From the time you faxed CanTire your Direct Transfer authorization form, how long till the external account is linked? | Canadian Tire | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
From the time you faxed CanTire your Direct Transfer authorization form, how long till the external account is linked?
March 8, 2021
9:46 am
piggybank
Member
Members
Forum Posts: 33
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

Dear all,

Based on this website, Canadian Tire financial services currently has the highest interest rate.

I faxed Canadian Tire a direct authorization form on Tuesday. They said should see it in their queue in two business days. But even by Friday, they said they couldn't see the fax. On Friday, I sent them another fax.

P.S. I sent the fax on Tuesday using FaxZero.com and a duplicate fax on Friday using gotfreefax.com. I've received a "transmission successful" receipt from both services.

My attitude has been, "All right, if you don't want my money and can't see my fax, I'll put my money elsewhere."

How long have you had to wait for the link to the other bank account to be visible in https://www.myctfs.com/OnlineBanking/Transfers/ > "Transfer from" dropdown list?

March 10, 2021
8:10 am
HISAhopper
Member
Members
Forum Posts: 136
Member Since:
March 8, 2018
sp_UserOfflineSmall Offline

piggybank said
Dear all,

Based on this website, Canadian Tire financial services currently has the highest interest rate.

I faxed Canadian Tire a direct authorization form on Tuesday. They said should see it in their queue in two business days. But even by Friday, they said they couldn't see the fax. On Friday, I sent them another fax.

P.S. I sent the fax on Tuesday using FaxZero.com and a duplicate fax on Friday using gotfreefax.com. I've received a "transmission successful" receipt from both services.

My attitude has been, "All right, if you don't want my money and can't see my fax, I'll put my money elsewhere."

How long have you had to wait for the link to the other bank account to be visible in https://www.myctfs.com/OnlineBanking/Transfers/ > "Transfer from" dropdown list?  

I used the fax machine at work, it took a few days from the day I faxed till I saw the link in my account, (i did not keep track of the exact number of days, but yeah quite fast)

March 10, 2021
11:34 am
piggybank
Member
Members
Forum Posts: 33
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

thanks, HISAhopper,
I got a call from a CTFS on Monday March 8. They wanted to follow up and tell me that they received the fax and the link to the external account is now ready for use. So for me, it took about a week.

March 12, 2021
3:34 pm
KamWest
Toronto
Member
Members
Forum Posts: 129
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

Could you tell me what the fax number was?

Were you able to fax a copy of your linked account cheque?

To confirm... there are no deposit ceilings on this account right?

March 12, 2021
6:11 pm
piggybank
Member
Members
Forum Posts: 33
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

Hi KamWest,
The fax is 877-728-5822.
I didn't fax a cheque. Instead, I faxed a Direct Deposit form.
I don't know the answer to your last question.

March 13, 2021
12:47 pm
Hubble
Alberta
Member
Members
Forum Posts: 27
Member Since:
January 12, 2018
sp_UserOfflineSmall Offline

Kamwest....
I can confirm .....No deposit limits

March 13, 2021
4:57 pm
KamWest
Toronto
Member
Members
Forum Posts: 129
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

I decided to mail it in, maybe with a real cheque in hand it will speed up the process

Motive financial will not be happy with me because they were the only ones with no ceiling but the difference from 1.25 to 1.80% means thousands in my pocket per year.

March 29, 2021
3:56 pm
MG
Member
Members
Forum Posts: 164
Member Since:
February 16, 2013
sp_UserOfflineSmall Offline

Well after the many comments here, I thought that perhaps Canadian Tire Bank was starting to get its act together and so decided to finally apply for an account. I received an email confirmation on March 10th with the expected message to await the instruction package which should be received by snail mail within 10 days. Since nothing had arrived, I called today and they could not even find my application although I provided the confirmation number. sf-surprised Yes, they will investigate. Anyway, I set up another account over the phone with the agent (I refused to re-submit the application) and also asked for their mailing address to send them my first deposit cheque. Thanks to the members here who advised that calling in would expedite things!

April 8, 2021
8:34 pm
MG
Member
Members
Forum Posts: 164
Member Since:
February 16, 2013
sp_UserOfflineSmall Offline

Not bad at all. I called on March 29 and opened an account over the phone. I asked the customer service rep for the address where I could send my cheques to be linked to my new account. I mailed 2 cheques plus the void cheque available from the EQ website. Despite Good Friday and Easter Monday having no mail delivery, my cheques were cashed yesterday on April 7th (9 days after mailing). I called today (day 10) and got my login credentials and verified that all 3 external links were set up. I then transferred a large amount in from Tangerine. So, basically 10 days to start collecting higher interest. My advice is don't bother waiting for the snail mail, just call in! sf-cool

April 24, 2021
11:23 am
annie
Member
Members
Forum Posts: 46
Member Since:
September 18, 2020
sp_UserOfflineSmall Offline

I sent a fax on the 20th, and the associated account was updated on the 22nd, which is the fastest time ever~sf-smilesf-smile

April 25, 2021
12:45 pm
balanced_gic_porfolio
Member
Members
Forum Posts: 5
Member Since:
July 6, 2019
sp_UserOfflineSmall Offline

I can also confirm that the process is relatively swift.

By the time I called CTFS to open an account and subsequently sending them a starter check, to the time my account was active, it was less than 2 weeks all in. Not bad. YMMV.

Also. The way it works, when you send them a check CTFS can then push/pull from that representative FI based on the originally deposited check. In other words, you don't have to expressly fill out a form to link to that FI to be able to push/pull funds from CTFS to that FI or vice versa in the future.

April 25, 2021
2:03 pm
balanced_gic_porfolio
Member
Members
Forum Posts: 5
Member Since:
July 6, 2019
sp_UserOfflineSmall Offline

balanced_gic_portfolio said
I can also confirm that the process is relatively swift.

By the time I called CTFS to open an account and subsequently sending them a starter check, to the time my account was active, it was less than 2 weeks all in. Not bad. YMMV.

Also. The way it works, when you send them a check CTFS can then push/pull from that representative FI based on the originally deposited check. In other words, you don't have to expressly fill out a form to link to that FI to be able to push/pull funds from CTFS to that FI or vice versa in the future.  

The "swift" in my post, of course, is referring to opening up an account with CTFS, generally. As to my reference to linking an external account, that is to say the FI on the check you first deposit to open the account is automatically linked. I do, however, see the OP was asking about "a Direct Transfer authorization form and how long till the external account is linked" over-and-above the first-check linking to an external account.

My apologies for not noticing that earlier.

Have a good and safe day everyone. May all the interest rates on your savings be high. 🙂

Please write your comments in the forum.