Ideal Savings feedback | Ideal Savings | Discussion forum

I'm in process of setting up our account with them now, and am at the point where the first mailing has been received with all the forms. I also find them helpful and quick, both on the phone and the mailings.

One of the highest rates available for joint accounts, as many of us know some other banks aren't willing to create anything but a single individual's account.

Just a heads up as their transfer system to and from the linked A bank account is not initiated "electronically" while logged into your account on their web site. All you can do there is view balances and pay bills or do a pre set up transfer to another online bank.

I was confused by receiving several pre-stamped envelopes and some forms. Basically, despite having received before our cheques with our names on them, all the bank info etc., they also want these forms signed and returned to them in blank and they will keep these forms as authorization to accept our future e-mail instructions to transfer to and from. Seems like duplication to me, but whatever. It only presents a slight further delay in getting everything pre-established and costs me nothing.

rhvic said
To move money into or out of Ideal, I have linked my Ideal accounts to three of my other institutions - EQ, Tang, and Hubert. I use these institutions to either push money into Ideal or pull it out from Ideal. Ideal itself is a bit awkward to link to outside institutions in order to push or pull from Ideal. This setup works just fine.  

Thanks. For others, note that Ideal will tell you their institution number is 0879, enter that in EQ and it will drop a number down to three, 087. Likely Ideal's institution number is 3 digits, 879, but at this point I don't know if linking will work, EQ wasn't helpful. And Alterna doesn't seem to have a me to me link option?

Loonie said
Not sure what you mean about Alterna, doug.
Alterna Bank has me to me transfers, at least to big five. I do these regularly online, both directions, originating at Alterna. Have not tried to link elsewhere.
Perhaps you looked at the Alterna Savings (CU) site by mistake?  

Sorry, I have gotten confused by the phrase "me to me" which is used frequently in our forum here. I thought it meant links between online banks, not the primary link to a big 5 chequing account which is established when sending a physical cheque to an online bank at the time of setting up a savings account. I made the comment after going into Alterna and not seeing any way to set up a link with Ideal Bank, like what is possible with EQ.

Alterna Bank doesn't have an automatic way of adding linked external accounts, like EQ Bank or Hubert Financial does.

According to discussion External Link (Tangerine Saving), Alterna Bank requires one to send in their Me to Me Money Transfer Authorization form along with a void cheque or pre-authorized debit form with the external account's institution, transit, and account numbers.

Norman1 said
Alterna Bank doesn't have an automatic way of adding linked external accounts, like EQ Bank or Hubert Financial does.

According to discussion External Link (Tangerine Saving), Alterna Bank requires one to send in their Me to Me Money Transfer Authorization form along with a void cheque or pre-authorized debit form with the external account's institution, transit, and account numbers.  

Yes,that's right. I added a link a couple of weeks ago and it went through in just a few days. I sent a photocopy of a void cheque and they accepted it without a problem.