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Setting up EFT links to Ideal from other institutions
December 23, 2016
11:37 am
rhvic
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I have now successfully set up EFT links between Ideal and two of my other institutions: Tangerine and Hubert, using their respective link processes.

To do this, use the following to link to Ideal:
Transit# 30857
Institution# 0879
Your Full Account#: this is the part where you will need to ask Ideal about your actual account number. For me it is not the simply the seven digit account number - they added another 5 digits to the front of that number, and I am not sure if it is the same five digits thus best to ask, by phone or email.

The links might be recorded as either from Ideal or from Carpathian, depending on how Tangerine or Hubert sees it. In any case, the test deposits from those two came through to my Ideal account. I am now following up with two larger transfers to Ideal to make sure the system works.

Not sure though yet if one can use this to pull funds back into either Tangerine or Hubert. Will test this later.

Hope this helps for anyone with an account at Ideal.

December 23, 2016
7:01 pm
Norman1
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It was reported earlier that the Ideal Savings account could accept direct deposits, but not pre-authorized debits:

speedwagen wrote:

Interestingly, they're set-up to accept EFT deposits that would be generated externally, but their system won't accept debit EFT's, which means that's not an option. They tried to skirt around that issue by trying to hilite what they can do, which tells me that they're aware of what you're asking, but would rather not divulge the answer unless you press for it. …

December 24, 2016
7:12 am
Winnie
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rhvic said

To do this, use the following to link to Ideal:
Transit# 30857
Institution# 0879
Your Full Account#: this is the part where you will need to ask Ideal about your actual account number. For me it is not the simply the seven digit account number - they added another 5 digits to the front of that number, and I am not sure if it is the same five digits thus best to ask, by phone or email.

Can you please post those another 5 digits, that they added to the front?

To make it 12 digits, some institutions usually add another 5 digits to the front.
Those 5 digits are the same for all accounts at that institution.
For example, Accelerate Financial added 10000 to the front of 7 digits account number.

December 24, 2016
9:12 am
rhvic
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Winnie, the 5 digits they added to the front of my account number are 20010.

Since that may be specific to the type of account I have (savings) or whatever, I do suggest you ask Ideal for the number in your case. Of course, you could try this number and if your test deposit doesn't make it, then you need to get another number from Ideal.

December 24, 2016
11:06 am
Winnie
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Thank you, rhvic.

You are absolutely correct, that it is specific to the type of account.
For TFSA, for example, those numbers will be different.

I also have just plain ideal savings account, so I will try those numbers and will post my results here.

I have the same ultimate goal - check later, if one can use this to pull funds back.

December 31, 2016
10:15 am
rhvic
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I have now successfully set up links from my accounts at Tangerine and Hubert to Ideal, and used those links to move money from those institutions to Ideal. Also, I have now successfully transferred some money back to Tangerine from Ideal by initiating the pull from Tangerine by EFT. So money can flow both ways without resorting to the methods Ideal wants to use.

Since I am one of those lucky enough to get 2.5% on all deposits with Ideal until the end of 2017, I will park the majority of my funds there until such time as someone else offers a better rate.

December 31, 2016
4:59 pm
Norman1
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rhvic said

… Also, I have now successfully transferred some money back to Tangerine from Ideal by initiating the pull from Tangerine by EFT. So money can flow both ways without resorting to the methods Ideal wants to use.

That's good to know: One could do withdrawals from the Ideal savings account using a pre-authorized debit originated from another financial institution.

January 6, 2017
11:42 am
Winnie
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rhvic said

Also, I have now successfully transferred some money back to Tangerine from Ideal by initiating the pull from Tangerine by EFT.

I also have now successfully set up link from my Hubert account to Ideal Savings.

I would like to test and transfer small amount back to Hubert from Ideal, but in my Ideal online Account Balances under Available Funds I see nothing so far. Available Funds field is displayed in grey color, not white, as Balance field.

Just curious, if you also see Available Funds field completely empty and displayed in grey color?

January 8, 2017
11:27 am
rhvic
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Winnie, I too see the 'available funds' box at Ideal as empty and grey - the total is in the balance. I have sent a note to Ideal asking why this is so.

But that did not apparently stop a small transfer back to Tangerine from Ideal. I hope your transfer back to Hubert should work too - please let us know.

January 13, 2017
7:33 am
Winnie
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I also have now successfully transferred small amount from Ideal back to Hubert.

And, Available Funds box now is in "working condition", not empty and grey.

Thank you very much for your help, rhvic!

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