1. What type of account is eligible for Me-to-Me transfers?
- Chequing
- SavingsÂ
- Line of Credit with RSPÂ Â
- TFSA.*
 * Please see question # 7
2. What type of account is not eligible for Me-to-Me transfers?
- US dollar accounts
- Joint accounts that require more than one signatureÂ
- Business or organization accounts
3. Is there a “hold” put on my money when doing a Me-to-Me money transfer?
Yes. This is a common security practice for all financial institutions to ensure the financial institution has sufficient time to authorize the transfer. Holds are based on business days, not calendar days.Â
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| ​Future-Dated |
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| ​Recurring (in the future) |
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Inbound transfer example: If an inbound transfer occurs on Tuesday, a hold will be placed on the funds until Friday. Tuesday is considered day 1.
Important Information: In this case your funds are deposited to your account regardless of the hold and will begin to earn interest from the time the transfer request is made.
4. Why am I getting the following error message?
“Requested transfer date has insufficient lead time to processed”
This message will be displayed when you make a request to transfer money online (one time-future dated or recurring) from your Meridian account within the 3 business days lead time.
5. Are there any transaction limitations?
Yes - Me-to-Me Transfers will be limited to a combined daily total of $100,000 for immediate transfers and a combined daily total of $10,000 for recurring or future-dated transfers.
6. Are there additional fees for this service?
While there are no extra Meridian fees, we recommend you check with your other Financial Institution.
7. Can I set up my Tax Free Savings Account (TFSA) for Me-to-Me transfers?
Contributions to your Meridian TFSA using the Me-to-Me Transfer Service are certainly welcome and encouraged. However, direct transfers intended to move your TFSA from Meridian and another institution should not be attempted using this service.
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Direct transfers of TFSA plans between financial institutions should always be initiated as a tax-sheltered transfer by the receiving institution. If you attempt such a transfer, the tax consequences can be serious—the withdrawal portion will constitute a taxable withdrawal for the calendar year, and the deposit portion will constitute a new contribution. This will reduce your available contribution room and may result in an over contribution, subject to a 1% penalty per month.
If you are looking to set up your TFSA for Me-to-Me Transfers, please call Meridian’s Contact Centre at 1-866-592-2226 (Option 1). We simply wish to ensure that you are aware of the tax consequences of certain allowable transactions and actively take steps to avoid them.
8. How do I cancel an immediate Me-to-Me transfer?
Once an immediate Me-to-Me transfer has been submitted and confirmed there is no way to cancel the request. Your option is to perform another immediate Me-to-Me transfer in reverse. It’s important to note – that the reversing transfer will count towards the combined daily transaction limit.
9. How do I cancel a future dated Me-to-Me transfer?
To cancel this transaction you will need to:
1. Log in to online banking and navigate to the Transfer Page
2. Select the Scheduled Transfer Option
3. Select the future dated Me-to-Me transfer to be cancelled. Click the delete link and confirm the transaction
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Note: You will not be able to cancel a future dated outbound transfer within 3 business days. You will receive the following message.
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“Unable to cancel the transfer at this time as the funds have already been requested from the other Financial Institution”
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This transaction is considered to be in “sent” status. Your option would be to create an immediate Me-to-Me transfer on the due date of the future dated Me-to-Me to reverse the original transaction. It is important to take note the combined limit, sufficient funds and hold rules apply.
10. How do I cancel a recurring Me-to-Me transfer?
To cancel this transaction you will need to:
1. Log in to online banking and navigate to the Transfer Page
2. Select the Scheduled Transfer Option
3. Click delete link and confirm the transaction
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Note: You will not be able to cancel a future dated outbound transfer within 3 business days. You will receive the following message.
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“Unable to cancel the transfer at this time as the funds have already been requested from the other Financial Institution”
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This transaction is considered to be in “sent” status. You will only be able to cancel the recurring Me-to-Me transfers after the due date of the next transfer and before the sent date of the next scheduled transfer.
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Your option would be to create an immediate Me-to-Me transfer on the due date of the next scheduled Me-to-Me transfer to reverse the original transaction. It is important to take note the combined limit, sufficient funds and hold rules apply.
11. Can I remove the Me-to-Me transfer service?
Yes – You can do this at any time via the Meridian online banking site.
1. Log into online banking
2. Select the “Managed Linked Accounts” tab
3. Click the Delete Link for the appropriate account.
4. Select Confirm the transaction
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Your linked account will be removed within 3 business days and will no longer appear in your list accounts in Online Banking.
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This will forward your deletion request to Meridian for processing. Alternately, you can call Meridian’s Contact Centre at 1-866-592-2226 (Option 1) to process your request. Both types of deletion requests will be processed within three business days of receipt.
12. How do I identify Me-to-Me transactions?
- Your Meridian Account - Me-to-Me Transfers In or Me-to-Me Transfers Out
- Your other Financial Institution Account - Transactions at your other Financial Institution may vary. Please contact them for assistance.
