January 11, 2018
I recently opened an EQ bank account and linked Tangerine and Simplii accounts on EQ. Planning to move funds to EQ using Pre-authorized debits (PADs) initiated from EQ side.
I have chequing and saving accounts on both Tangerine and Simplii. Now, I wonder if these accounts accept PADs from EQ. Just afraid of any trouble or penalty fees. If you usually do this, please let me know if that's possible and/or some limitations/restrictions. I am aware of push/pull limit on EQ side.
Simplii Chequing Account
Simplii Saving Account
Tangerine Chequing Accounts
Tangerine Saving Accounts
I used to push/pull on Simplii(or PCF) Chequing Account initiated only from Tangerine(or ING) and it worked well. But I usually park my money in Saving account and if I can directly pull from Saving Accounts using PADs initiated from other FIs, I can save my work and time and interest.
I am also making EQ link on Tangerine, as it seems push is safer and faster? way to transfer money, although Tangerine have $50k push limit per day. I still want to avoid any trouble or NSF by mistakes or bank's rules/discretion. Yet, probably I will use PADs for Simplii as I understand linking other banks on Simplii takes time with real paper documents.