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May 19, 2022
6:44 am
Wanderer
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Ok so I tried EQ. First on signing up they want your banks password which I circumvented. So that went alright. Made a TFSA account, but then went I wanted link with an external bank it wanted my password again and there is no way around it. I know I could give it and then change it later but I shouldn’t have to. They should get rid of this. It is a turn off. I still have to send a cancelled check and fill out something.
Just seems ridiculous to ask for my other banks password. None of their business. Also I’d like to link with PCF but it’s not a checking account. I want to send from TFSA to TFSA from PCF to EQ due to CDIC limit.

May 19, 2022
8:00 am
MG
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Wanderer said
I want to send from TFSA to TFSA from PCF to EQ due to CDIC limit.  

You cannot just send funds from one TFSA to another TFSA. TFSAs are "registered" accounts and financial institutions must report all ins/outs to the Federal Government. You have only two choices:

1) Fill out transfer paperwork and wait patiently for your funds to be moved from one FI to the other without affecting your annual limits

2) Withdraw funds yourself to a non-TFSA account and then re-deposit to another TFSA account. Doing so affects your annual contributions limits. Generally, if you have been availing yourself of all the TFSA annual limits and make a withdrawal in the current year, you cannot re-deposit until next year. That is why the December maneuver is so popular.

I agree with you about the password issue. It seems to be becoming a trend with online banks. Best bet is to change your password first, set up the link, and then change it back - if your bank lets you change back to something recently used. I signed up with EQ and established links before they implemented this new process.

May 19, 2022
8:05 am
cgouimet
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When adding a link to an external account, I believe you can bypass all this password stuff by following the link at the bottom of the " "

"Not seeing your bank? No problem, simply provide the transit, institution, and account numbers. Continue to link your account"

You will be taken to a screen where you can use transit number to link an external account and this will then be confirmed with some micro deposits.

CGO
May 19, 2022
8:26 am
AltaRed
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I recall the so called 'banking password' issue was discussed at length in at least one or two other threads. I am too lazy to look for them BUT is that 'validation' that online banks are using more any different than the "CRA Partner sign-in" to MyAccount? CRA does not see/receive your banking password when logging in to MyAccount that way. It is only a verification of identity methodology.

The bigger concern as I understand it is whether using a banking password for this purpose violates the terms and conditions of one's bank. I think that is a stretch but the fine print likely doesn't provide for those exceptions.

Ultimately though, that is what is going to happen as Open Banking takes hold sometime before I die or become incompetent. We will all have one digital identity (much like a SIN number) that will be used to open accounts and move money around everywhere with one "code". The task force(?) commission(?) of banks working on this are apparently struggling with how to manage 'terms and conditions' of this process.

May 19, 2022
10:46 am
Norman1
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The SecureKey Verify.Me system used by CRA is not the same as the Flinks system used by EQ Bank.

The Flinks system requires one's online banking credential to be supplied to EQ Bank or Flinks who then uses it to sign into one's online banking and screen scrape the data from the web pages.

May 19, 2022
10:54 am
JohnnyCash
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cgouimet said
When adding a link to an external account, I believe you can bypass all this password stuff by following the link at the bottom of the " "

"Not seeing your bank? No problem, simply provide the transit, institution, and account numbers. Continue to link your account"

You will be taken to a screen where you can use transit number to link an external account and this will then be confirmed with some micro deposits.  

If you attempt to manually add an external account with an institution number that matches the list of banks offered, it will not let you proceed.

May 19, 2022
10:56 am
cgouimet
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JohnnyCash said

If you attempt to manually add an external account with an institution number that matches the list of banks offered, it will not let you proceed.  

Ah. Good to know...

CGO
May 19, 2022
11:02 am
Norman1
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fv found that out earlier. I got lucky as I was linking an account at a bank that Flinks did not know how to screen scrape from.

May 19, 2022
12:36 pm
Loonie
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Gotta love FIs with branches, and physical cheques for transfers. They always work and never require using another FI's password. I hope they are always with us.

If the powers that be are fussing about terms and conditions for Flinks etc., you can be sure the result will be to make YOU responsible for anything that goes wrong. They'll probably be wanting your retina image too; mine is unstable. What fun!

May 19, 2022
12:52 pm
cgouimet
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I like online banking and in-person grocery shopping... 🙂

CGO
May 19, 2022
3:30 pm
AltaRed
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Norman1 said
The SecureKey Verify.Me system used by CRA is not the same as the Flinks system used by EQ Bank.

The Flinks system requires one's online banking credential to be supplied to EQ Bank or Flinks who then uses it to sign into one's online banking and screen scrape the data from the web pages.  

That clarifies the clouds for me. The Flinks system will thus remain a roadblock for many people and also for those of us who refuse to handle any paper in such transactions. No more 'new' FIs for me until Open Banking becomes operational at least.

May 21, 2022
7:20 pm
RetirEd
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Wanderer: I would strongly advise AGAINST giving any financial institution (or anyone else than whoever the password is to work with) any passwords for ANYTHING that's none of their business. They have no justification for scraping data - or getting it any other way - from another financial institution. And let them know in the strongest possible terms.

MG: Is this what you meant to post:

2) Withdraw funds yourself to a non-TFSA account and then re-deposit to another TFSA account. Doing so affects your annual contributions limits.

To be clear, such a withdrawal does NOT affect your annual contribution limit. You can continue to make your normal contribution in that year and then redeposit the withdrawn funds in the next year PLUS the next year's contribution.
RetirEd

On-line banking on the public internet is just crazy from start to finish.

RetirEd

May 21, 2022
9:28 pm
MG
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RetirEd said

MG: Is this what you meant to post:

2) Withdraw funds yourself to a non-TFSA account and then re-deposit to another TFSA account. Doing so affects your annual contributions limits.

To be clear, such a withdrawal does NOT affect your annual contribution limit. You can continue to make your normal contribution in that year and then redeposit the withdrawn funds in the next year PLUS the next year's contribution.
RetirEd

  

You are correct RetirEd. Just trying to caution Wanderer who said that he/she would like to send from TSFA to TFSA. I don't even think that is possible to do on one's own!

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