Official External Account Linking Thread
External account linking for Me to Me Transfers...the idea is that you can setup a transfer (similar to moving funds between chq and savings accounts), but between internal and external accounts. Moving internal to external account is a push, and the reverse is a pull.
- Why Always Push? Receiving end allows funds to be liquid immediately (available for withdrawal, bill pay, etc.). No hold on any amount.
- When to pull? When other end can't push (certain FI's, notably big five, don't offer this), if FI offers a savings pull promo, or if you find it more convenient based on linked accounts list
- Which accounts can be linked? Any under PAD agreement, that means the vast majority of chq and savings accounts
- Why don't all FI's do this? Some arrogantly expect you to have all banking products with them alone (one-stop-shop)
- How long does it take to setup? Can be two days to two weeks, depending on process
- Any caps? Usually $100k push, $50k pull
- Any risks? Only pulling above available funds, resulting in NSF fees
- CTFS - void chq or PAD, send via fax or snail-mail, no hard cap but they'll ask you why if you link more than four, remove via phone
- EQ - micro-deposits, max 10, can only remove by calling in, pulling always hold - RFD thread
- Motive Financial - void chq or PAD, send via email, fax or snail-mail, max five, remove online - RFD thread
- Motusbank - same as Meridian OR login via embedded session at external financial institution to setup the links
- Oaken - login via embedded banking session in order to link accounts as external
- Simplii - instructions here, void cheque or PAD form (must be stamped!), no known max cap (though @Shawguy said 10, I heard 25, no cap, etc.), can remove via online banking or calling in, pull no hold depends on credit worthiness
- Tangerine - micro-deposits, max three at a time (can swap 'em around like musical chairs any time), remove online, pull no hold limit depends on credit worthiness
- Achieva Financial - void chq or letter from FI (no PAD), snail-mail or in branch visit, max three, pulling or receiving push always 10 business days hold - RFD thread
- Alterna Savings - void chq or PAD, send via email, fax or snail-mail, no cap, remove online
- DUCA - void chq or PAD, send via email, fax or snail-mail, no cap, remove online - RFD thread
- Hubert - micro-deposits, can remove online but max 30 accounts linked for the life of the Hubert account - RFD thread
- Meridian - void chq or PAD, or e-statement too, snail-mail or in branch visit, or secured message via online banking (via envelope icon) - RFD thread
- PayPal - micro-deposits to verify account, no cap
- PayTM - micro-deposits to link most accounts (with the exception of big five where it's possible to log in to online banking embedded within PayTM to authorize). Can link a limited number of accounts (I think six, anyone welcome to provide a more convincing number). If account number exceeds 10 digits, send PAD credentials to PayTM via support ticket to initiate micro-deposits.
- TransferWise - just add account credentials, no need for micro-deposits, TransferWise simply believes you!
Note that TransferWise also allows external account linking foreign domiciled accounts, where they charge their relatively low FTF to convert currency.