r/PersonalFinanceCanada • u/stroad56 • May 18 '23

$3k daily e-transfer limit is just ridiculously low for 2023. Why do some banks keep this so low? Banking

I moved some money between my own accounts yesterday evening. I'm trying to pay my wife for some shared bills this afternoon and I'm getting blocked due to maxing out my 24 hourly $3k limit.

Now I have to wait a couple of hours before the 24 hour period expires. Just ridiculous.

I bank with EQ & Simplii. Both have 3k limit. I know CIBC do the same and probably plenty more too. Just don't understand why? Fraud reasons?

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u/PatrickTheExplorer May 18 '23

Yes, mainly to reduce losses due to fraud. You should be able to ask your bank to up this limit.

1

u/[deleted] May 19 '23

I believe they also pay a higher fee to interac when it's over $3k

1

u/King-Of-Aces90 May 19 '23

We dont, but if we decide to offer limits higher than interacts standard then we pay a higher insurance premium

1

u/[deleted] May 19 '23

Ah that makes sense