Simplii Financial Nonsense | Simplii Financial | Discussion forum

Simplii is allowed to extend holds:

Processing and verifying transactions and our hold funds policy

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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.

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?

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.

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.

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.

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.

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%.