What is a Me To Me Money Transfer?

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

(Back to top)

How long does it take...

...to set up my accounts for Me To Me Money 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.

(Back to top)

...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 7 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.

(Back to top)

...to send money to my accounts at another bank or credit union?

Your money will be withdrawn from your Westminster Savings account on the date that you indicate in Online Banking. It can take up to 3 business days for your money to be deposited into your account at another bank or credit union. The other bank or credit union may have their own policies about holding your money.

Note: because it can take up to three business days to receive your money, be sure to set up any recurring or scheduled transfers between your accounts with enough time to make sure your money arrives when you need it.

(Back to top)

How much does it cost to do a Me To Me Money Transfer?

When you send money to another bank or credit union your Westminster Savings account will automatically be charged $2.00. Westminster Savings does not charge a fee to deposit money from your other bank or credit union into your Westminster Savings account, but your other bank or credit union may charge a fee.

(Back to top)

Who can use Me To Me Money Transfers?

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

(Back to top)

Can I link to 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.

(Back to top)

Can I cancel a Me To Me Money Transfer?

If you have scheduled a Me To Me Money Transfer for a future date you can cancel the transfer at any time before that date.

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 before the date of 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.

(Back to top)

Why do you hold my money when I receive a Me To Me Money Transfer?

We put a 7 day hold on money that you transfer to your Westminster Savings account to permit your other bank or credit union to "clear" (or authorize) the transfer. After 7 days the hold is automatically removed and you have full access to your money.

(Back to top)

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.

(Back to top)

Can I do a Me To Me Money Transfer in a branch or by telephone?

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

(Back to top)