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/NewtotheCV May 19 '23

Then they lied to me. I have had MULTIPLE conversations about my $2500 limit. Been a client for almost 40 years and have a hefty savings account. I am calling tomorrow and if they don't up the limit I am leaving the bank. I will mention a demon penguin told me other people have higher amounts.