Personal Finance

Official External Account Linking Thread

  • Last Updated:
  • Aug 26th, 2019 11:02 pm
[OP]
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May 8, 2009
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Official External Account Linking Thread

All are welcome to contribute in thread, since it'd take me far too long to bank with everyone. I'll focus on "the good ones", but more than willing to add DP's.

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.

FAQ
  1. Why Always Push? Receiving end allows funds to be liquid immediately (available for withdrawal, bill pay, etc.). No hold on any amount.
  2. 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
  3. Which accounts can be linked? Any under PAD agreement, that means the vast majority of chq and savings accounts
  4. Why don't all FI's do this? Some arrogantly expect you to have all banking products with them alone (one-stop-shop)
  5. How long does it take to setup? Can be two days to two weeks, depending on process
  6. Any caps? Usually $100k push, $50k pull
  7. Any risks? Only pulling above available funds, resulting in NSF fees

Banks:
  • 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

Credit Unions
  • 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

Fintechs
  • 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.
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Thread Summary
25 replies
Deal Expert
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Aug 18, 2005
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GTA West
Dear RFD experts, please do not start posting the 'loopholes' in using push/pull transfers between various banks.
If that happens, the banks will just close the loopholes and we will all suffer.
What if there were no hypothetical questions?
[OP]
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May 8, 2009
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Jucius Maximus wrote:
Aug 4th, 2018 7:54 pm
Dear RFD experts, please do not start posting the 'loopholes' in using push/pull transfers between various banks.
If that happens, the banks will just close the loopholes and we will all suffer.
Loopholes? Like earning double interest on certain days while pulling funds? Bah, hardly a loophole, and gains are too small for the banks to care. Me to me transfers don't always count as PAD pulls for the sake of meeting requirements for welcome bonuses on chq accounts, anyway.

Banks will close this if we see more fraud or theft. If hackers can see your banking activity, they can link via micro-deposits and clean your account. The bank will restore your funds, and usually manage to reverse the entire transaction, but even if they can't, they're the ones who absorb the loss (that or CDIC or credit union equivalent).
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Fanatic
Jan 30, 2012
6140 posts
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multi city dweller
Whatever happened to this thread? This can be a very useful resource for most people ...
[OP]
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LOL808 wrote:
Feb 22nd, 2019 3:12 pm
Whatever happened to this thread? This can be a very useful resource for most people ...
Nothing "happened" to the thread. It's still here. Feel free to bookmark it, then link back to it whenever anyone asks "what's me to me" or "how do I transfer funds from one bank to another?".
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Newbie
May 21, 2009
4 posts
K1V9W5
Refer above:

"Banks:
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"

Any one know the fax number CTFS ( Canadian Tires Financial Savings )? Thanks.
[OP]
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mikethewalker wrote:
Apr 7th, 2019 12:38 am
Refer above:

"Banks:
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"

Any one know the fax number CTFS ( Canadian Tires Financial Savings )? Thanks.
+1 877-728-5822
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Addict
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Jan 4, 2009
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on the links
Oaken now allows linking of external accounts via an online request...no more need to mail in cheques from the other FI. I just tried it and added my Tang account (you need to login at the FI being linked). "request will be completed within 2 business days"
Member
Oct 8, 2006
478 posts
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Okanagan Valley
Received an email from Oaken Financial today that advised it is now very simple to link external bank accounts with them. Logged in and went to transfers - link accounts and up pops a window that gives you a choice of 5-8 different banks but to establish the links you had to log in to that external bank using your user id and password for your banking site - the middle party is called Flinks and Oaken says they are secure....BUT....

Has anybody tried this yet...I couldn't pull the trigger by giving them other banking passwords..
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Mar 25, 2012
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I'd be curious to know if Motive Financial (a) has "access to deposited funds"/"hold release"/"cash back" limits based on credit report + score and/or length of time being a client/"customer worth" (i.e., funds on deposit, etc.) and (b) if so, does that apply to both EFT pulls and ATM deposits or just ATM deposits?

For @titaniumtux, Me-to-Me Transfers is the proprietary terminology that Central 1 Credit Union uses as an add-on service for MemberDirect (which they're redeveloping into a whole new online banking platform called Forge; no idea if that name will remain). You might want to just call them self-to-self, bank-to-bank transfers and then in parentheses, refer to various proprietary terms that each of the respective banks will use.

Would be nice if EQ Bank and Oaken Financial had "hold release" limits on pulled funds.

Not sure what you mean by "loophole," but I was able to get a Simplii Financial (possibly back in the PC Financial days) to go on record as saying they'd accept a bank e-Statement provided it bears one's name, address, bank name, branch name, branch address and/or transit number, and one's account number. So, there are possibly other methods for Simplii Financial.

Regarding Motive Financial again, I've heard of account opening delays, which concern me. How do they verify your account? Isn't it a straight credit bureau check (believe soft pull) + cleared cheque? And, I thought they simplified it a year or two ago to use OpenAnywhere™, which essentially has you send an Interac e-Transfer to your new Motive Financial account instead of a cheque.

Cheers,
Doug
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Mar 25, 2012
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happy camper wrote:
Apr 30th, 2019 9:01 pm
Received an email from Oaken Financial today that advised it is now very simple to link external bank accounts with them. Logged in and went to transfers - link accounts and up pops a window that gives you a choice of 5-8 different banks but to establish the links you had to log in to that external bank using your user id and password for your banking site - the middle party is called Flinks and Oaken says they are secure....BUT....

Has anybody tried this yet...I couldn't pull the trigger by giving them other banking passwords..
EQ Bank uses Flinks as well so, if they don't already offer that, I suspect they will soon. :)

Cheers,
Doug
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Mar 25, 2012
1215 posts
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Kelowna
happy camper wrote:
Apr 30th, 2019 9:01 pm
Received an email from Oaken Financial today that advised it is now very simple to link external bank accounts with them. Logged in and went to transfers - link accounts and up pops a window that gives you a choice of 5-8 different banks but to establish the links you had to log in to that external bank using your user id and password for your banking site - the middle party is called Flinks and Oaken says they are secure....BUT....

Has anybody tried this yet...I couldn't pull the trigger by giving them other banking passwords..
I think that old fear tactic the Big 5 banks liked to pull is pretty much dead. They can't have it both ways with personal finance management tools and external bank account validation tools and then say you can't give out your credentials to other parties. So I think you're fine to use this or even Mint, if you want. And, if you ever had fraud on your account, just tell them you don't use Mint if they ask. ;)

Regardless, in this case, you're signing in via your online banking website, so there's no issue in that respect.

Cheers,
Doug
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May 21, 2004
1869 posts
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GTA
Looks like Oaken has made it significantly easier to link to other FIs, however, how do you link other FIs to Oaken? Specifically, I'd like to link EQ Bank to Oaken but can't seem to find the Transit and Bank code info for Oaken. Anyone have success?

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