It's best practice not to transfer your chequing or savings account, especially when you can deposit the funds directly via EFT (electronic funds transfer). There are distinct differences between transferring and depositing funds, but the most important difference is that transferring your chequing or savings account can result in an account closure by your bank. In other words, this will restrict you from your everyday access to cash.
Instead, you'll want to set up deposits (EFTs) from your chequing or savings account.
How can I prevent this?
Before initiating a transfer, you'll want to download the statement of the account you're trying to transfer. Double check to ensure that the account is not a chequing account by going through the below check-list:
- Does the transaction history include all of your every-day purchases?
- Do you pay your bills with this account?
- Can you make frequent withdrawals without any penalties from this account?
- Are your funds available in cash or are they invested?
If you answered yes to most of the questions, then it is most likely a chequing account. To make a deposit, please refer our funding/deposit page.
I've noticed a problem but my transfer is already in progress. What do I do?
Please contact us or call our transfers line at 1 855-866-8844, and we will cancel your transfer for you! Alternatively, check out our other help articles 👈 and let us know if you have any questions!