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Timeline of an Implicity Financial HISA account opening
March 31, 2013
1:37 pm
Doug
British Columbia, Canada
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Hi Everyone:

I wanted to post a complete and summarized timeline of events in the Implicity Financial HISA account opening process. Further discussion and exhaustive "frequently asked questions" ("FAQs"), which I've posted, can be accessed via this thread.

February 17th, 2013 - Started initial account opening process by completing online account opening and membership application on the website. As part of this step, completed "soft" credit check with TransUnion identity validation questions (very cool!). At this time, mailed in initial deposit cheque for $105.00, $5.00 for my member equity common share and $100 initial deposit.

February 25th, 2013 - Received a "welcome e-mail message" from Implicity Financial containing my 8-digit member ID. Also, on the back of my cleared, pre-printed and MICR-encoded initial deposit cheque from another FI, my 12-digit HISA account number was written. The transit and institution numbers, confirmed via the Canadian Payments Association website, are 04207 and 879, respectively. E-mailed Implicity Financial staff to request debit card number and make suggestions for minor process/procedural enhancement(s) and improvement(s) and subsequently set-up online banking.

March 7th, 2013 - Received physical "welcome package" containing temporary, pre-printed (likely "in-house" by Implicity Financial staff via a cheque printing machine) "starter" book of eight (8) cheques and my "welcome letter".

March 14th, 2013 - Received four-digit debit card PIN and letter, likely generated by/from provincial or national credit union "central".

March, 21st, 2013 - Received snazzy Implicity Financial debit card with letter, again likely generated by provincial or national credit union "central".

March 22nd, 2013 - Made first ATM deposit via a B.C. Credit Union (Acculink) ATM. Deposit will be available on April 1st, 2013 (so the "hold period" is really only 7 business days including the date of deposit, not 10 business days we'd believed - Implicity Financial staff probably describe it as 10 calendar days to better show when funds will be available, to the layperson). Again, this is not due to credit history but simply a limitation in their system and/or operational risk policies. Also, at the same Acculink ATM, I checked my balance and changed my Implicity Financial debit card PIN. They don't tell you this but it did take a couple attempts to deposit to my Implicity Financial HISA I had to try "savings" first, then "chequing" and, finally "savings" again after a couple minutes. It could be that there is a several minute delay after changing one's PIN. I haven't bothered asking about it but thought I'd point it out here.

As you can see, it's not a quick process but was pretty much entirely uneventful and went almost entirely as prescribed. I've made a number of suggestions (again, discussed here) so hopefully they'll implement the good ideas. As well, paperless self-to-self, bank-to-bank ("EFT") transfers ARE coming, likely in early to late June.

Of note, forum user Greg ("GS") indicates he received his "welcome package" and debit card/PIN before actually mailing his initial deposit cheque to fund the account, which, if true, is interesting they will do that. Of course, due to anti-money laundering and compliance regulations, the account could not be accessed to process financial transactions until the initial deposit cheque is received & clears.

I'd give them a solid 4 stars out of 5 on customer service, online banking interface, "feature set" and transparency. On "rates", I'd give them a 4.5 out of 5.

Further details will be added here and this post may be modified by me as new information becomes available.

Cheers,
Doug

April 1, 2013
8:29 pm
GS1
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In the original thread GS said

[snip]

I'm done getting set up and will now wait for my first 1.95% x (probably) 12/365 x $1000 interest payment which will be around $0.64 – but it IS a start.

Damn! I got $0.70. My math must be off.

On a more serious note -- Doug, my account number is a 5 digit number with two leading zeros, like 00217, but not that number. Did I read correctly that yours is a 12 digit account number?

Greg

April 2, 2013
6:15 pm
jcipher
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GS said

On a more serious note -- Doug, my account number is a 5 digit number with two leading zeros, like 00217, but not that number. Did I read correctly that yours is a 12 digit account number?

Greg

Your account number isn't listed on the online banking site. Wait for your free cheques or maybe call in if you need it.

April 2, 2013
6:27 pm
Doug
British Columbia, Canada
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GS said
Damn! I got $0.70. My math must be off.

On a more serious note -- Doug, my account number is a 5 digit number with two leading zeros, like 00217, but not that number. Did I read correctly that yours is a 12 digit account number?

Greg

Greg - no worries on the math error. To be honest, I took your word for it. I may work in a bank but calculating daily interest is the last thing on my mind! ;)

Is it 04207? That's their transit number. The account number (from the bottom of your cheques) is 12 digits (i.e., 123490004567). The institution number is the same for all credit unions in Manitoba as they go through their provincial credit union central.

Your "member ID" is 8-digits, which is accessible through online banking. Your debit cards are 16-digits. You also have a "common share" account, which is also 12-digits and several digits off of your account number, likely. :)

Hope that helps,
Doug

April 2, 2013
9:25 pm
GS1
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Doug said

[snip]

Is it 04207? That's their transit number. The account number (from the bottom of your cheques) is 12 digits (i.e., 123490004567).

[snip]

You also have a "common share" account, which is also 12-digits and several digits off of your account number, likely. :)

[snip]

Ok - cheques do show a 12 digit number. The March 31 statement is now available and it shows we have one High Interest Savings number and two Common Share numbers. The digits 1-5 are 11189 which is likely an account/"branch" identification number, where Implicity is identified and their HISA is also identified, except the share accounts also have the 11189 designator. Digits 6-8 are zeros, likely leading zeros to the "actual account" which is stored in digits 9-11 (or 6-11 if my assumption of leading zeros is correct) and digit 12 is a checksum. Our three accounts have sequential values for digits 9-11. So, for clarity my three numbers might be 111890001234, 111890001241 and 111890001258). They aren't and I am sure my choice of check digit is wrong, but it is illustrative.

But - on the website at the "Home -> Online Banking -> My Accounts" page I see the line "High Interest Savings 00202" and at the "Home -> Online Banking -> My Accounts -> View Account Activity" page I see the line "High Interest Savings 202" followed by my account balance so initially believed my account number to be 202.

This, of course, is all academic. [I really should just stick with calculating daily interest!]

Greg

April 2, 2013
9:38 pm
jcipher
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If you open additional savings account, they might name it 203, 204 etc. I think it's for you to communicate to Implicity which account you are inquiring about without needing the 12 digit account number.

April 3, 2013
7:54 am
Doug
British Columbia, Canada
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Greg,

They don't, for some reason, show the transit number anywhere on their statements or online banking. You have to either look on your cheques (or, if you're like me, look on the Canadian Payments Association website to predict what it might be). It will probably be 04207-879, encompassing the five-digit transit (branch) number and the institution number.

That full 12-digit number starting with "1118" is your account number. You and your wife each have a "common share" account as you're both "owners"/members of the credit union. The 8-digit member ID, shown on online banking, is presumably only an internal number to identify you, presumably at a branch or via their contact centre.

Hope that helps,
Doug

April 3, 2013
7:58 am
Doug
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You might be right (the logic makes sense), though, in how they are formulating their account numbers. I suspect, however, that "1118" is indicative of either all Entegra Credit Union accounts (to identify them easily for Credit Union Central of Manitoba) or just Implicity Financial accounts (to identify them separately for Entegra Credit Union contact centre staff).

That said, I just wanted to clarify for you not to use "11189" as your transit number as that will most definitely result an EFT rejection. Your transit number is listed in the bottom MICR encoding line of your cheques, likely "04207". :)

Hope that clarifies,
Doug

April 3, 2013
9:54 am
GS1
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Doug:

Thanks - I am well aware of transit numbers and institution numbers and account numbers and did end up at CdnPay last night to browse through the Branch Directory. I've had to provide transit numbers, etc. more than a few times to get direct deposits right for my parents and then my elderly aunt.

Greg

April 3, 2013
10:06 am
GS1
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Doug:

Here is an interesting link to a source for all sorts of routing, transit, Swift code, etc. numbers for the US, Canada, Australia and the UK.

I am not sure how useful it would be but it is another resource.

Greg

April 16, 2013
5:45 am
Tamesh
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Has anyone else tried opening a joint account with Implicity? I was charged the $5 / share for each of the joint account holders. Other institutions I have dealt with have only charged $5 / share per account.

April 16, 2013
6:36 am
GS1
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Tamesh said

Has anyone else tried opening a joint account with Implicity? I was charged the $5 / share for each of the joint account holders. Other institutions I have dealt with have only charged $5 / share per account.

My wife and I have a joint account and were charged for each member. Remember, this is not a "charge" but the purchase of a share in the Credit Union and, as such, is refundable when you decide to no longer be a member (with some terms and conditions). The benefits of having an account that has "right of survivorship" was, to me, very important and well worth the extra $5 investment.

I added our shares to my list of "equities" in Quicken and valued it at $5 per share.

Greg

April 17, 2013
7:43 am
Tamesh
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My question was to simply inquire whether others had the same experience as myself. My experience with other similar institutions was to only have one share for a joint account. My preference would be to maximize my deposit with these institutions and to look for equity investments elsewhere.

January 31, 2019
7:55 pm
picassocat
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Be patient. I started the process in late December, haven’t received cheques nor is a me-to-me setup yet, it’s now February the 1st. I did receive the Implicity debit card (nice), but the max daily amount you can withdraw with it is a measly 400$, well below the average. I changed the pin on the card, yay. When Winnipeg thaws out of the deep cold, I will get a functional account. And yes, my account starts with 04207 879

I’m very patient, no rush.

January 31, 2019
8:28 pm
Shawguy
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picassocat said
When Winnipeg thaws out of the deep cold, I will get a functional account. And yes, my account starts with 04207 879

I’m very patient, no rush.  

We should be back to normal tomorrow, as its getting up to -15 with a winchill of -22 with snow. Much better than the -40 and -50 with the windchill when walking to the bus yesterday. Lol

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