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Me2Me transfers have finally arrived
July 3, 2014
3:54 pm
RicksBank
Alberta
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It looks like they do a micro-transfer to verify the account, but you still have to fill in a form and mail a void check first. I guess that means you can only link to accounts with chequing.

https://www.implicity.ca/OnlineBanking/Me-to-MeTransfers/
https://www.implicity.ca/OnlineBanking/Me-to-MeTransfers/Me2MeTransfersFAQ/

Judging by the use of the plural "Any additional accounts...", one might guess they allow at least 3 linked accounts.

It’s simple, Me2Me Transfers will automatically be set up for the account used in your initial cheque deposit. Any additional accounts that you would like linked will require you to fill out the Me2Me form found on our website under online banking and return it to Implicity with a copy of the void cheque.

Once your form and cheque are received, we will verify and activate your accounts. As part of the setup Implicity must submit an electronic funds transfer and you will need to confirm with us that this transfer was debited. This can take up to 5 business days.

July 3, 2014
4:17 pm
james1900
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great that they have this e-transfer. but they do micro-transfer of debit? I know Paypal, Tangerine do small amounts of credit to verify your account in other financial institution.

July 4, 2014
12:16 am
Doug
British Columbia, Canada
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They told me in June it was finally due to arrive by "July" or at some point in the summer, for sure this time. I was kind of surprised when I went to login today to download my e-Statement for June and saw it was live.

After my chat with the agent, confirmed the following details:

* No limit to the number of external accounts that can be linked
* No annual verification of external accounts is performed (like Tangerine does)

Sadly, the downside(s) (and I think they're fairly significant):

* Despite every indication being given by multiple Implicity Financial reps over the past 18 months, it appears they're doing somewhat of a "back peddle" or "climb down" from those statements, stating that they never said as much and, if they did, perhaps it was because of the limited information and confusion provided to them on the part of their service provider but the verification of accounts does not utilize the small, electronic "test" deposit/withdrawal amount. Rather, one must send in their EFT Authorization Form and a VOID cheque for each additional account they wish to link. They are, however, over July and August, working on manually linking all clients' account used from their initial cheque deposit so that each person will have one, linked external account. If yours isn't linked yet, you can call or use online chat to request this be set up straight away, as I did

* Once the link is in place, they still do send a small withdrawal, via EFT, for you to confirm, but that's after the EFT Authorization Form and VOID Cheque have been sent in

I did confirm the service provider they utilize is Central 1 Credit Union so, perhaps, the functionality is limited to their Me 2 Me Transfer system that they implement for their partner credit unions as part of MemberDirect. Perhaps we should all e-mail Central 1 Credit Union and request they "beef up" Me 2 Me Transfers to allow paperless, electronic verification of external accounts?

Another thing, can anyone tell me if they use any Canadian credit union that uses MemberDirect for online banking (Hubert Financial, Achieva Financial, AcceleRate Financial and MAXA Financial do not) that allow the small, "test" deposit/withdrawal amounts? Feedback appreciated!

Cheers,
Doug

July 4, 2014
12:42 pm
james1900
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Doug said

They told me in June it was finally due to arrive by "July" or at some point in the summer, for sure this time. I was kind of surprised when I went to login today to download my e-Statement for June and saw it was live.

After my chat with the agent, confirmed the following details:

* No limit to the number of external accounts that can be linked
* No annual verification of external accounts is performed (like Tangerine does)

Sadly, the downside(s) (and I think they're fairly significant):

* Despite every indication being given by multiple Implicity Financial reps over the past 18 months, it appears they're doing somewhat of a "back peddle" or "climb down" from those statements, stating that they never said as much and, if they did, perhaps it was because of the limited information and confusion provided to them on the part of their service provider but the verification of accounts does not utilize the small, electronic "test" deposit/withdrawal amount. Rather, one must send in their EFT Authorization Form and a VOID cheque for each additional account they wish to link. They are, however, over July and August, working on manually linking all clients' account used from their initial cheque deposit so that each person will have one, linked external account. If yours isn't linked yet, you can call or use online chat to request this be set up straight away, as I did

* Once the link is in place, they still do send a small withdrawal, via EFT, for you to confirm, but that's after the EFT Authorization Form and VOID Cheque have been sent in

I did confirm the service provider they utilize is Central 1 Credit Union so, perhaps, the functionality is limited to their Me 2 Me Transfer system that they implement for their partner credit unions as part of MemberDirect. Perhaps we should all e-mail Central 1 Credit Union and request they "beef up" Me 2 Me Transfers to allow paperless, electronic verification of external accounts?

Another thing, can anyone tell me if they use any Canadian credit union that uses MemberDirect for online banking (Hubert Financial, Achieva Financial, AcceleRate Financial and MAXA Financial do not) that allow the small, "test" deposit/withdrawal amounts? Feedback appreciated!

Cheers,
Doug

From this forum, it seems that Hubert is using small deposits to verify external accounts. https://www.highinterestsavings.ca/forum/hubert-financial/using-hubert-as-a-hub-for-all-transfers/

July 4, 2014
12:47 pm
GS
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Doug:

I have had a series of email exchanges with Kerrie from their info@ email address.

The first point was my initial account was not linked and she wrote and said that would be done within the hour. Their initial bulk email was less than clear saying:

Me2Me Transfers will automatically be set up for the account used in your initial cheque deposit.

which I took to mean "will be set up when you go and try to use it" when they should likely have said "will be set up as we get requests or the time to get to yours."

The second question was about linking accounts for which cheques were no available. The first answer was:

Are you able to obtain a validation letter from your Financial Institution to confirm account ownership and details?

I know that we will provide those to our members free-of-charge.

I wrote back and said:

It would be much simpler to provide a copy of a recent statement. This isn't critical - just a wrinkle you are likely going to be faced with over time.

And she wrote back and said:

Sure Greg, that will work too.

Yes, we are learning as we go a bit, so I appreciate your patience!

So, the cheque is to "prove" you are a valid account holder and "other" paperwork will suffice. I didn't ask but plan to send them a PDF copy of the "paperwork" needed.

GS

July 4, 2014
12:55 pm
james1900
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GS said

Doug:

I have had a series of email exchanges with Kerrie from their info@ email address.

The first point was my initial account was not linked and she wrote and said that would be done within the hour. Their initial bulk email was less than clear saying:

Me2Me Transfers will automatically be set up for the account used in your initial cheque deposit.

which I took to mean "will be set up when you go and try to use it" when they should likely have said "will be set up as we get requests or the time to get to yours."

The second question was about linking accounts for which cheques were no available. The first answer was:

Are you able to obtain a validation letter from your Financial Institution to confirm account ownership and details?

I know that we will provide those to our members free-of-charge.

I wrote back and said:

It would be much simpler to provide a copy of a recent statement. This isn't critical - just a wrinkle you are likely going to be faced with over time.

And she wrote back and said:

Sure Greg, that will work too.

Yes, we are learning as we go a bit, so I appreciate your patience!

So, the cheque is to "prove" you are a valid account holder and "other" paperwork will suffice. I didn't ask but plan to send them a PDF copy of the "paperwork" needed.

GS

Greg, they are still in transition to this e-transfer process. So the initial cheque deposit is not linked automatically. Their system needs run a program to have these links setup. The void cheque serves to "prove" you are the owner. For two things: 1, the cheque can't be fake; 2. the cheque has transit numbers. The PDF copy of bank account statements need to fulfill above two conditions.

July 4, 2014
8:58 pm
GS
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February 22, 2013
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James:

The Tangerine statment does not include institution and transit numbers but I will dummy up a PDF that includes trhis from their FAQ:

What are your Bank Transit and Institution numbers?

Our Transit/Branch number is: 00152
Our Institution number is: 614

Greg

June 18, 2015
10:52 pm
pcsavvy
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June 18, 2015
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I want to open an account with Implicity. I was wondering if Implicity charges any fees when I initiate transfer(EFT) out from Implicity's account via other financial institutions, (eg. Hubert).

It seems that it is free of charge service fees when establishing the Me2Me with the other banks. Thank you for your information in advance.sf-cool

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