Interac e-Transfer), then you usually want to do a push. If you don't care much about availability, but you'd like to benefit from the float (that is, the extra interest you earn from having the same money in two different accounts at the same time), then you usually want to do a pull Sometimes, due to the lack of features on one of the accounts, you have no choice of whether to do a push or a pull.

  1. Are there official terms for this "push" and "pull"?

  2. Are pulls limited? I've seen conflicting answers. To me, the sensible answer is no, because if the receiving FI can't limit the amount of a cheque deposit, then why can it limit your pull?

No to Question 2

User 'Doug' on Dec 1 2017:

The receiving bank can limit your pull limit but but not your push limit (from the other FI); the sending bank can limit your push limit (to the other FI) and your pull limit.

Then there is no limit on the Tangerine side-they can't place transaction limits on externally-initiated pre-authorized debits or cheques. They're the same thing, really, in the eyes of Canadian clearing rules. User 'rfdm4g4g9' on Dec 8 2017:

User 'Lodown' on Feb 28 2018:

Say I have $300 K in my Tangerine account and I want to PULL that money into Simplii HISA by logging into Simplii.

So can I do 3 transaction of $100K on the same day i.e PULL 3 x $100 K into Simplii HISA from my Tangerine account from the Simplii side?

I don't think there will any limit to PULL into Simplii from the Simplii side. They might put the funds on hold for 4-5 days after you PULL, but I don't think they will limit the PULL to $100 K.

Now a PUSH limit of $100 K from Simplii I can understand, but PULLING into Simplii you should be able to do more than that, subject to hold after the money comes in.

From Tangerine you can PULL out of Simplii in one transaction - $320k will work.

Yes to Question 2

User 'frizen' on Dec 5 2017:

The pull limit on external accounts is set by the initiating FI. Simpii has it set at 100k...if you pull from their end, that is all you can do without giving them a call first.

User 'andrew4321' on Jun 1 2018:

Is there a limit to how much you can push or pull from the DUCA accounts per day?

There is a $100k per transaction limit, unlimited transactions.

  • I don't know the Clearing mechanisms in Canada. Generally there is "Payments". You instruct your Bank to debit your account and transfer funds to 3rd Party. Generally the debits are immediate. The Credit to 3rd Party beneficiary can be immediate or 2-3 days. This depends on the Clearing scheme/Network. The other mechanism is "Direct Debit". In this the 3rd party initiates a request to debit your account. In order times, this was restricted only to large utility companies; as if there is an erroneous / fraudulent direct debit initiated that is disputed, this can be recovered from 3rd party. – Dheer Dec 7 '18 at 8:16
  • Of Late quite a few clearing schemes allow this via "Mandates" that are captured electronically and are verified by your bank before debiting your account. They may also be verified by 3rd party Bank to minimize rejects. There are limits imposed by Clearing Schemes that are mandated. There are at times directives that allow each bank to set their own limits. The risk is with the Bank of 3rd Part if a direct debit is fraudulent. The Clearing scheme also allows a decent time for the Account holder to identify such incorrect Direct Debits and challenge them; often the window is for months. – Dheer Dec 7 '18 at 8:17

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