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Best/Easiest Online HISA Registration Process ?
March 11, 2021
11:32 am
AltaRed
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There are diverging schools of thought about the robustness of any provincial deposit insurance (guarantee) entity. Most? (some) are not guaranteed by the Crown, meaning the provincial government, and if the insurance entity runs out of funds to pay off depositors in a 'black swan' event, will the province send the insurance entity a financial lifeline? And if they do, will they restrict it to provincial residents only (because provincial taxpayers are footing the bill) and not out-of-province residents (because provincial taxpayers are footing the bill).

I agree it is a stretch to suggest the insurance entity could go insolvent and more of a stretch to assume the province wouldn't bail it out but it is important to recognize it is not as assured as CDIC and the printing presses of the federal government.

The odds of a black swan event are fairly remote BUT not inconceivable if a province or region undergoes severe hardship and the loan book goes really sour. That is more of an issue for a local municipal CU (or a one industry town) than a broader based provincial CU.

Nothing to worry about. sf-wink

March 11, 2021
11:10 pm
Adam1
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Definitely EQ Bank, and it's not even close.

I've never had to call them ever, their live chat was enough for any of my inquiries. The sign up process was shockingly quick and easy. I could fund my account the same day I did my application without needing to submit any documents or identification. I guess they did a soft credit check and that was enough. I may have provided them my SIN which maybe helped with the verification process, but I'm not sure whether or not it was optional.

I would also add Stack Mastercard to the list. It was just as easy as EQ at the time and even better now because of the virtual card that allows you to load and use your card (even add it to Apple/Google/Samsung pay) before the physical card arrives in the mail.

Well, Stack technically isn't a bank (they use People's Trust for deposits), but it does have a few similar features to one: bill payments, stack to stack transfers (like eq connections), prepaid mastercard for in-store and online purchases, load card by e-transfer, direct deposit or bill payee, and both lockable physical and virtual cards for added security. It's missing the ability to send e-transfers and link external accounts for EFT, though.

Adam

March 12, 2021
6:08 am
AlainJF
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AltaRed said
There are diverging schools of thought about the robustness of any provincial deposit insurance (guarantee) entity. Most? (some) are not guaranteed by the Crown, meaning the provincial government, and if the insurance entity runs out of funds to pay off depositors in a 'black swan' event, will the province send the insurance entity a financial lifeline? And if they do, will they restrict it to provincial residents only (because provincial taxpayers are footing the bill) and not out-of-province residents (because provincial taxpayers are footing the bill).

I agree it is a stretch to suggest the insurance entity could go insolvent and more of a stretch to assume the province wouldn't bail it out but it is important to recognize it is not as assured as CDIC and the printing presses of the federal government.

The odds of a black swan event are fairly remote BUT not inconceivable if a province or region undergoes severe hardship and the loan book goes really sour. That is more of an issue for a local municipal CU (or a one industry town) than a broader based provincial CU.

Nothing to worry about. sf-wink  

Thanks for that answer ! Perhaps another conversation should be started about the certainty of those insurances...

Is https://www.cdic.ca/ the only one that is trustable ?

What about Ontario`s CUs ( https://www.dico.com ), would you have the same "concerns/comments" ? (i.e. Ontario resident only ? + Would DICO be capable of supporting their promise ? )

March 22, 2021
10:41 am
RateChaser
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I agree that EQ signup was quick and simple.
Now that I have gone back to link new accounts I found that they want me to enter credentials for the other bank into the EQ website. I asked if I could use the old system (which is still available for some banks) and was told no.

Is my concern about this process reasonable?
Apparently, most people are happy to follow it.

March 22, 2021
11:12 am
AltaRed
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Why would there be a concern providing institution, transit and account numbers? Those are what are required to correctly do push-pull from another account.

March 22, 2021
11:22 am
Pythagoras
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RateChaser said
I agree that EQ signup was quick and simple.
Now that I have gone back to link new accounts I found that they want me to enter credentials for the other bank into the EQ website. I asked if I could use the old system (which is still available for some banks) and was told no.

Is my concern about this process reasonable?
Apparently, most people are happy to follow it.  

I don't know the answer to your question.
But after I linked my EQ account to an external bank, I immediately changed the password for my external bank.

Probably didn't need to; but felt more comfortable having changed the password.

March 22, 2021
11:33 am
AltaRed
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I don't recall having to provide login credentials to the external bank(s) for either of EQ or LBC (nor would I do it). They simply don't need that information.

March 22, 2021
2:37 pm
Londonguy
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RateChaser said
I agree that EQ signup was quick and simple.
Now that I have gone back to link new accounts I found that they want me to enter credentials for the other bank into the EQ website. I asked if I could use the old system (which is still available for some banks) and was told no.

Is my concern about this process reasonable?
Apparently, most people are happy to follow it.  

That would be the Flinks procedure EQ adopted. There were a number of discussions about it when the practice started up a while back. Maybe Norman can locate them.

IIRC some people didn't care one way or the other, but most others (myself included) didn't like the idea of turning over their login info for other banks to EQ, and liked even less the prospect of giving them to a third party private company like Flinks.

Furthermore, voluntarily disclosing your login info for other banks would appear to be a violation of your digital access agreement with those other banks, and I don't recall ever reading a satisfactory explanation as to why it wouldn't be.

I refuse to abide the requirement to do it. Fortunately I already have all my EQ links in place so it hasn't caused me any problems (yet)

March 24, 2021
8:32 am
Pythagoras
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Briguy said
Achieva, Hubert, Access, and Steinbach credit unions and Peoples Trust all are easy to sign up with. Hubert is the only one of those with electronic linking of other FIs.  

Could you please elaborate?
Once you've successfully opened an account with one of those other banks you mention besides Hubert, you cannot link an external account to those banks?

So no electronic transfer of funds between Achieva, Access, Steinbach, Peoples Trust, and your external bank?

March 24, 2021
10:11 am
Norman1
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Londonguy said

That would be the Flinks procedure EQ adopted. There were a number of discussions about it when the practice started up a while back. Maybe Norman can locate them.

IIRC some people didn't care one way or the other, but most others (myself included) didn't like the idea of turning over their login info for other banks to EQ, and liked even less the prospect of giving them to a third party private company like Flinks.

A previous discussion is New procedures for verifying identity with EQ Bank?

Giving Flinks your banking login and letting their system sign in as you and scrape all the info there, account information and transactions, is not a good idea.

I have a less flattering term for the Flinks system. It begins with an impolite word that also starts with "F"!

Flinks is not the same as a secure system like SecureKeys where a window opens to your bank's website and you sign in to your bank's site. The bank then, behind the scenes, sends a message back to SecureKeys. SecureKeys never gets your banking login or password. It just receives a secure message from the bank that you passed.

March 24, 2021
10:13 am
Nehpets
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Pythagoras said
So no electronic transfer of funds between Achieva, Access, Steinbach, Peoples Trust, and your external bank?  

Can't speak for the others except that Peoples Trust and Peoples Bank will link to at least one external FI for push / pull EFT's. I currently have two FI's linked at Peoples Group.

Stephen

March 24, 2021
10:58 am
Alexandra
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I have accounts with achieva and transfer back and forth with my CIBC linked account. I can't do it with Outlook, unless they have changed. There I phone them and they do the transfer out of CIBC. When I want to withdraw funds, I use one of their cheques to do so.

March 24, 2021
12:43 pm
Londonguy
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Pythagoras said

Could you please elaborate?
Once you've successfully opened an account with one of those other banks you mention besides Hubert, you cannot link an external account to those banks?

So no electronic transfer of funds between Achieva, Access, Steinbach, Peoples Trust, and your external bank?  

I can push/pull on my Access CU accounts from Tangerine no problem. I just can't do it from the ACU side because the ACU platform doesn't let you set up external links.

Same issue with Ideal Savings, which is another Manitoba FI (Carpathia CU)

March 24, 2021
2:02 pm
topgun
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Alexandra said
I have accounts with achieva and transfer back and forth with my CIBC linked account. I can't do it with Outlook, unless they have changed. There I phone them and they do the transfer out of CIBC. When I want to withdraw funds, I use one of their cheques to do so.  

I setup my checking account(s) with Outlook. It is very easy to transfer IN/OUT with Outlook. You are allowed ONE Debit per month. More than ONE requires a fee. No cheques required for withdrawals.

Have a Great Day

March 30, 2021
12:58 pm
Alexandre
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Alexandre said
The best/easiest for me was Tangerine, but it were years ago.
Second best/easiest - EQ Bank.  

I would like to change my answer: the easiest and fastest online (via app) HISA registration process I had is with Neo Financial.

Under 10 minutes from start to end, that includes time to download and install Neo app and submit required info through the app to open Savings account.

Instant access to account management after registration. Can transfer funds to/from Neo Savings account right away.

Sorry, Tangerine, this newcomer finally takes the top spot from you.

April 11, 2021
5:15 am
Jim Sherat
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Norman1 said

Londonguy said

That would be the Flinks procedure EQ adopted. There were a number of discussions about it when the practice started up a while back. Maybe Norman can locate them.

IIRC some people didn't care one way or the other, but most others (myself included) didn't like the idea of turning over their login info for other banks to EQ, and liked even less the prospect of giving them to a third party private company like Flinks.

A previous discussion is New procedures for verifying identity with EQ Bank?

Giving Flinks your banking login and letting their system sign in as you and scrape all the info there, account information and transactions, is not a good idea.

I have a less flattering term for the Flinks system. It begins with an impolite word that also starts with "F"!

Flinks is not the same as a secure system like SecureKeys where a window opens to your bank's website and you sign in to your bank's site. The bank then, behind the scenes, sends a message back to SecureKeys. SecureKeys never gets your banking login or password. It just receives a secure message from the bank that you passed.  

I recently opened HISAs at EQ Bank for myself and my spouse, as well as TFSAs. To this thread topic I found the EQ online process very easy and painless.

But now reading this post re 'Flinks' by Norman1 has got me rattled. I worked through the process of linking with my regular FI [TD], and transferred some small $ amounts to test it out. I admit I was a little taken aback by having to use this 3rd party to login to my account at TD from which I had planned to move 6 figure amount incrementally to the HISA [now joint] and our TFSAs.

Now I'm getting nervous about using this 3rd party ... but what other choice is there if one wants to get the preferred rates EQ is presently offering ?

April 11, 2021
6:41 am
Jim Sherat
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further to my post, which it seems I cannot edit ??
Of course the deed is already done [ie using Flinks to link the accounts]; transferring between the accounts should now be just bank to bank.
So changing my main FI password, is what I plan to do.
In future I'll do it the old fashioned way by providing the bank transit info either by mailing a void cheque, or equivalent paper transcript.

April 13, 2021
6:48 am
Londonguy
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Jim Sherat said
further to my post, which it seems I cannot edit ??
Of course the deed is already done [ie using Flinks to link the accounts]; transferring between the accounts should now be just bank to bank.
So changing my main FI password, is what I plan to do.
In future I'll do it the old fashioned way by providing the bank transit info either by mailing a void cheque, or equivalent paper transcript.  

Changing the password helps for future security purposes, but the reality is that Flinks has already scraped your personal account info from the bank you shared your login with. Nothing you can do about that now.

That's not intended to spook you, it's just that you deserve to know what's happened and make an informed decision about whether to do it again (sounds like not). However, hopefully nothing ever comes of it

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