Personal Finance

[Tutorial] Link External Accounts to Simplii Financial

  • Last Updated:
  • Aug 3rd, 2019 9:52 pm
Penalty Box
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Troydabes wrote:
Feb 11th, 2019 6:16 pm
I received a mail from Simplii stating that I did not meet the requirements due to missing stamp. I never had any problem with EQ but why only with CIBC?
Was it a PAD form fillable by yourself - at another bank?
if so yes, usually it's rejected and I know it's as stupid as it could get.
Lots of banks/CUs/billers reject non-stamp PAD.

Another work around, make your own void cheque
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When you log online, click Transfers, then click Bank to Bank, that allows you to link your external account directly.
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Troydabes wrote:
Feb 11th, 2019 6:16 pm
I received a mail from Simplii stating that I did not meet the requirements due to missing stamp. I never had any problem with EQ but why only with CIBC?
Only Simplii AFAIK requires a stamp on all PAD forms for account linking. They say they used to only accept void cheques. DUCA told me they'd only insist on a stamp if it were a smaller, or lesser known FI. But Simplii requires a stamp for all PAD form submissions.

Which FI are you hoping to link? Are you unable to get a void cheque?
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dekvitaly wrote:
Feb 11th, 2019 6:34 pm

Was it a PAD form fillable by yourself - at another bank?
if so yes, usually it's rejected and I know it's as stupid as it could get.
Lots of banks/CUs/billers reject non-stamp PAD.

Another work around, make your own void cheque
It was not fillable like Scotiabank. It's a void cheque from CIBC.
titaniumtux wrote:
Feb 15th, 2019 6:48 am

Only Simplii AFAIK requires a stamp on all PAD forms for account linking. They say they used to only accept void cheques. DUCA told me they'd only insist on a stamp if it were a smaller, or lesser known FI. But Simplii requires a stamp for all PAD form submissions.

Which FI are you hoping to link? Are you unable to get a void cheque?
CIBC. It's weird as my EQ void cheque went okay.

As for Tangerine, still no sign if it was successfully or rejected.
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titaniumtux wrote:
Mar 5th, 2018 3:45 pm
[*]How many external accounts can I link to Simplii? - no hard cap, @Shawguy says max 10, could be max 25 (vs. 3 with Tangerine, 10 with EQ, and none with most of the big five)
Hi @titaniumtux

Thought I would share this picture to show it is MAX 10.... and hopefully the original post can now be updated. The picture has today's date on it, and I got this error when attempting to link my 11th account with them,

Thanks
Shawguy

Simplii_Financial_10_Account_Limit.JPG
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Shawguy wrote:
Feb 23rd, 2019 2:17 pm
Hi @titaniumtux

Thought I would share this picture to show it is MAX 10.... and hopefully the original post can now be updated. The picture has today's date on it, and I got this error when attempting to link my 11th account with them,

Thanks
Shawguy


Simplii_Financial_10_Account_Limit.JPG
Done. Thank you.
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I don't think Simplii Financial requires the VOID cheque form/direct deposit forum to be stamped. I think you can probably wiggle them around on this if it's directly printed from your online banking platform and it's on bank letterhead. Alternatively, I'm almost positive they said they would accept unstamped bank e-Statements provided they bore all the information. Can anyone confirm?

Cheers,
Doug
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dmehus wrote:
May 3rd, 2019 11:35 am
I don't think Simplii Financial requires the VOID cheque form/direct deposit forum to be stamped. I think you can probably wiggle them around on this if it's directly printed from your online banking platform and it's on bank letterhead. Alternatively, I'm almost positive they said they would accept unstamped bank e-Statements provided they bore all the information. Can anyone confirm?

Cheers,
Doug
They must be stamped by a teller stamp. They reject it if it is not. They only recently started accepting pad forms or account letters, they used to only accept void cheques.

As for bank statements I don't believe they do, but I can't confirm or deny this point.
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Shawguy wrote:
May 3rd, 2019 12:15 pm
They must be stamped by a teller stamp. They reject it if it is not. They only recently started accepting pad forms or account letters, they used to only accept void cheques.

As for bank statements I don't believe they do, but I can't confirm or deny this point.
Thanks, @Shawguy. Were you on this forum before HighInterestSavings.ca?

That's lame when virtual banks and banks in general require direct deposit forms to be stamped (assuming they'll accept an ordinary branch name and address stamp, not a teller date stamp?). There's no requirement for them to be stamped. In fact, in terms of linking accounts, there's no requirement to have supporting documentation if you've entered the account information and have signed a form certifying you as the correct beneficial owner of that account. Wonder if EQ Bank and Oaken Financial will provide teller stamped direct deposit forms for linking?

I don't see a lot of advantage to Simplii, with Motive Financial, Tangerine, and the like. Their ATM network is now even smaller than Scotiabank's with the loss of Petro Canada ATMs. Locally, there's only CIBC branch ATM in a population of 40,000 (West Kelowna+West First Nation). In Kelowna (population: 120,000, give or take), there's only 3 CIBC branch ATMs, 1 downtown Safeway ATM, and 1 Orchard Park Shopping Centre Food Court ATM. That's literally it.

Contrast that with:
- 5 Scotiabank branches with ATMs in Kelowna (plus 1 in West Kelowna) and 6 7-Eleven Scotiabank ATMs (doubled in size from 3 when 7-Eleven bought out the corporate-owned Esso stations in B.C. and Alberta)
- 9 full-service Exchange ATM locations in Kelowna (2 HSBC branches, 1 Canadian Western Bank branch, 2 Prospera CU branches, and 4 Valley First branches). Factoring in Manulife Bank cash dispensing ATMs, there's another 4-5 Mac's convenience store locations, I believe, plus another 1 in West Kelowna (plus an additional HSBC and Valley First branch in West Kelowna)

If you factor in Interior Savings CU Acculink-only ATMs, you can add fully 6 full-service branches/ATM locations in Kelowna+West Kelowna, which would give Alterna the edge out west as Alterna Bank is, apparently, through somewhat of a loophole, the only Canadian bank on the CU only Acculink ding-free™ ATM network.

Cheers,
Doug
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@dmehus ATM access will greatly vary based on the city you're in. Here in YOW, CIBC ATM coverage is amazing. Been using Simplii since the PCF days and never had to go far to pull cash.

That said, I rarely need to pull cash now. Though The Exchange ATM's are slightly less convenient, I'd get more out of Motive and Motusbank than Simplii.
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titaniumtux wrote:
May 4th, 2019 9:48 pm
@dmehus ATM access will greatly vary based on the city you're in. Here in YOW, CIBC ATM coverage is amazing. Been using Simplii since the PCF days and never had to go far to pull cash.

That said, I rarely need to pull cash now. Though The Exchange ATM's are slightly less convenient, I'd get more out of Motive and Motusbank than Simplii.
YOW? No idea where that is. Is that an airport code? Ottawa?

But yes, that's true. Locally, RBC definitely has the most ATMs, but since RBC took over many of the Petro Canada ATM locations, TD Canada Trust has taken over all the Chevron ATM locations since Parkland Fuel bought their downstream assets, so they're probably a close second. Looking at the national numbers, though, TD Canada Trust is still in last place, so definitely varies city to city. BMO would be in second last place here because there's a few Shell stations, for sure, but not as many 7-Elevens now that 7-Eleven took over a lot of the Esso stations.

Cheers,
Doug
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dmehus wrote:
May 5th, 2019 1:30 am
YOW? No idea where that is. Is that an airport code? Ottawa?

But yes, that's true. Locally, RBC definitely has the most ATMs, but since RBC took over many of the Petro Canada ATM locations, TD Canada Trust has taken over all the Chevron ATM locations since Parkland Fuel bought their downstream assets, so they're probably a close second. Looking at the national numbers, though, TD Canada Trust is still in last place, so definitely varies city to city. BMO would be in second last place here because there's a few Shell stations, for sure, but not as many 7-Elevens now that 7-Eleven took over a lot of the Esso stations.

Cheers,
Doug
Yes, YOW is the airport code for Ottawa.
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Agree with what was said above. Doesn't seem worth it to get Simplii with their complexity of linking accounts. There's lots of other FI's with no fee chequing accounts around, that pay consistently higher interest on their savings accounts. Especially, Alterna, Motive and Motus. Alterna can be accessed nationwide as mentioned before, so it gets the nod there, but you don't get any free cheque books. Or if you don't mind rate hopping, Duca Credit Union for their free chequing account, and their 3.0 % promo rate till Jan 2020.
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Bull Dog wrote:
May 5th, 2019 10:30 am
Agree with what was said above. Doesn't seem worth it to get Simplii with their complexity of linking accounts. There's lots of other FI's with no fee chequing accounts around, that pay consistently higher interest on their savings accounts. Especially, Alterna, Motive and Motus. Alterna can be accessed nationwide as mentioned before, so it gets the nod there, but you don't get any free cheque books. Or if you don't mind rate hopping, Duca Credit Union for their free chequing account, and their 3.0 % promo rate till Jan 2020.
It's bizarre that DUCA Financial Services Credit Union changed their bond of association to restrict out of province members, though, when they used to be one of the co-owners of the now shuttered Zenbanx Canada and also were, possibly, the first Ontario credit union to permit members from out of province to join (even before Meridian Credit Union).

It's fine to require completion of a signed form and possibly even an attached supporting documentation, but that they're still requiring it be stamped in this day and age is asinine. They should also allow e-Statements to be used, if they have the person's name & address, branch name or transit number, branch address, and the person's account number. :)

Motus, right now, needs to introduce access to deposited funds limits period, and ideally, on day 1, like Tangerine, Simplii, Alterna, Motive, Coast Capital, Vancity, et al, because as a day-to-day banking account, it's essential. ;)

Cheers,
Doug
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I can't find where is "link external account" link on Simplii website :(

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