Me2Me Transfers FAQ

What are Me2MeTransfers?

Me2Me transfers are an electronic method of transferring funds between your Implicity accounts and those held at other Canadian financial institutions.

 

Who can use this service?

Any member can use Me2Me Transfers; you just need to log in to online banking to get started.

 

How long does the setup process take?

It’s simple, Me2Me Transfers will automatically be set up for the account used in your initial cheque deposit after a 10 day waiting period. This waiting period is in place to ensure the initial deposit clears without issue. Any additional accounts that you would like linked will require you to fill out the Me2Me form found on our website under online banking and return it to Implicity with a copy of the void cheque.


Once your form and cheque are received, we will verify and activate your accounts. As part of the setup Implicity must submit an electronic funds transfer and you will need to confirm with us that this transfer was debited. This can take up to 5 business days.

 

What accounts are eligible for Me2Me?

Any of your Implicity accounts can use Me2Me Transfers with the exception of TFSA accounts and any personal accounts that require two or more signatures to perform transactions.

 

What does it cost to use this service?

Like most services at Implicity, it is fee free to send a Me2Me Transfer.

 

Is there a limit on how much I can transfer?

You can transfer up to $50,000.00 per transaction, up to$250,000.00 per week and there is a 30-day transfer limit of $500,000.00.

 

How long does it take to send/receive a Me2Me Transfer?

The transfer will take place immediately, but there will be a 10 day hold on deposits made to your account to allow time for the transfer to clear and giving us the opportunity to ensure all funds are verified. Please note - if Me2Me Transfers are not supported by the other financial institution, it may take up to 3 business days for the transfer to be completed.

 

Can I transfer US dollars?

No, Me2Me can only be performed in Canadian funds, so even though you may have a US account at another Canadian financial institution it will not be available to be linked.

 

Can I receive/transfer to accounts in another country?

No, Me2Me transfers can only be linked to Canadian Financial institutions.

 

What if my other Financial Institution does not subscribe to Me2Me?

That’s okay, once setup with Implicity, you can transfer in and out using Implicity’s online banking at any time, regardless if your other financial institution subscribes to Me2Me.

 

Are Me2Me Transfers secure?

Yes, Me2Me offers the same level of security as all other Online Banking transactions.

 

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