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Simplii Financial Nonsense
May 8, 2024
7:12 am
fabafter50
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As most of you know, Simplii finally has a savings promotion for existing clients, which I have been since their inception. I received 5.5% until July 15th. I transferred a substantial amount into my savings account for the promotion. Available funds were $20,000 for two days, then those available funds disappeared???? My funds should have cleared today (five day hold as clearly stated in their products and services agreement ). They did not, so I called. I was told an extended hold was placed on my funds. No explanation as to where the $20,000 went or why an extended hold, now 10 days. After 2 phone calls and a manager, they made $15,000 available so I could pay my bills. Caveat Emptor

May 8, 2024
8:50 am
Norman1
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Simplii is allowed to extend holds:

Processing and verifying transactions and our hold funds policy

We may extend the maximum hold period in the following circumstances, including (but not limited to) where:

  • We have reasonable grounds to believe there may be illegal, fraudulent or improper activity in relation to an account; or
  • The deposited cheque is not encoded with magnetic ink character recognition or is not readable by operational systems (for example, if damaged or mutilated); or
  • An account has been open for less than 90 days; or
  • A cheque or other instrument has been endorsed more than once; or
  • A cheque or instrument has been deposited at least six months after the date of the cheque.

The extended hold period under these circumstances is estimated to be 30 business days. The extended hold period is an estimate, in some cases, it may be longer; or it may be extended as a result of the exceptional circumstances described above.

Hopefully, the circumstances that triggered the extended hold just looked unusual and didn't turn out to be money laundering or terrorist financing on further investigation.

May 8, 2024
9:24 am
Dean
Valhalla Mountains, British Columbia
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fabafter50 said

As most of you know, Simplii finally has a savings promotion for existing clients, which I have been since their inception. I received 5.5% until July 15th. I transferred a substantial amount into my savings account for the promotion. Available funds were $20,000 for two days, then those available funds disappeared???? My funds should have cleared today (five day hold as clearly stated in their products and services agreement ). They did not, so I called. I was told an extended hold was placed on my funds. No explanation as to where the $20,000 went or why an extended hold, now 10 days. After 2 phone calls and a manager, they made $15,000 available so I could pay my bills. Caveat Emptor  

Thanks for sharing that , Fabafter50 ... Kudos !!!

I'm not invested with Simplii, and because of your post above, and the Many Other sad Simplii experiences shared by others here, I Never Will invest with them ... regardless of their rates, or so-called deals.

This sharing of FI experiences (both good & bad) by forum members here, is yet another example of how 'Valuable' this site (highinterestsavings.ca) can be ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

May 8, 2024
10:04 am
Jowett
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I have just transferred a substantial amount to Simplii into the high rate savings account. I am an existing customer and note that the transferred funds are not showing as "available" yet.
The question is, am I receiving interest on these funds even if they are still on a hold period?

May 8, 2024
10:11 am
fabafter50
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“Hopefully, the circumstances that triggered the extended hold just looked unusual and didn't turn out to be money laundering or terrorist financing on further investigation.”

SRSLY, don’t you think I would know?
I read the ENTIRE extended hold circumstances and NONE OF THEM apply to me. I’m just a retired, hard working fiscally responsible Canadian. Not a terrorist funder or money launderer which they would have known if they just called Tang. It’s not rocket science.

May 8, 2024
11:07 am
JohnnyCash
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fabafter50 said
“Hopefully, the circumstances that triggered the extended hold just looked unusual and didn't turn out to be money laundering or terrorist financing on further investigation.”

I’m just a retired, hard working fiscally responsible Canadian.  

Exactly what a money laundering terrorist would have said. sf-surprised

May 8, 2024
11:30 am
fabafter50
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JohnnyCash said

Exactly what a money laundering terrorist would have said. sf-surprised  

Wow. I guess you'd have to be one to know that.

May 8, 2024
12:45 pm
Alexandre
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fabafter50 said
As most of you know, Simplii finally has a savings promotion for existing clients, which I have been since their inception. I received 5.5% until July 15th. I transferred a substantial amount into my savings account for the promotion. Available funds were $20,000 for two days, then those available funds disappeared???? My funds should have cleared today (five day hold as clearly stated in their products and services agreement ). They did not, so I called. I was told an extended hold was placed on my funds. No explanation as to where the $20,000 went or why an extended hold, now 10 days. After 2 phone calls and a manager, they made $15,000 available so I could pay my bills. Caveat Emptor  

Hint for future transfers, in case you can't wait for hold to lift. You mentioned you moved funds from Tangerine.

Tangerine allows to send $3K daily by Interac, with $10K weekly limit. In your case, I would have sent by Interac to myself $3K from Tang to Simplii. The rest, which is $17K, by pull like you did.

People sometimes overlook Interac transfers to themselves as a way to quickly move few thousand dollars and make that amount instantly available (no hold) at destination.

Using autodeposit feature strongly recommended.

May 8, 2024
1:42 pm
fabafter50
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Alexandre said

Hint for future transfers, in case you can't wait for hold to lift. You mentioned you moved funds from Tangerine.

Tangerine allows to send $3K daily by Interac, with $10K weekly limit. In your case, I would have sent by Interac to myself $3K from Tang to Simplii. The rest, which is $17K, by pull like you did.

People sometimes overlook Interac transfers to themselves as a way to quickly move few thousand dollars and make that amount instantly available (no hold) at destination.

Using autodeposit feature strongly recommended.  

Excellent idea! Thank you!

May 8, 2024
3:49 pm
JohnnyCash
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fabafter50 said

Wow. I guess you'd have to be one to know that.  

I was attempting to be a little facetious, considering how over-the-top banks have become with their cautious and absurd behavior. No offense intended. Not a week goes by that I don't receive at least a few friendly reminders about the risks of fraud from the various financial institutions that I deal with.

May 8, 2024
4:45 pm
RetirEd
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When making transfers and worrying about holds preventing my paying obligations, I make sure I have ample funds in accounts not under holds. I usually work with roughly six institutions at once, and avoid making transfers that would leave me with no free funds. I know it's tempting to stuff every last free penny into a good offer, but a couple of grand from a 5% to a 5.5% deposit, for example, isn't really that much for short terms. A bit more annoying if one is missing a hot promotion, but plan ahead.

If one already has lots of cash at the receiving institution, you will probably be able to have the hold removed. Keep track of who lets you do that.

RetirEd

May 8, 2024
6:28 pm
fabafter50
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Funny thing is Simplii is the one bank that never holds my funds.
Like, never ever.
The manager told me I always have 20K available without hold, but had no explanation to why it was given, then pulled two days later.
I appreciate that fraud is a serious and valid concern, and have no objection to care being taken as it hurts us all, but one call to Tangerine would have solved any concerns about the funds and where they came from.
This will be the first and last time with Simplii and their promos.
DEAN, YOU ARE ABSOLUTELY RIGHT!
If I really feel the need for that kind of aggravation, I’ll go discuss politics on the internet
sf-wink

May 8, 2024
6:56 pm
InterestThis
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Simplii works, but its extremely bad service, probably by design.
If you have a serious issue, and file an official complaint, even after 6 weeks they have not gotten back to you.
Simplii simply just don't care, they understaff, and just let the cards fall where they may.
The account works, but the service is the worst.

May 8, 2024
7:43 pm
fabafter50
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InterestThis said
Simplii works, but its extremely bad service, probably by design.
If you have a serious issue, and file an official complaint, even after 6 weeks they have not gotten back to you.
Simplii simply just don't care, they understaff, and just let the cards fall where they may.
The account works, but the service is the worst.  

Cheers, you’ve reinforced both my gut feeling and my decision to steer clear.

May 8, 2024
8:45 pm
mordko
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Jowett said
I have just transferred a substantial amount to Simplii into the high rate savings account. I am an existing customer and note that the transferred funds are not showing as "available" yet.
The question is, am I receiving interest on these funds even if they are still on a hold period?  

Yes.

May 8, 2024
10:24 pm
Norman1
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fabafter50 said
“Hopefully, the circumstances that triggered the extended hold just looked unusual and didn't turn out to be money laundering or terrorist financing on further investigation.”

SRSLY, don’t you think I would know?
I read the ENTIRE extended hold circumstances and NONE OF THEM apply to me. I’m just a retired, hard working fiscally responsible Canadian. Not a terrorist funder or money launderer which they would have known if they just called Tang. It’s not rocket science.

Yes, seriously, I thought you didn't know.

It is rocket science! That's why you didn't see that the first circumstance (possible illegal, fraudulent, or improper activity) did apply and Simplii applied an extended hold. Something had triggered Simplii's suspicions.

Simplii/CIBC is not alone in blocking access to funds when suspicions are triggered. Tangerine Bank got suspicious and did it to $200,000 that was previously clear. Royal Bank applied a hold on cleared funds in front of the customer when customer went to a branch and tried to withdraw the balance as cash.

May 8, 2024
10:30 pm
Loonie
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So far, I've avoided opening any accounts with Simplii. I've always been able to get as good or better deal elsewhere. Ths story is just another reminder of why I don't deal with them.

Money laundering is an issue, obviously, but where common sense is lacking it will never be resolved. Anyone who has been hanging around this forum for some years must surely know that OP is not in the laundry business. Too bad the bankers at Simplii, with access to their credit and banking history, can't figure that out.

FWIW, my suspicion is that Simplii has its algorithms set to flag large transfers. That's fine as a first step, but they need to learn how to do the next steps properly. Simpii is CIBC, and CIBC certainly ought to know better.

May 9, 2024
4:13 am
qzjxk
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The one thing that Simplii is really good for if you eat out a lot is their credit card. It pays 4% cash back in restaurants, coffee shops etc. up to a maximum $200 or $5,000 spend per year. My wife and I are retired and eat out a lot so I reach the maximum before the end of the year, at which point I start using another card for restaurants because the Simplii card pays only 0.5%.

May 9, 2024
4:41 am
fabafter50
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Loonie said
So far, I've avoided opening any accounts with Simplii. I've always been able to get as good or better deal elsewhere. Ths story is just another reminder of why I don't deal with them.

Money laundering is an issue, obviously, but where common sense is lacking it will never be resolved. Anyone who has been hanging around this forum for some years must surely know that OP is not in the laundry business. Too bad the bankers at Simplii, with access to their credit and banking history, can't figure that out.

FWIW, my suspicion is that Simplii has its algorithms set to flag large transfers. That's fine as a first step, but they need to learn how to do the next steps properly. Simpii is CIBC, and CIBC certainly ought to know better.  

Exactly!
They are flagging large transfers. I explained to the manager I have never had a large amount in Simplii for the simple reason that their rates SUCK, and this is the first promo for existing clients.
And yes, a check of my credit rating and history would have quickly cleared that up. It’s water under the bridge, I’ve filled a formal complaint and will not be doing business with them in the future.

May 9, 2024
4:45 am
fabafter50
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Norman1 said

fabafter50 said
“Hopefully, the circumstances that triggered the extended hold just looked unusual and didn't turn out to be money laundering or terrorist financing on further investigation.”

SRSLY, don’t you think I would know?
I read the ENTIRE extended hold circumstances and NONE OF THEM apply to me. I’m just a retired, hard working fiscally responsible Canadian. Not a terrorist funder or money launderer which they would have known if they just called Tang. It’s not rocket science.

Yes, seriously, I thought you didn't know.

It is rocket science! That's why you didn't see that the first circumstance (possible illegal, fraudulent, or improper activity) did apply and Simplii applied an extended hold. Something had triggered Simplii's suspicions.

Simplii/CIBC is not alone in blocking access to funds when suspicions are triggered. Tangerine Bank got suspicious and did it to $200,000 that was previously clear. Royal Bank applied a hold on cleared funds in front of the customer when customer went to a branch and tried to withdraw the balance as cash.  

I did see the first circumstance. There is nothing suspicious to find and I find your suggestion that I might not know if I was a criminal, insulting and ridiculous.

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