We work all our life and save a few bucks and when an incident like this happens it sometimes creates havoc and disrupts our mental process. Our heart sinks to the lowest low and we see the life flashing by us in such times. While in that frame of mind we have a lot of thoughts of getting even with the people who are handling the transactions and also with the people who keep all of the hidden rules and systems away from us. I see your idea of taking legal action seems appropriate in such circumstances. But living in a New country and not knowing all of these things, though might be oblivious, is not so nice. If the transaction had gotten through in a day and if everything fell in place, we would not have had this thread flashing in front of us. Hence I always say " ASKING IS NO CRIME. BUT NOT KNOWING BECOMES ONE"
Now you know a lot more about the process and the time it takes and the intricacies of the system. I know you don't like it. Neither do any of us. But these are the norms for the times and getting educated to live in such times is a must. This incident and your reporting to us has brought it up to our attention too.
Here is some thing more that one should know and I wonder even if any of us know it or do it. But if you can call and find out more and see if needs to be complied with, will be to your advantage. Hence when some one at the PC bank asks if he can be any assistance at the end of the conversation, you can throw this rule book at him and say 'now see how he can go about complying with it'. He knows the system. If you find that he hung up the line, you also know why? No one does it. But it some how reaches the FINTRAC people here in Canada.
http://www.fintrac-canafe.gc.ca/publications/guide/Guide9/9-eng.asp
""1. General
If you are a financial entity (such as a bank, credit union, caisse populaire, trust and loan company or an agent of the Crown that accepts deposit liabilities), you have to report large cash transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The same is true for other reporting entities, such as securities dealers, money services businesses, etc. However, as a financial entity, you may be able to choose an alternative to sending large cash transaction reports about transactions for certain of your clients that are corporations. This is not available to any other reporting person or entity.""
In this day and age of computers, what happens is a mystery. There are sleuths who untangle this for us some time and tell us the complete story and with explanations and where the HOLD is and how things get RELEASED. They will be able to pinpoint the locations and the time it takes to cross each hurdle and how things finally fall in place.
It is a topic for another day and untangle this and make a nice presentation, in the form of a story.
Until then, have a peaceful mind and good thoughts.
Have a nice day.
Freddie.
Location: Greater Toronto Arena
Posted on: 27-09-08 14:23:51
Quote:
Originally posted by akkiluck
hello cd members
i have transferred thousand dollars from my pc account to my td line of credit
its been 9 days now ,and it does not reflect in my td account, pc bank says to
deal with td and td says they have
not received the money from pc and in this i have lost my cool
anyone been thru this before i am tired of the problem being escalated
but not brought to any light and have spoken to managers but they are of
no help.
i had a similar problem transfering $$ from PCF to CIBC which is even worse because PCF (AMICUS) is actually a CIBC company!!!!!!!
the transfer eventually went through after 21 days!
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happily holi day!
Freddie,
Can you please elaborate what you intend to convey. What has Fintrac and reporting large cash transactions to do with an EFT of any amount? I really fail to understand the relevance of your post with the OP. Correct me if I am wrong.
Quote:
Originally posted by ftfl
We work all our life and save a few bucks and when an incident like this happens it sometimes creates havoc and disrupts our mental process. Our heart sinks to the lowest low and we see the life flashing by us in such times. While in that frame of mind we have a lot of thoughts of getting even with the people who are handling the transactions and also with the people who keep all of the hidden rules and systems away from us. I see your idea of taking legal action seems appropriate in such circumstances. But living in a New country and not knowing all of these things, though might be oblivious, is not so nice. If the transaction had gotten through in a day and if everything fell in place, we would not have had this thread flashing in front of us. Hence I always say " ASKING IS NO CRIME. BUT NOT KNOWING BECOMES ONE"
Now you know a lot more about the process and the time it takes and the intricacies of the system. I know you don't like it. Neither do any of us. But these are the norms for the times and getting educated to live in such times is a must. This incident and your reporting to us has brought it up to our attention too.
Here is some thing more that one should know and I wonder even if any of us know it or do it. But if you can call and find out more and see if needs to be complied with, will be to your advantage. Hence when some one at the PC bank asks if he can be any assistance at the end of the conversation, you can throw this rule book at him and say 'now see how he can go about complying with it'. He knows the system. If you find that he hung up the line, you also know why? No one does it. But it some how reaches the FINTRAC people here in Canada.
http://www.fintrac-canafe.gc.ca/publications/guide/Guide9/9-eng.asp
""1. General
If you are a financial entity (such as a bank, credit union, caisse populaire, trust and loan company or an agent of the Crown that accepts deposit liabilities), you have to report large cash transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The same is true for other reporting entities, such as securities dealers, money services businesses, etc. However, as a financial entity, you may be able to choose an alternative to sending large cash transaction reports about transactions for certain of your clients that are corporations. This is not available to any other reporting person or entity.""
In this day and age of computers, what happens is a mystery. There are sleuths who untangle this for us some time and tell us the complete story and with explanations and where the HOLD is and how things get RELEASED. They will be able to pinpoint the locations and the time it takes to cross each hurdle and how things finally fall in place.
It is a topic for another day and untangle this and make a nice presentation, in the form of a story.
Until then, have a peaceful mind and good thoughts.
Have a nice day.
Freddie.
I am sure you know who FINTRAC is?
They are currently keeping track of transactions that exceed a sum of $10,000. Can. The Banks oblige them with the details.
If there is a hold on a transfer of money, I suspect that a check is made prior to release. They don't confiscate the sum, but keep track of it for the Canadian Government.
That starts from the date of your entry as a PR into Canada.
Since July of this year, the onus is on the individual to report it to the Government.
Now you know. All I asked the OP is to tell the PC help to do the reporting on behalf, when he/she asks "if they can help with anything else today". It is on the Fintrac site and on CBSA website too. I am not the police, but I noted it from their notices to others. I was trying to investigate the routing and the hold ups for OP.
So, before we jump into things headlong, we have to make sure that we are compliant first.
LOOK BEFORE YOU LEAP.
Freddie.
I work for a financial institution and have transferred at some time in excess of 5 million CAD in one transaction in a matter of hours. There is no hold on transfer due to reporting to FINTRAC. FINTRAC usually receives reports of excessive cash deposits or withdrawals. If such holds are placed due to FINTRAC, can you imagine the delay in the banking transactions.
I do understand the importance of FINTRAC. However the reporting is always done separately and the banks do not hold on to the money till they check. What are they going to check in the first place. If the transaction is suspect the banks would not question but rather report it to FINTRAC.
Quote:
Originally posted by ftfl
If there is a hold on a transfer of money, I suspect that a check is made prior to release. They don't confiscate the sum, but keep track of it for the Canadian Government.
Freddie.
I know of a few transactions that used to take place through the ATM's, by a few. They were in ONE location where there were no surveillance cameras and they were in excess and to different accounts but in batches, that went from locations to distant areas within a matter of minutes. They must have been made daily. I saw them on three different days. I got a feeling that these deposits and withdrawals too, were suspect, yet no one could do any thing about it.
Later on when the Banks woke up, it took the authorities (****) about two years to detect such transactions. But by then they had used the system to the max. They could not do anything to the depositors nor the recipient. Of course everyone must have been a part of it. I heard about it after two years. Yes, I can always say I knew it? But did I?? Two years later.... These ATM's convert money even today. They were putting in and out of different accounts and they had cards to play with. They knew exactly what they were doing too.
I also notice that these transactions that I do are not posted immediately. They are done after 48 hours, my receipts and out of my transfers too, They are not instantaneous, nor are they automatic. They are mano matic. This was into and out of my Heloc or LOC at the time of deposits. Also they do not provide me with any transit numbers. Only TD provides me with a reference to the transit, besides the confirmation #.
Each one has a method to follow, but in general, these delays are created with a purpose behind it, by the humans. It will take a sleuth to untangle this intentional drag.
And prey do tell me why, since you are a part of this scheme of things. Why this procrastination?
Freddie.
well just to keep you all posted
the sum is come back in to my pc account with pc saying that
td bank did not allow them to investigate anything and just informed
me that the "account number was invalid" .and after more than 2 weeks
the sum is back into my account ,finally peace prevails,
but its shocking to me how the banks dont cooperate here, and you have
to keep calling them and be onhold for more than a hour to explain
your problem to them.
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akkiluck
