Personal Finance

[Tutorial] Link External Accounts to Simplii Financial

  • Last Updated:
  • Aug 3rd, 2019 9:52 pm
Deal Addict
Dec 27, 2013
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Does this work with Simplii high interest savings accounts (or only chequing)?

Good thread by the way... Thanks OP.
[OP]
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May 8, 2009
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mbmbkop wrote:
Mar 9th, 2018 9:14 am
Does this work with Simplii high interest savings accounts (or only chequing)?

Good thread by the way... Thanks OP.
It works with chequing, savings and LOC with Simplii. That means once an external account is linked to your Simplii account, you can push and pull between any Simplii account and any external linked account. That means you can push money from Simplii savings to Tangerine/EQ/etc. and it'll go out as early as next day (and appear in the external account the following day).
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Oct 11, 2016
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I just tried the following:
-------------------------------------------------
Easiest method:
call customer service, request secured email to submit external account (one email per account)
In the secured email, download the PDF
Fill out PDF
Get PAD form from other bank with stamp or a void cheque
In the secured email, follow the link. Within that link, reply and send attached documents (can be a photo from smartphone of the PDF and the stamped PAD or void cheque)
Wait 2-7 business days, then enjoy
--------------------------------------------

And I was rejected. The agent said they only allow this method if you're trying to pay off a loan or a product at Simplii. I didn't argue because I didn't have much time. The agent said I must set it up using the alternative slower method.

I will try again.
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yydd4567 wrote:
Jun 15th, 2018 11:27 am
I just tried the following:
-------------------------------------------------
Easiest method:
call customer service, request secured email to submit external account (one email per account)
In the secured email, download the PDF
Fill out PDF
Get PAD form from other bank with stamp or a void cheque
In the secured email, follow the link. Within that link, reply and send attached documents (can be a photo from smartphone of the PDF and the stamped PAD or void cheque)
Wait 2-7 business days, then enjoy
--------------------------------------------

And I was rejected. The agent said they only allow this method if you're trying to pay off a loan or a product at Simplii. I didn't argue because I didn't have much time. The agent said I must set it up using the alternative slower method.

I will try again.
Makes no sense. Call again and request the secured email for external account linking.
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Member
Oct 11, 2016
336 posts
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I did call again and I was able to get the secure email link. Here is what happened:
  1. The first time I called I spoke to a new agent. They automatically misunderstood what I was trying to do.
  2. When I called back the second time, the agent was looking at the notes of the first agent. So that agent only had the context of the first agent and didn't really listen to me.
  3. When I called the third time, the new agent understood and sent me the secure link.
I just filled everything out and replied to the email with all the documentation. Hopefully it goes through.

Thanks for your help.
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Oct 11, 2016
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titaniumtux wrote:
Mar 9th, 2018 9:36 am
It works with chequing, savings and LOC with Simplii. That means once an external account is linked to your Simplii account, you can push and pull between any Simplii account and any external linked account. That means you can push money from Simplii savings to Tangerine/EQ/etc. and it'll go out as early as next day (and appear in the external account the following day).
Sorry if this is a dumb question: Are their limits on this type of transfer? Say I wanted to push $5k etc?
Deal Addict
Jul 3, 2017
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Just a word of caution on this:

When Simplii had their security breach a few weeks ago, it occurred to me that my Simplii account is linked to a couple of my other bank accounts, and could in theory make large transfers from those accounts into Simplii without my knowledge. I'm not sure if there's any limit, but if so it's pretty high. Certainly I've transferred > $100K in 24 hours using these inter-bank links without needing any kind of bank approval or assistance.

Which led me to consider whether it's really a good idea to have these links if it's not absolutely necessary. You're spreading your vulnerability from one bank to two or more.

This is where the Canadian banks really need to do a better job on security. I want to see flexible user-controlled rules for ALL transactions, allowing me to set notification and approval requirements individually per type of transaction. For example, any transfer over $1000 requires a notification to my phone and an approval PIN to proceed.
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Jul 25, 2008
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Ottawa
I found the security can be improved, but wuestion is why don,t the banking folks not doing it. Do they setup loop hole when hacked and expecting not to pay?

Why is government doing nothing?
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yydd4567 wrote:
Jun 17th, 2018 9:10 am
Sorry if this is a dumb question: Are their limits on this type of transfer? Say I wanted to push $5k etc?
$100k push / $50k pull, can do larger amounts via phone.
Exp315 wrote:
Jun 17th, 2018 9:44 am
Just a word of caution on this:

When Simplii had their security breach a few weeks ago, it occurred to me that my Simplii account is linked to a couple of my other bank accounts, and could in theory make large transfers from those accounts into Simplii without my knowledge. I'm not sure if there's any limit, but if so it's pretty high. Certainly I've transferred > $100K in 24 hours using these inter-bank links without needing any kind of bank approval or assistance.

Which led me to consider whether it's really a good idea to have these links if it's not absolutely necessary. You're spreading your vulnerability from one bank to two or more.

This is where the Canadian banks really need to do a better job on security. I want to see flexible user-controlled rules for ALL transactions, allowing me to set notification and approval requirements individually per type of transaction. For example, any transfer over $1000 requires a notification to my phone and an approval PIN to proceed.
Interesting. I'm impressed by the ability to push >$100k without calling in.

I'd support two step verification for this. PayPal requires it for PAD deposits to bank.
cf7777 wrote:
Jun 17th, 2018 10:54 am
I found the security can be improved, but wuestion is why don,t the banking folks not doing it. Do they setup loop hole when hacked and expecting not to pay?

Why is government doing nothing?
It's a double-edged sword. Higher security increases costs. FI's also guarantee to get you your money back in case of fraud, since they are CDIC insured (or DICO insured for ON CU's, or whatever equivalent for CU's in other provinces). They rather get your money back if you've been frauded.
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Aug 5, 2006
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Global Village
Exp315 wrote:
Jun 17th, 2018 9:44 am
Just a word of caution on this:

When Simplii had their security breach a few weeks ago, it occurred to me that my Simplii account is linked to a couple of my other bank accounts, and could in theory make large transfers from those accounts into Simplii without my knowledge. I'm not sure if there's any limit, but if so it's pretty high. Certainly I've transferred > $100K in 24 hours using these inter-bank links without needing any kind of bank approval or assistance.

Which led me to consider whether it's really a good idea to have these links if it's not absolutely necessary. You're spreading your vulnerability from one bank to two or more.

This is where the Canadian banks really need to do a better job on security. I want to see flexible user-controlled rules for ALL transactions, allowing me to set notification and approval requirements individually per type of transaction. For example, any transfer over $1000 requires a notification to my phone and an approval PIN to proceed.
There are reasons to be cautious yet even if they get your username and password from the hack and they use your external transfers the most they'll be able to remove from it is what Interac E-transfer limits allow for, you'll be notified the 1st time they try this and you'll reclaim the $.

The following sent Interac e-Transfer® limits apply:

In any 24-hour period: $3,000
In any 7-day period: $10,000
In any 30-day period: $30,000
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Oct 11, 2016
336 posts
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Just letting everyone know, I was able to add my account via the tutorial for the secure email method. It worked out after all.

Thanks everyone
Deal Addict
Jul 3, 2017
3860 posts
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scoper wrote:
Jun 17th, 2018 1:33 pm
There are reasons to be cautious yet even if they get your username and password from the hack and they use your external transfers the most they'll be able to remove from it is what Interac E-transfer limits allow for, you'll be notified the 1st time they try this and you'll reclaim the $.

The following sent Interac e-Transfer® limits apply:

In any 24-hour period: $3,000
In any 7-day period: $10,000
In any 30-day period: $30,000
Those are Intereac e-Transfer limits. They do not apply to direct inter-bank debits.

Furthermore you should check the wording of your account agreement. At TD, for example, to cover their asses their agreement says that even if they make a mistake and allow a transfer greater than their stated limit, even if there was not enough money in your account to cover it, you are still liable (presumably unless you can prove fraud by another party, but they don't say that).
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Aug 9, 2013
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Toronto
I'm trying to linked external accounts on my simplii account. Transfers > Add account > Online banking password

I put my online banking password to accept the terms and conditions but it kept saying I'm typing the wrong password. What password is it looking for?
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Troydabes wrote:
Jul 7th, 2018 10:04 pm
I'm trying to linked external accounts on my simplii account. Transfers > Add account > Online banking password

I put my online banking password to accept the terms and conditions but it kept saying I'm typing the wrong password. What password is it looking for?
Your login password. If it gives you trouble, I'd try calling in.
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Deal Addict
Jul 24, 2003
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has anyone tried linking a TD savings account at Simplii?

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