Personal Finance

Issue: Questrade deposit using Interac Online

  • Last Updated:
  • Dec 7th, 2020 11:57 pm
[OP]
Jr. Member
Mar 18, 2006
159 posts
104 upvotes

Issue: Questrade deposit using Interac Online

Lots to read...pls bear with me.

So I tried to transfer funds immediately to my Questrade account using Interac Online very early today.

I successfully completed the transaction using my online banking. But the funds did not show up on the Questrade trading platform. Checked a few minutes later, still no funds.
Check the account history at Questrade, the contribution is not showing up.
Go to bank, and I do not see the transfer out to Questrade either in my account transactions either!

Now it gets a bit more strange - assume the bank balance before transfer was $500, and transfer was for $100
1. On my bank's site, I see my "available balance" as $400. This makes sense as I had authorized the transaction, but I do not see the actual transaction in my bank account.
2. Wait a few hours and call my bank. Their back-office team says "funds are on hold" for the original Interac Online transaction ($100). They advise to call Questrade.
3. Get Questrade on chat an hour later, and they confirm "no record of deposit via Interac Online today". They advised "Interac Online transaction can bounce back to my bank anywhere within 2 to 24 hours". In short, they can't do anything as $100 is not with them.

Anyone else experience this ever? I've done Interac Online many times this year, and nothing like this has happened before.

I have a feeling this is going to be a long exercise going back and forth between my bank and Questrade. Yet I feel that Interac is the one that has not completed the transaction in the middle.
15 replies
Sr. Member
Nov 9, 2013
709 posts
239 upvotes
Vancouver
I find they are very slow with transfers. Even transferring cash within questrade from non reg account to reg account takes days. Blows my mind that in this day and age this can’t happen almost instantly, like transferring money between different accounts within my own bank does.
[OP]
Jr. Member
Mar 18, 2006
159 posts
104 upvotes
Trophy23 wrote: I find they are very slow with transfers. Even transferring cash within questrade from non reg account to reg account takes days. Blows my mind that in this day and age this can’t happen almost instantly, like transferring money between different accounts within my own bank does.
I only transferred my account to them earlier this year. The more I get to know them, the more I see they make the simplest things that much more complicated unnecessarily.

But this is the first issue I've had with Interac Online. What makes it even more interesting is that neither side can say exactly what went wrong and is, obviously, blaming the other.
Deal Addict
Oct 17, 2012
1280 posts
1201 upvotes
Vancouver
It takes 2 or 3 days when I transfer funds to Questrade. I use Scotiabank so I have to do it as a bill payment. I don't know what banks use the "Interac Online" method cause it doesn't work on Scotia
Deal Fanatic
Jul 4, 2004
8715 posts
1660 upvotes
If you setup Questrade as a bill payment the funds arrive the next day.
Help an animal charity or sanctuary out today. Become a volunteer, advocate, foster a pet, or donate. They need you as much as you need them!
[OP]
Jr. Member
Mar 18, 2006
159 posts
104 upvotes
sunnysidesolutions wrote: It takes 2 or 3 days when I transfer funds to Questrade. I use Scotiabank so I have to do it as a bill payment. I don't know what banks use the "Interac Online" method cause it doesn't work on Scotia
See https://www.interac.ca/en/consumers/pro ... rac-online for all banks/credit unions that support Interac Online. Scotia is supported.
Last edited by sprinter on Dec 5th, 2020 8:48 am, edited 1 time in total.
[OP]
Jr. Member
Mar 18, 2006
159 posts
104 upvotes
Frankie3s wrote: If you setup Questrade as a bill payment the funds arrive the next day.
I have tried this as well from 2 different banks - but bill payments do take 2 full business days to be available. For eg: pay today (Dec 5, Sat) and these funds will not be available for me until Dec 9 (Wed) start of trading day.

If I want to trade faster, Interac Online is the only way.
Deal Fanatic
Jul 4, 2004
8715 posts
1660 upvotes
sprinter wrote: I have tried this as well from 2 different banks - but bill payments do take 2 full business days to be available. For eg: pay today (Dec 5, Sat) and these funds will not be available for me until Dec 9 (Wed) start of trading day.

If I want to trade faster, Interac Online is the only way.
Every bank will be different but from Simplii it takes only one day. One Monday evening I did a transfer from Simplii and when I logged into Questrade the following morning a popup appeared to say that a deposit has been made into my account.
Help an animal charity or sanctuary out today. Become a volunteer, advocate, foster a pet, or donate. They need you as much as you need them!
Deal Addict
Dec 26, 2009
2784 posts
1453 upvotes
sprinter wrote: I have tried this as well from 2 different banks - but bill payments do take 2 full business days to be available. For eg: pay today (Dec 5, Sat) and these funds will not be available for me until Dec 9 (Wed) start of trading day.

If I want to trade faster, Interac Online is the only way.
Depends on your bank... when I make payments from EQ to Questrade (as a bill payment) in the afternoon, funds are available next morning on Questrade.
[OP]
Jr. Member
Mar 18, 2006
159 posts
104 upvotes
Only bill payment to be received by the biller has been Amex. I've paid as late at 10 pm and get a text next morning on the payment received. I guess it depends on the bank and biller.

Update: After 48 hours of initial transaction, my bank account no longer has a hold on the amount of the initial transaction. Time to try and make it work again!
Deal Addict
User avatar
Aug 7, 2010
1039 posts
396 upvotes
sprinter wrote: I have tried this as well from 2 different banks - but bill payments do take 2 full business days to be available. For eg: pay today (Dec 5, Sat) and these funds will not be available for me until Dec 9 (Wed) start of trading day.

If I want to trade faster, Interac Online is the only way.
With Tangerine, funds show up at Questrade the next day.
Deal Fanatic
User avatar
Jul 15, 2008
9416 posts
2161 upvotes
Toronto
With scotia and bill payment also show up next day for me.
Sr. Member
User avatar
Jun 27, 2007
578 posts
110 upvotes
Toronto
sprinter wrote: Lots to read...pls bear with me.

So I tried to transfer funds immediately to my Questrade account using Interac Online very early today.

I successfully completed the transaction using my online banking. But the funds did not show up on the Questrade trading platform. Checked a few minutes later, still no funds.

Check the account history at Questrade, the contribution is not showing up.
Go to bank, and I do not see the transfer out to Questrade either in my account transactions either!

Now it gets a bit more strange - assume the bank balance before transfer was $500, and transfer was for $100
1. On my bank's site, I see my "available balance" as $400. This makes sense as I had authorized the transaction, but I do not see the actual transaction in my bank account.
2. Wait a few hours and call my bank. Their back-office team says "funds are on hold" for the original Interac Online transaction ($100). They advise to call Questrade.
3. Get Questrade on chat an hour later, and they confirm "no record of deposit via Interac Online today". They advised "Interac Online transaction can bounce back to my bank anywhere within 2 to 24 hours". In short, they can't do anything as $100 is not with them.

Anyone else experience this ever? I've done Interac Online many times this year, and nothing like this has happened before.

I have a feeling this is going to be a long exercise going back and forth between my bank and Questrade. Yet I feel that Interac is the one that has not completed the transaction in the middle.
Hi there! Which browser were you using? Google Chrome has been giving users issues in completing the deposit. We suggest using Safari or Internet explore for the time being. The funds will likely get released in your bank account soon. If not, please reach out to them again in a day or two. Please keep us updated as we want to make sure you get your funds.
[OP]
Jr. Member
Mar 18, 2006
159 posts
104 upvotes
Questrade wrote: Hi there! Which browser were you using? Google Chrome has been giving users issues in completing the deposit. We suggest using Safari or Internet explore for the time being. The funds will likely get released in your bank account soon. If not, please reach out to them again in a day or two. Please keep us updated as we want to make sure you get your funds.
Yes, the funds did get back to my bank after 48 hours (no big deal), and yes, I was using Chrome. The same transaction worked before markets opened today!

I'll try another browser next time I run into this issue.
Newbie
Jan 18, 2013
23 posts
12 upvotes
DO Bill Payments....I did it on a Saturday and the funds were deposited Monday morning

Top