Canadian ACH

Powerlunchmoney

I did an experiment with my credit union account and my Scotia savings account to see how long it would take to get money into my Bitgold account. Scotia worked and the credit union didn't work at all.

Right now my path to funding my Bitgold account goes like this:

• Paycheque direct deposited to credit union
  
• Bill payment to Scotia savings account (2 day hold)
  
• ACH payment to Bitgold (2 day hold)
  

I'd like to shorten this path without incurring fees. Ideally direct from the credit union.

Should ACH work from the credit union? I wonder if I have it set up incorrectly.

Powerlunchmoney

Success! User error on my behalf. Totally free through my credit union. Just bought 13 grams of the good stuff

Murphy

I just use my credit card to deposit money into my account and my wife does the same thing. Doesn't seem to be any extra fees involved. I get air miles from my card which is a bonus. I always pay the balance owed to my credit card every pay check so i incur no interest fees.

GoldIsCurrency

@Murphy I do it the same way. Also why pay today when you can pay in 30 days.

rohanibuang61

@Powerlunchmoney sometime we have to try many times, possible during you expediting the transaction the bank is internally having internal update and so on.

Powerlunchmoney

I don't use credit cards.

Murphy

@powerlunchmoney if you can be disciplined in its use a credit card can be great, If you pay the balance in 21 days they cannot charge you interest. Just never do the cash advance then they can charge you interest right away.

Powerlunchmoney

I'd just like to simplify this process and live within my means. If I could get 50% paid in gold, I would

Powerlunchmoney

Sadly it appears Scotia charged 5 dollars CAD for an ACH payment to my savings account. I won't be using that method again.

Please bring back the Interac deposits!!

Melanie

Hi @Powerlunchmoney, is there typically a small fee applied when you move funds from that savings account to other accounts such as a checking account? You should not have any additional fees from a checking account or a savings account that allows for no-fee transfers.

Powerlunchmoney

Hi @Melanie the online Interac fees were free but it seems there is a 5.00 fee associated with ACH transfers using a Scotia Power Savings account unfortunately. This is a free account which I am able to transfer money to from my credit union without fees but they took 5.00 for the ACH

I don't pay fees from my credit union (Coast Capital Savings) and I'd rather not have to funnel money to Scotia at all but my credit union doesn't seem to be supported.

nigelmarkdias

Here in Dubai, I've paid with my bank debit card.
No problem. No transaction fees.

Powerlunchmoney

Some of the numbers I had for my credit union were incorrect. I called them to get accurate info for ACH transfers and made a 2.00 deposit that will hopefully go through! Fingers crossed