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Bad experience with Simplii
March 12, 2019
1:00 pm
Forum Posts: 308
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

When Simplii had 3.4% 5 year GIC in Feb, I wanted to transfer some RRSP fund from CIBC to Simplii. The main reason was to save $100 transfer out fee charged by CIBC. It's a spousal RRSP, so my spouse and I were on the phone for about 30 minutes to open the account. We were told that we could see the account in 30 minutes after it was opened through Simplii online banking. However we didn't see the account in our online banking after 2 days. We called Simplii, and got two different messages: (1) the account would show up in 5 business days (2) the account would show up after Simplii receives the fund. The problem is that we need the newly opened account number to complete the transfer request form. Surely, after 10 days, we didn't see the account in the online banking and called again. This time we were told that we could complete the transfer request form using client number instead of account number. We completed the form and mailed it to Simplii. After another 10 days, we hadn't received any information from Simplii, and didn't see the account in our online banking. We called again today, and were told that we didn't have a spousal RRSP account and had to open one! I couldn't believe what I heard and told them right away that we wanted to cancel our RRSP transfer request. What kind of people are running Simplii?

March 12, 2019
3:45 pm
Forum Posts: 845
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Same people who were running PC Financial. This is the main reason I don't have any registered accounts or credit cards with them. Just a simple Chequing and Saving account. They are an online bank with no respect to really offering online services in a professional way.

I remember when once I had to call and wait 45 minutes to get someone answering the phone.

They are so behind in technology too. No alerts, no dual authentication factor, and many more. But I appreciate the free cheque I got from them a decade ago and still using it. Also their debit card is a good backup when Tangerine debit doesn't work outside Canada.

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