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Simpli Financial not accepting electronic void cheques or account info?
October 5, 2020
6:29 pm
Hmm
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I seem to have run into a roadblock with Simpli Financial. I wish to link (both ways) from Simpli to Tangerine, and Tangerine to Simpli bank accounts.

I was able to successfully link Tangerine to Simpli but Simpli won't allow the link to be initiated on their end unless I provide (and mail) and ORIGNAL document STAMPED by the bank. No electronic copies. It must be original. This is all from the 1970s it seems.

Simpli says they are firm on this policy. If it's not a voice cheque, I must have the bank (Tangerine) certify with a STAMP that the document is correct despite it being directly populated from one's account portal and saved as a PDF.

The main reason this is an issue is for me is that when I transfer funds from Tangerine to another bank, that is reflected immediately. While if Simpli pulls the funds, interest starts accumulating immediately.

Has anyone else come across my situation with Simpli?

October 5, 2020
7:03 pm
Kidd
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Tangerine are not really known for having banks where you can walk in and have something stamped.

My nephew many many years ago had a hard time keeping his underpants clean. One day, he ran into the kitchen and he tells my sister... mom, i just stamped my pants. She died laughing at the time and she tells that story often to his embarrassment.

October 5, 2020
7:23 pm
Londonguy
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Hmm said
I seem to have run into a roadblock with Simpli Financial. I wish to link (both ways) from Simpli to Tangerine, and Tangerine to Simpli bank accounts.

I was able to successfully link Tangerine to Simpli but Simpli won't allow the link to be initiated on their end unless I provide (and mail) and ORIGNAL document STAMPED by the bank. No electronic copies. It must be original. This is all from the 1970s it seems.

Simpli says they are firm on this policy. If it's not a voice cheque, I must have the bank (Tangerine) certify with a STAMP that the document is correct despite it being directly populated from one's account portal and saved as a PDF.

The main reason this is an issue is for me is that when I transfer funds from Tangerine to another bank, that is reflected immediately. While if Simpli pulls the funds, interest starts accumulating immediately.

Has anyone else come across my situation with Simpli?  

Simplii is well known for being stubborn when it comes to creating external links on their platform. To make a long story short they aren't very interested in making it easy for you to send your money elsewhere when conditions warrant it, because there's nothing in it for them to make it easy. Accept it.

I know from personal experience if you are prepared to be persistent you will eventually get your link within Simplii created, but it will come at a cost of your personal time and energy. Since Simplii can't prevent you from creating links to it at other FIs, that may be your best alternative, even if the resultant transfer mechanism costs you a day or two of lost interest when it comes time to leave.

October 5, 2020
7:49 pm
Norman1
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Contact Tangerine Bank and ask if there is a way to get the direct deposit form for your account stamped with a teller stamp.

Unless it has been digitally signed with a digital certificate, a PDF is not a secure confirmation of anything. Its contents can be edited just like that of an electronic photo.

October 5, 2020
8:46 pm
MG
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Hello Hmm,
When I saw that Simplii was offering a 2% bonus rate, I decided to open a savings account with them. I called Tangerine this past weekend to request the stamped direct deposit form for my savings account but had trouble getting the agent to understand what I wanted. Apparently he discussed twice with his supervisor and still thought it could not be done. Finally I said it had to be stamped by the back office and that they had done it for me before (I seem to recall doing this with Zag Bank once upon a time). Anyway, he has put in a request for me and I have to wait for them to mail it to me. Meanwhile, I do have a chequing account with Tangerine and mailed in the void cheque to Simplii. If they don't send me the stamped form, I can just transfer from my savings to my chequing - which hopefully will be linked by Simplii. If you do not already have a chequing account with Tangerine, it may be worth setting up and going this route. Only problem is you will need to wait to receive your free cheques from Tangerine. Good luck to both of us!

October 6, 2020
8:09 am
Londonguy
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MG said
Hello Hmm,
When I saw that Simplii was offering a 2% bonus rate, I decided to open a savings account with them. I called Tangerine this past weekend to request the stamped direct deposit form for my savings account but had trouble getting the agent to understand what I wanted. Apparently he discussed twice with his supervisor and still thought it could not be done. Finally I said it had to be stamped by the back office and that they had done it for me before (I seem to recall doing this with Zag Bank once upon a time). Anyway, he has put in a request for me and I have to wait for them to mail it to me. Meanwhile, I do have a chequing account with Tangerine and mailed in the void cheque to Simplii. If they don't send me the stamped form, I can just transfer from my savings to my chequing - which hopefully will be linked by Simplii. If you do not already have a chequing account with Tangerine, it may be worth setting up and going this route. Only problem is you will need to wait to receive your free cheques from Tangerine. Good luck to both of us!  

Why wouldn't you just create a link to your new Simplii savings account within Tangerine and then push the money over to Simplii that way? Only takes 2 maybe 3 days at the most to get the microdeposit confirmations done

October 6, 2020
9:00 am
topgun
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Londonguy said

Why wouldn't you just create a link to your new Simplii savings account within Tangerine and then push the money over to Simplii that way? Only takes 2 maybe 3 days at the most to get the microdeposit confirmations done  

Not sure you can do the process you mentioned. I used the void check with Tangerine years ago.

Have a Great Day

October 6, 2020
9:09 am
MG
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Londonguy said

Why wouldn't you just create a link to your new Simplii savings account within Tangerine and then push the money over to Simplii that way? Only takes 2 maybe 3 days at the most to get the microdeposit confirmations done  

Because I have already used up the limit of 3 links allowed by Tangerine.

October 6, 2020
10:25 am
Londonguy
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MG said

Because I have already used up the limit of 3 links allowed by Tangerine.  

Well, delete one temporarily and replace it with a link to Simplii. If you absolutely need to keep the link you deleted, just reinstate it after you've finished your transfers.

Sure beats the time it will take to open another chequing account and then wait for Tangerine to mail you blank cheques, and then submitting that cheque paperwork to Simplii, and then waiting another stretch waiting for Simplii to process it before the link is useable. That could take weeks

October 6, 2020
6:12 pm
MG
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Londonguy said

Well, delete one temporarily and replace it with a link to Simplii.  

Actually, that is a pretty good idea instead of being beholden to Canada Post and Simplii's back office. Thank you for the suggestion.

October 6, 2020
7:25 pm
GMH
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Exact same problem, only between Hubert and Simplii. Hubert will only provide a PDF of an account confirmation form which is not stamped and Simplii will not accept it. I just got off the phone minutes ago with a supervisor at Simplii and asked why Hubert will allow me to link to my Simplii savings account without going through the process of obtaining an account confirmation form, but Simplii won't. All he could come up with was "security reasons". It's obvious they're just doing this to keep your funds captive.

October 9, 2020
11:13 am
yuj
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I have both an active chequing and hisa account with Simplii.
I’m wondering if anyone has had any issues linking from another bank directly to the Hisa account?
(As many are aware Simplii doesn’t allow same day transfer out of Hisa to cheqing, must be 1 day or more future dated.)

October 9, 2020
12:15 pm
topgun
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yuj said
I have both an active chequing and hisa account with Simplii.
I’m wondering if anyone has had any issues linking from another bank directly to the Hisa account?
(As many are aware Simplii doesn’t allow same day transfer out of Hisa to cheqing, must be 1 day or more future dated.)  

I have dealt with Simplii since Presidents Choice days. I have two accounts. Checking and Savings. With a rate of .20% I do not classify it as a HISA. Yes to transfer funds out of savings you must use future dated or make the move before about 7:00 AM EDT cutoff time. I linked all my external checking accounts over time. No need to link directly with savings account. I can do PUSH to all my external accounts from SIMPLII checking account. No PUSH from savings, must transfer funds next day to checking. Then PUSH from checking. Can PULL from any external checking account to either Simplii checking or savings account next day.

Funny thing. When I started with PC I did not know the future dated rule. On Friday years ago I needed some cash, I was going away on Saturday. No money in checking. No withdrawal. I wrote a check on my PC checking account and deposited the funds. I then used ATM for withdrawal. I setup funds transfer from savings to checking to cover the check. When I returned I found the check returned NSF. The transfer happened after the check cashed.

Have a Great Day

October 9, 2020
3:51 pm
Norman1
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That is no longer the case. Transfers from the Simplii High Interest Savings Account to their chequing account can now be immediate. That was changed sometime after rebranding from PC Financial to Simplii.

Simplii supports linking at another bank directly to their HISA for deposits. One's HISA account is an account listed in "More Services ► Moving money ► Set up direct deposits" that one can generate a direct deposit form for. I have done this to push funds directly into my Simplii HISA.

Linking at another bank directly to their HISA for pre-authorized debits is not. One's HISA account is not an account listed in "More Services ► Moving money ► Automatic bill payments" that one generate a bill payment form for.

I have not tried a pull at the other bank against the Simpli HISA to see what would happen. Could result in a hefty returned item chargeback fee if Simplii bounces the pre-authorized debit attempt.

October 9, 2020
4:55 pm
davidgeorge
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If I push some fund from an external account to my Simplii chequing account (and I see the fund in the Simplii chequing account), can I immediately transfer the fund to my Simplii savings account?

October 9, 2020
4:58 pm
MG
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Norman1 said

Linking at another bank directly to their HISA for pre-authorized debits is not.   

Hi Norman, I am confused. I just opened a Simplii HISA so have no real experience with the account yet. Are you saying that I cannot "pull" funds from my Simplii savings account using Tangerine, just from the Simplii checking account? If Simplii sets up a link to my external chequing account, can I not push/pull from within Simplii?

Thanks for any insight you can provide.

October 9, 2020
5:10 pm
topgun
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Norman1 said
That is no longer the case. Transfers from the Simplii High Interest Savings Account to their chequing account can now be immediate. That was changed sometime after rebranding from PC Financial to Simplii.

Simplii supports linking at another bank directly to their HISA for deposits. One's HISA account is an account listed in "More Services ► Moving money ► Set up direct deposits" that one can generate a direct deposit form for. I have done this to push funds directly into my Simplii HISA.

Linking at another bank directly to their HISA for pre-authorized debits is not. One's HISA account is not an account listed in "More Services ► Moving money ► Automatic bill payments" that one generate a bill payment form for.

I have not tried a pull at the other bank against the Simpli HISA to see what would happen. Could result in a hefty returned item chargeback fee if Simplii bounces the pre-authorized debit attempt.  

I would not PULL from a savings account. I am certain there would be a hefty fee on the bounced debit. Lots of ways to do things these days. I did an e-Interac transfer to Simplii. Can deposit only in checking account. I transferred to savings. Immediate. I transferred to checking. Immediate. I did an e-interac back to home bank. Nice they changed things.

I setup making deposits to my Tangerine savings account years ago. Other people have the same idea. Have fun.

Have a Great Day

October 9, 2020
6:54 pm
Norman1
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davidgeorge said
If I push some fund from an external account to my Simplii chequing account (and I see the fund in the Simplii chequing account), can I immediately transfer the fund to my Simplii savings account?

Yes, one could always transfer funds in a Simplii chequing account immediately to a Simplii savings account.

It was transferring the other way, from Simplii savings account to Simplii chequing account, that used to be only allowed for tomorrow and not for today.

Now, transfers in both directions can be immediate. sf-smile

October 9, 2020
7:10 pm
Norman1
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MG said

… I just opened a Simplii HISA so have no real experience with the account yet. Are you saying that I cannot "pull" funds from my Simplii savings account using Tangerine, just from the Simplii checking account? …

That's correct. Pulling funds at Tangerine Bank from one's Simplii savings account risks a rejected pre-authorized debit. That's why I transfer funds from Simplii savings to Simplii chequing first. Then, I do a pull at Tangerine Bank from my Simplii chequing.

…If Simplii sets up a link to my external chequing account, can I not push/pull from within Simplii?

Yes.

The challenge with setting up a link at Simplii is that Simplii requires a voided real cheque or a teller stamped account information form for the external account. Either may be tricky to obtain for an external online savings account.

October 9, 2020
7:43 pm
MG
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Got it Norman1, thank you! sf-smile

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