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SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018
November 1, 2017
2:02 pm
Loonie
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Is this a new post office service, that they verify your ID? Never heard of tht before.

November 1, 2017
2:58 pm
Doug
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toto said
I wasn't a PC customer so starting from scratch with simplii. Filled out application on line, but they have to send a welcome kit and an Identification form has to be taken to a post office for verification, can't just sent a cheque, have to go thru all the steps.  

Well, that's actually better, potentially, if a cheque is not required, for clients without cheques. Hopefully, they'll be able to accept cheques though, if you have them.

Cheers,
Doug

November 1, 2017
3:08 pm
Doug
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Loonie said
Is this a new post office service, that they verify your ID? Never heard of tht before.  

It's probably the same one Capital One Bank has used for years (when they aren't able to you verify you by credit report or your details don't match). They have to arrange the service with Canada Post and pay on a per-verification basis. The nice thing is...if you prefer not to have your middle name on file, the Canada Post representative simply ascertains that your first and last names match and, presumably, reports said information and collects your signature to the requesting company. It's a great ancillary service that helps Canada Post to derive more revenue.

Tangerine has used it for, I think, a couple years, for clients without a credit history or cheques and don't live near a Tangerine cafe/pop-up location or who would simply prefer that method. It's less commonly used now, though, as I think they can authenticate you via having you login to your external bank account's online banking service via a third-party credential verification service (similar to SecureKey used by the Government of Canada). 🙂

Other prepaid credit card companies like Mogo and Koho also use it and also allow you to add funds to your Mogo or Koho accounts via Canada Post, though Canada Post typically charges the end user a fee to do so.

Canada Post Digital Proof of Identity Service

Related services:
- https://www.canadapost.ca/web/en/blogs/announcements/details.page?article=2011/03/08/canada_post_introduc&cattype=announcements&cat=newsreleases
- https://www.canadapost.ca/web/en/products/details.page?article=government_services

The latter is less used now that the Government of Canada has doubled the number of passport receiving agent locations at Service Canada offices, which don't charge an additional fee to verify your ID, I believe.

Cheers,
Doug

November 1, 2017
3:59 pm
Save2Retire@55
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YoooHooo. Moving my money from EQ and Tangerine to here.

November 1, 2017
4:20 pm
Loonie
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thanks, Doug. Had no idea. Never had to do this - yet - although I was affected by the Peoples breach.

POs are definitely expanding. A bit off-topic, I know, but for anyone interested, there is a very funny sequence about the challenges of trying to submit a passport app at a British PO in Ali Smith's recent Booker short-listed novel, "Autumn". It runs through the book. I wish she'd write more humour and less dreary.

Another question:
Can anyone tell me if the tax slips given by PC have been from CIBC or does PC/Simplii issue its own? I know it seems a silly question but it matters to me.

November 1, 2017
5:58 pm
Norman1
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Loonie said

Can anyone tell me if the tax slips given by PC have been from CIBC or does PC/Simplii issue its own? I know it seems a silly question but it matters to me.  

On last year's T5 slips, the payer's name was CIBC Direct Banking Division. In the top part of the page, that's not part of the slips, there is a PC Financial logo.

I suspect the slips are from CIBC, whom the accounts are actually with.

PC Financial is just the name of the storefront and web site. It is Loblaw, CIBC, and President's Choice Bank who are under the name.

November 1, 2017
6:18 pm
Doug
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Loonie said
Another question:
Can anyone tell me if the tax slips given by PC have been from CIBC or does PC/Simplii issue its own? I know it seems a silly question but it matters to me.  

Norman1 said

On last year's T5 slips, the payer's name was CIBC Direct Banking Division. In the top part of the page, that's not part of the slips, there is a PC Financial logo.

I suspect the slips are from CIBC, whom the accounts are actually with.

PC Financial is just the name of the storefront and web site. It is Loblaw, CIBC, and President's Choice Bank who are under the name.  

I suspect CIBC is the issuer of the tax slips though, based on Norman has described, PC Financial/Simplii Financial tax slips may, or would likely even, be prepared by a different back-office department of CIBC than the back-office department for the main CIBC entity (similar to how Tangerine's tax slips are prepared by Tangerine's back-office). I would say there's a strong likelihood that this is in fact the case.sf-cool

Cheers,
Doug

November 1, 2017
6:36 pm
Save2Retire@55
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The PC / Simplii raises this question. Can I still use the old PC cheques or need to order new ones? I assume I can use the old cheques.

November 1, 2017
6:41 pm
Shawguy
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Save2Retire@55 said
The PC / Simplii raises this question. Can I still use the old PC cheques or need to order new ones? I assume I can use the old cheques.  

Yes the old cheques will work fine as the account numbers remain the same

November 1, 2017
6:46 pm
Norman1
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Save2Retire@55 said
The PC / Simplii raises this question. Can I still use the old PC cheques or need to order new ones? I assume I can use the old cheques.  

That's correct. If you order new cheques, the only difference is there will be a Simplii Financial logo instead of the PC Financial logo. The new cheques will have the same account number with the same transit and institution numbers at CIBC.

This is from Simplii Financial's FAQ:

What is Simplii Financial’s branch/institution number or transit number?

Simplii Financial’s branch or institution number is 010 and the transit number is 30800.

One can confirm this firsthand by logging into Simplii Financial's online banking. Click on "More Services" in the left sidebar. In the "Moving Money" section of the page, click either "Automatic Bill Payments" or "Set Up Direct Deposits" to see the personalized form with the account, transit, and institution numbers.

November 1, 2017
6:57 pm
Loonie
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thanks for info on tax slips. It's the payer that matters to me rather than the layout. It's the answer I wanted to hear.sf-smile

November 1, 2017
9:19 pm
Save2Retire@55
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Loonie said
thanks for info on tax slips. It's the payer that matters to me rather than the layout. It's the answer I wanted to hear.sf-smile  

Thanks for confirming. Yes those are the same as old PC. Guess no points collecting by using the debit card @ Loblaws. I think I'll abandon my new debit and stick with Tangerine.

November 1, 2017
11:18 pm
Interest
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Doug said

Those limits are Interac e-Transfer daily limit. I doubt that's their bank-to-bank transfer daily limit.

Also, you can externally-initiate (i.e., push/pull) from external bank accounts that have your Simplii account(s) linked where Simplii's limits do not apply. 🙂

Cheers,
Doug  

Simplii wording under Special Requests/ The Fine Print Subsection: Transactions

Your transaction limits

You agree to allow us to set and change with or without notice to you, daily limits on bank machines, Interac Debit, Interac Flash, phone or banking transactions.

November 1, 2017
11:37 pm
Loonie
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I have been thinking about whether to get in on this offer. I have never liked PC and have avoided them thus far,b ut this is a great deal.

The picture thaat I see emerging right now in the HISA biz, is that Scotia and CIBC are duking it out in the form of Tang (at 2.75 for many of us) and Simplii at 3%. Runners-up are WealthOne and Ideal at 2.5, with old stand-bys like EQ and Alterna left behind in the dust.

CIBC and Scotia have very deep pockets compared to all the others in this race. I am concerned that the biggies may be trying to snuff out EQ etc. - especially EQ as it doesn't offer any other accounts.

Thus, I am reluctant to move to Simplii. If I do, it will not likely be the bulk of available funds. I want to keep the others alive, so that there will be meaningful competition in the future. Obviously 3% (or even 2.75) is not sustainable in the current market.

What do others think?

November 2, 2017
8:00 am
savemoresaveoften
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We savers just need to act together to force competition, meaning dont be shy or lazy to move funds around to the highest bidder all the time !

November 2, 2017
8:10 am
Save2Retire@55
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Loonie said
Thus, I am reluctant to move to Simplii. If I do, it will not likely be the bulk of available funds. I want to keep the others alive, so that there will be meaningful competition in the future. Obviously 3% (or even 2.75) is not sustainable in the current market.

What do others think?  

Great point. But do you think EQ can't afford increasing their interest to 3% rather than the current 2.3%?

I pulled my fund last night and it settled down in Simplii this morning.

November 2, 2017
8:52 am
fabafter50
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savemoresaveoften said
We savers just need to act together to force competition, meaning dont be shy or lazy to move funds around to the highest bidder all the time !  

I'm in total agreement. The only way there will be competitive rates is if people collectively react which the F.I.'s usually pay attention to.
There are good options available. Wealth One was easy to set up so I just moved all my funds out of Simplii as they would only be eligible for a sad 1%. I have just signed up with Motive, another easy process as they are offering 2.95% on a 5 year GIC. The other nice thing about a Motive GIC is that if you are over 57, you can choose to have the interest deposited in your savings account which for me is great usable income. ZAG was the same but their rates aren't what they used to be.

November 2, 2017
9:26 am
Doug
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Loonie said
thanks for info on tax slips. It's the payer that matters to me rather than the layout. It's the answer I wanted to hear.sf-smile  

Oh okay, so you're fine with it being CIBC then? I thought maybe you'd had problems with CIBC's interest calculation or something. LOL 😉

Cheers,
Doug

November 2, 2017
9:29 am
Doug
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Save2Retire@55 said

Thanks for confirming. Yes those are the same as old PC. Guess no points collecting by using the debit card @ Loblaws. I think I'll abandon my new debit and stick with Tangerine.  

Well, the PC MasterCard gets you better PC Points than the now former PC debit card, why not keep Simplii Financial and shift your day-to-day spending to your PC MasterCard and then just use Simplii for your direct deposits, automatic bill payments, pre-authorized payments, Interac e-Transfers/cheques and cash withdrawals? That's basically how I use my chequing account + credit card. 🙂

Cheers,
Doug

November 2, 2017
9:50 am
Doug
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Loonie said
I have been thinking about whether to get in on this offer. I have never liked PC and have avoided them thus far,b ut this is a great deal.

The picture thaat I see emerging right now in the HISA biz, is that Scotia and CIBC are duking it out in the form of Tang (at 2.75 for many of us) and Simplii at 3%. Runners-up are WealthOne and Ideal at 2.5, with old stand-bys like EQ and Alterna left behind in the dust.

CIBC and Scotia have very deep pockets compared to all the others in this race. I am concerned that the biggies may be trying to snuff out EQ etc. - especially EQ as it doesn't offer any other accounts.

Thus, I am reluctant to move to Simplii. If I do, it will not likely be the bulk of available funds. I want to keep the others alive, so that there will be meaningful competition in the future. Obviously 3% (or even 2.75) is not sustainable in the current market.

What do others think?  

I would agree with all of that except "EQ and Alterna being left in the dust." 2.30-1.95% isn't exactly "the dust" these days. I would say that this is a definite "market share grab" by Scotia and CIBC, which are also fighting RBC and TDCT on the full-service branch front remember, to inhibit the growth of the virtual banks...I don't know if it'll "snuff them out," don't think so and hope not...who it will hurt is probably the Manitoba credit unions (especially the ones that only give you one free debit transaction per month), though they can advertise their "unlimited deposit insurance coverage" to those that concern themselves with such things (I'm not one of them as I've said before...if we're worrying about whether $175,000 is protected versus $100,000 and a "Big 5" bank goes down, we've got a lot "bigger fish to fry" and, likely, our properties and families to protect!). Ultimately, in terms of who gets "snuffed out": my money's on Canadian Tire Bank (the deposit arm, the credit card arm will continue, with Scotiabank ultimately buying out up to 50% or possibly even 100%) and Bridgewater Bank. ICICI Bank Canada can likely continue to serve their niche East Indian immigrant clientele, as will State Bank of India Canada and HSBC Bank Canada, though they may see a gradual "trickling out" of their deposits and assets in Canada. Their continued success is based on Canada continuing to increase immigration quotas each year. Without that, they would flatline and, essentially, be run-off businesses. Motive Financial is a "toss up" and its success depends on Canadian Western Bank's patience and its willingness to have it serve as a future growth driver even if profitability & current growth may be muted, at best.

However, I like to support "the little guy" and that's why I opted to tell Tangerine to "suck it" (not literally, but figuratively by moving my money out) this quarter with their paltry 2.12% bonus offer. I also did not want to beg for a "retention offer" on principle. I demand at least a 0.40-0.50% premium from "the big guys" (you know who they are) in order to move deposits for a calendar quarter. If it's less than that, I'm more willing to "give up" that modest premium to the "little guy," knowing it's helping their business in terms of capital adequacy and profitability in terms of community donations they can provide each year.

Cheers,
Doug

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