SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018 | Page 6 | Simplii Financial (formerly PC Financial) | Discussion forum

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SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018
November 22, 2017
7:23 pm
rfdm4g4g9
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After 22 days, finally my Simplii - HISA is open & active. With full telephone banking access and online banking access.

Also my Tangerine account is now linked to Simplii from the Tangerine side, by making & confirming 2 micro deposits. Now I can transfer ALL my money from Tangerine to Simplii and finally take advantage of their 3 % promo rate.

What should have taken 4-5 days, has taken 22 days due to how slow Simplii was to open/activate accounts. Plus most of the things they wanted were outdated & old fashioned & time consuming. All the delays were from their side, not mine.

Things that's still left :

1. I have to call in to make the account Joint. Can't do it Online. Plus you can't even open a Joint account online. So first you have to open a Single account & after a long delay when its finally open/active , you have to call in again & go through a few steps to make it Joint.

I wanted a Joint account all along, but was forced to open a Single account instead because that's the only option available online.sf-confused

2. I have to mail in a VOID check to link my Tangerine account & other external accounts from the Simplii side. They don't do linkages online by sending/confirming 2 micro deposits the way Tangerine does.

So even though its linked from the Tangerine side, its yet to be linked from Simplii side. I prefer linkage from both sides, in case the website from one of them is down or something. That way I can Push/Pull money from both sides.

November 25, 2017
8:32 am
James
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Just some supplementary information for those of you taking advantage of this offer from Simplii:

1. If you transfer the money into Simplii for the bonus offer, then out to a different bank (for example to take advantage of the Northern CU 4% offer), then back into the Simplii account, it will NOT earn the bonus offer at Simplii (you will lose that bonus interest).

2. If you transfer money to your Simplii chequing from savings, then back to the savings account, it will continue to earn interest while it is deposited in the savings account only (but you don't lose the offer when transferring back into the savings account from the chequing).

Source: online chat with Simplii rep

Hope everyone is having a nice weekend!

November 25, 2017
1:29 pm
Bill
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James, see previous posts here re how the bonus interest is calculated, per the written T&C.

In your scenario #1, bringing money back to Simplii will raise your average balance during the promo period and bonus interest is earned on the average balance during the promo period less the Oct 31 balance. So I don't agree that you will "lose that bonus interest" for the time it's back in the Simplii savings account.

November 25, 2017
2:52 pm
James
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Hi Bill,

Thanks for your reply. I understand what you are saying and that's the point of my post. I agree with your interpretation of the written terms and conditions that show how bonus interest is supposed to be calculated (same as many previous offers from PCF). He said they will not consider funds transferred out of the account at any time during the promotional offer, to be eligible for the offer when transferred back to the account. He went on to add that #2 above would be okay - transfer back and forth between Simplii accounts would not affect the offer eligibility.

Update: I have opened a second chat where the rep initially stated the above was correct, then when I reviewed terms and conditions, changed their opinion and stated it would still be eligible and apologized. I will leave my initial post as part of the written record here but moderators feel free to amend it if desired.

November 27, 2017
10:08 am
meghan88
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After almost a month, my account is open. I don't think I'll be taking advantage of it though. I've calculated that three months at an increase of 0.7% over EQ would net $175, pre-tax, on 100K. And I would need to route the funds through my big-6 bank account unless I open a Simplii checking account, which I don't have much of an interest in doing. I've found the Simplii process to be very slow, and I worry about losing interest while the money is in transit, especially if it has to go through a checking account at my main (big-6) bank. Dealing with them just seems to be more of a hassle than any other online bank I've dealt with so far (EQ, Alterna, Hubert).

November 28, 2017
8:36 am
Winnie
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meghan88 said
... And I would need to route the funds through my big-6 bank account unless I open a Simplii checking account, which I don't have much of an interest in doing. I've dealt with so far (EQ, Alterna, Hubert).  

From EQ or Hubert side you can link your Simplii savings account.
Just enter 30800 010 xxxxxxxxxx (10 digits Simplii savings account number).

November 28, 2017
12:29 pm
meghan88
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Winnie said

From EQ or Hubert side you can link your Simplii savings account.
Just enter 30800 010 xxxxxxxxxx (10 digits Simplii savings account number).  

Thanks. But the push or pull would always have to be initiated from the EQ/Hubert side, correct? And this would result in days of interest being lost, correct? Any idea how many days?

November 28, 2017
6:54 pm
Norman1
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The push or pull can be initiated from Simplii Financial.

Sign into Simplii Financial's online banking site. Click on "Transfers" in the left sidebar. Then, click on "Add Accounts" to access the procedure to link outside accounts. One will need to send in a void cheque or an account confirmation form to confirm the outside account.

Simplii Financial's website will generate a pre-authorized bill payment form for the chequing account but not for the savings account. That suggests that one may not be able to pull money out of a Simplii Financial High Interest Savings account from another financial institution.

November 29, 2017
9:39 am
Bill
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Transfer initiated from Simplii took almost a week for them to process, never had that happen before. Maybe they're getting too many deposits with their 3% promo, they're slowing things down. If I was a CIBC shareholder I wouldn't be thrilled, there was no need to offer 3% and if the reason given was "because it's a round number" I'd say "you're fired!"

November 29, 2017
11:29 am
Winnie
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meghan88 said

Thanks. But the push or pull would always have to be initiated from the EQ/Hubert side, correct? And this would result in days of interest being lost, correct? Any idea how many days?  

Yes, the push or pull will be done from EQ/Hubert side.
You will not loose any interest.
Example. You will push some money from EQ to Simplii. That will usually take 2-3 business days. Yes, you will loose some interest for 2-3 days, but you will recover that interest back, when you will pull your money back from Simplii to EQ. That is because EQ will pay you interest immediately from the day you initiated that pull and Simplii also will pay some interest for the next 2-3 days until that pull will be completed.

November 29, 2017
7:37 pm
rfdm4g4g9
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meghan88 said

Thanks. But the push or pull would always have to be initiated from the EQ/Hubert side, correct? And this would result in days of interest being lost, correct? Any idea how many days?  

I pushed money from Tangerine HISA to Simplii HISA on Novemberr 27 , it arrived in Simplii HISA the next day on November 28 .

So basically I just lost 1 day of interest in Tangerine , when the money went out on November 27. But it arrived in Simplii HISA the next day i.e November 28 & started earning interest over there in Simplii HISA from November 28.

November 29, 2017
7:53 pm
rfdm4g4g9
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Norman1 said
The push or pull can be initiated from Simplii Financial.

Sign into Simplii Financial's online banking site. Click on "Transfers" in the left sidebar. Then, click on "Add Accounts" to access the procedure to link outside accounts. One will need to send in a void cheque or an account confirmation form to confirm the outside account.

Simplii Financial's website will generate a pre-authorized bill payment form for the chequing account but not for the savings account. That suggests that one may not be able to pull money out of a Simplii Financial High Interest Savings account from another financial institution.  

Bill Payment is different from EFT - Electronics Funds Transfer , Just as Interac Email transfer is different from EFT.

Bill Payments & Interac Email Transfers you can only do from Chequing account and not HISA - Savings.

But EFT both push & pull can be done from both Simplii HISA and the external account.

From Tangerine I can both push & pull money to Simplii HISA and from Simplii HISA also I can both push & pull money to Tangerine. So basically 4 transactions, I can do - 2 Push & 2 Pull.

But the only problem is that Simplii needs a VOID cheque for linking external accounts, so I have to link my Tangerine checking account and not HISA from the Simplii side.

1. Tangerine HISA & Tangerine Checking - I can do both pull & push from both the accounts to Simplii HISA from Tangerine side.

2. Simplii HISA - I can do both pull & push to Tangerine Checking only from the Simplii side.

I cannot link Tangerine HISA to Simplii HISA from the Simplii side as there is NO Void check for Tangerine HISA .

But I can link Tangerine HISA to Simplii HISA from the Tangerine side, as only 2 micro deposits are required to do the linkage from the Tangerine side, no VOID check is required.

November 29, 2017
10:33 pm
Norman1
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rfdm4g4g9 said

Bill Payment is different from EFT - Electronics Funds Transfer , Just as Interac Email transfer is different from EFT.

Bill Payments & Interac Email Transfers you can only do from Chequing account and not HISA - Savings.

Not talking about bill payment. I'm talking about pre-authorized bill payment.

Pre-authorized bill payment is a pre-authorized debit. That's exactly what a pull initiated from another financial institution would be.

But EFT both push & pull can be done from both Simplii HISA and the external account.

From Tangerine I can both push & pull money to Simplii HISA …

That great! sf-smile I wasn't sure if Simplii would block pre-authorized debits against their Simplii HISA.

November 30, 2017
3:24 am
rfdm4g4g9
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meghan88 said
After almost a month, my account is open. I don't think I'll be taking advantage of it though. I've calculated that three months at an increase of 0.7% over EQ would net $175, pre-tax, on 100K. And I would need to route the funds through my big-6 bank account unless I open a Simplii checking account, which I don't have much of an interest in doing. I've found the Simplii process to be very slow, and I worry about losing interest while the money is in transit, especially if it has to go through a checking account at my main (big-6) bank. Dealing with them just seems to be more of a hassle than any other online bank I've dealt with so far (EQ, Alterna, Hubert).  

You can link EQ, Alterna & Hubert from both the Simplii HISA side & EQ, Alterna, Hubert side. No need for a Simplii checking account.

I just have a Simplii HISA - No checking account with Simplii, and I have it linked to Tangerine from both Simplii side & Tangerine side.

rfdm4g4g9 said

In case you don't have a VOID cheque from Alterna or Hubert, then you can send Simplii a Customized Account Confirmation Form from Hubert or Alterna.

You probably don't have a VOID check from Alterna or Hubert, since they are HISA accounts & not checking accounts, so you will need the Customized Account Confirmation Form. If you have checking accounts with Alterna or Hubert link them with a VOID check, if they are HISA link then with the Customized Account Confirmation Form

This is the procedure for linkage of External accounts FROM Simplii side.
-----------------------------------------------------------------------------------------------
Before you mail them the VOID cheque or Customized Account Confirmation form, you do this :

First log on to your Simplii account.
On your Account Summary page. Click Transfers (on the left side)
Under Transfers, click Add Accounts

Your other financial institution's bank, transit and account numbers can be found on the bottom of your cheques. Be sure to include all the digits in your account number, as the number of digits may vary depending on your financial institution. Detailed instructions will follow on the Add Account confirmation page.

Then you do this :

To add an account, you must send in a void cheque or a customized account confirmation form to complete this request. A signature is not required and only VOID is required on the cheque. The cheque or form must be mailed to Simplii Financial.

Once Simplii Financial receives the void cheque, the account will be added within 1 to 2 business days.

You can send the void cheque to:

Simplii Financial
P.O. Box 603
Station Agincourt
Scarborough, ON
M1S 5K9
----------------------------------------------------------------------------------------
This is the process for linking from Hubert or Alterna side to Simplii :

1. From Alterna side :

https://www.alternabank.ca/SharedContent/documents/Forms/M2M_EN.pdf

2. From Hubert side :

How can I transfer funds between my Hubert account and an account that I have with another financial institution?

To transfer funds to one of your external accounts, we’ll need verify it first.

We’ll add the first external account to your transfer list for you using the information on your initial cheque deposit. This will give you the ability to complete transfers online to and from that account. You can link up to 30 external accounts but both active and deleted accounts are included in this limit.

You can add additional transfer accounts directly through Hubert Online by following these easy steps:

On the left hand menu select ‘Manage Transfer Accounts’.
Click ‘Add Account’ and enter the bank, transit, and account number for the account you’d like to add. In the next few days, Hubert will make a small deposit to the entered account.
When you know the amount of the deposit, log into Hubert Online and access the ‘Manage Transfer Accounts’ menu option. Simply enter the amount for the newly added account and you’re done! You are now set up to transfer funds.  

November 30, 2017
11:39 am
brian05
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There's a long story of technical glitches, unanswered emails, unreturned phone calls misinformation and general incompetence, but I eventually ended up with not one but two savings accounts, a misplaced signature card and my cheque for a very large sum being lost by Simplii. I cancelled my account/s. In my last phone encounter a week ago I was told the cheque had been found and was in the mail and I would be contacted by a manager. So far, no cheque, no call.
Not one part of the process of opening an account with Simplii worked.
Maybe this is an isolated incident but really I wouldn't touch Simplii again with a ten-foot barge pole. The higher interest rate simply isn't worth it.

November 30, 2017
1:50 pm
Bill
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That 3% intro rate caused problems for EQ too, overwhelmed with demand when they started up. Maybe Simplii staff are having similar difficulty with overwhelming workload after years of PC's low-level presence in HISA world.

November 30, 2017
7:59 pm
rfdm4g4g9
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Looks like they didn't hire or train additional staff for this PCF to Simplii conversion and the new promo rate.

The way retail stores hire seasonal staff for X'Mas season, Simplii should have hired temporary staff for this transition & opening.

Plus they should have had clear cut instructions on what & how to open the account & what will happen & the next steps, right on their web page. So people who are in limbo and have no clue what's happening after they applied online for an account, don't keep on calling the call centre & overwhelming the staff.

There is no confirmation email, no communication, nothing after you apply online. Lot of things you have to figure out on your own through trial & error.

December 1, 2017
9:45 am
rfdm4g4g9
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I understand the 2 % bonus rate will be paid in March. But the 1 % regular rate will be paid at the end of the month, right ?

I transferred all my money from my other account and they arrived in Simplii on November 30. The balance before that was Zero.

Shouldn't I be paid interest for 1 day at 1 % for November 30 ? Or does November 30 not count as the money arrived around 10.00 Am on November 30 into Simplii from my external account ?

1 day interest at 1 % for me is about $ 8.75, not a big amount to lose, but was wondering, if I should get it or not.

I see no 1 % interest in my account for that 1 day i.e November 30 on December 1 st in my account as of 12.30 pm EST .

December 1, 2017
3:20 pm
GR
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rfdm4g4g9 said
I understand the 2 % bonus rate will be paid in March. But the 1 % regular rate will be paid at the end of the month, right ?

I transferred all my money from my other account and they arrived in Simplii on November 30. The balance before that was Zero.

Shouldn't I be paid interest for 1 day at 1 % for November 30 ? Or does November 30 not count as the money arrived around 10.00 Am on November 30 into Simplii from my external account ?

1 day interest at 1 % for me is about $ 8.75, not a big amount to lose, but was wondering, if I should get it or not.

I see no 1 % interest in my account for that 1 day i.e November 30 on December 1 st in my account as of 12.30 pm EST .  

Simplii pays and posts interest on the last day of each month, calculated until the second to last day of each month. Interest at month-end December should be for November 30th to December 30th, inclusive. This method is somewhat unusual, but follows how PC Financial calculated monthly interest.

December 1, 2017
11:20 pm
rfdm4g4g9
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GR said

Simplii pays and posts interest on the last day of each month, calculated until the second to last day of each month. Interest at month-end December should be for November 30th to December 30th, inclusive. This method is somewhat unusual, but follows how PC Financial calculated monthly interest.  

Thanks that explains my 1 day missing interest for Nov. 30 which I never got on Dec 1 or Nov 30

sf-surprised Wow ! That's a weird way of calculating interest for the month.

So instead of paying interest from Dec 1 to Dec 31 on Dec 31 , they will pay Nov 30 to Dec 30 interest on Dec 31.

Maybe that's why I didn't get the Nov 30 - 1 day interest in my account either on Nov 30 or Dec 1.

So I guess I will get my Nov 30 - 1 day interest on December 31.sf-smile

Just causing unnecessary confusion with this odd method of interest calculation, where 1 day from the previous month and 1 day less from the current month is used to calculate interest at the end of the month.

Is it somewhere in their T & C , that's how they calculate & pay out the monthly interest ?

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