Personal Finance

Official External Account Linking Thread

  • Last Updated:
  • Feb 25th, 2019 2:33 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
  • 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

Other FI's
  • 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).
  • 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
5 replies
Deal Expert
User avatar
Aug 18, 2005
18388 posts
3061 upvotes
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).
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Fanatic
Jan 30, 2012
5283 posts
726 upvotes
multi city dweller
Whatever happened to this thread? This can be a very useful resource for most people ...
[OP]
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May 8, 2009
8519 posts
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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?".
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread

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