Simplii Financial Nonsense | Page 2 | Simplii Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Simplii Financial Nonsense
May 9, 2024
4:58 am
mordko
Member
Members
Forum Posts: 889
Member Since:
April 27, 2017
sp_UserOfflineSmall Offline

In my experience all institutions put holds on large transfers. Its a matter of policy, evaluating millions of customers to treat individuals differently is too difficult and could cause regulatory problems.

Understand this thread is for bashing Simplii but my experience with them has been great. Does what it says on the tin. Very responsive.

My main chequing account used to be with HSBC, so I am with RBC now. Not particularly impressed. Considering Simplii as a decent alternative.

May 9, 2024
12:38 pm
Briguy
Member
Members
Forum Posts: 719
Member Since:
March 17, 2018
sp_UserOfflineSmall Offline

My banks usually put a 5 business day hold on cheques and funds pulled in. There shouldn't be a hold on funds that were pushed in to your bank or etransferred in, although I guess banks' policies vary.

May 9, 2024
12:39 pm
fabafter50
Member
Members
Forum Posts: 188
Member Since:
October 22, 2015
sp_UserOfflineSmall Offline

I expected the 5 days. They put an extended hold for 10 days, gave me access to 20K for two days and then withdrew it. That was the issue. I’ve never had any issues with them prior to this, but I also never had any serious money in there as their rates are rubbish.

May 17, 2024
7:15 pm
InterestThis
Member
Members
Forum Posts: 303
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

This is why Simplii sucks, and I don't trust them.
With the recent Global Money transfer issues, I lowered my chequing account alerts under $50, and turned all the alerts ON. That way, if anything weird happened I would be notified.
By co-incidence, my account went under my limit 2 days ago, and tonight at 9:00 pm I get text, email, and App alerts the balance dropped.
That is 2 days after the balance dropped.
Simplii is a joke, as they have old architecture from PC Fnancial, and don't want to upgrade it.
Tang and others have instant alerts, which is what is required in case of fraud etc.
Simplii blows.

May 18, 2024
12:05 am
HermanH
Member
Members
Forum Posts: 1208
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

InterestThis said
Tang and others have instant alerts, which is what is required in case of fraud etc.

Then you get to wait a few hours on hold, until someone answers the phone.

May 18, 2024
5:11 am
savemoresaveoften
Member
Members
Forum Posts: 2946
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

InterestThis said
This is why Simplii sucks, and I don't trust them.
With the recent Global Money transfer issues, I lowered my chequing account alerts under $50, and turned all the alerts ON. That way, if anything weird happened I would be notified.
By co-incidence, my account went under my limit 2 days ago, and tonight at 9:00 pm I get text, email, and App alerts the balance dropped.
That is 2 days after the balance dropped.
Simplii is a joke, as they have old architecture from PC Fnancial, and don't want to upgrade it.
Tang and others have instant alerts, which is what is required in case of fraud etc.
Simplii blows.  

One should always have ALL alerts set to ON, and set the limit to $1 etc. One rather have redundant alerts than missing any suspicious ones.

Re instant alerts, one of my credit card may take upto a day before an alert pops up, its not perfect, but still better than nothing.

May 18, 2024
6:26 am
mordko
Member
Members
Forum Posts: 889
Member Since:
April 27, 2017
sp_UserOfflineSmall Offline

As luck would have it, Simplii spells out how balance alerts work:

Note: If your account is below the balance alert threshold when enrolled in these alerts, you’ll only receive an alert after your next transaction.

Have a strong suspicion that this is fairly standard. Certainly CIBC uses the exact same approach across all accounts. If a particular threshold is important to you, then you may want to set up alert above the threshold rather than at it.

The joke is on you for complaining before spending 10 seconds on reading.

May 18, 2024
6:50 am
Alexandre
Member
Members
Forum Posts: 1189
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

mordko said
Simplii spells out how balance alerts work:

Note: If your account is below the balance alert threshold when enrolled in these alerts, you’ll only receive an alert after your next transaction.

Have a strong suspicion that this is fairly standard.

I am not sure about that. Both Tangerine and EQ I bank with send alert when balance drops below threshold.

If you have recurring direct debit, such as property taxes withdrawn monthly, you would like to be alerted when you accidentally go below balance threshold which you set, not when city fails to withdraw taxes and/or bank slaps you with NSF on top of that.

May 18, 2024
7:11 am
mordko
Member
Members
Forum Posts: 889
Member Since:
April 27, 2017
sp_UserOfflineSmall Offline

Alexandre said

mordko said
Simplii spells out how balance alerts work:

Note: If your account is below the balance alert threshold when enrolled in these alerts, you’ll only receive an alert after your next transaction.

Have a strong suspicion that this is fairly standard.

I am not sure about that. Both Tangerine and EQ I bank with send alert when balance drops below threshold.
  

Sure, one can always pick EQ over CIBC. We get a choice. But its not an approach that is specific to Simplii. And if you set a withdrawal alert, you get notified right away so you would surely check the balance at that point - if its an unexpected transaction. Works for me.

May 18, 2024
7:34 am
Alexandre
Member
Members
Forum Posts: 1189
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

mordko said

Its not an approach that is specific to Simplii.

It is possible. Name other FIs you are aware of, that have low balance alert logic similar to Simplii.

I gave you two examples of different logic for low balance alert, one that seems more logical.
How many do you have to support your claim that Simplii logic is fairly standard?

if you set a withdrawal alert, you get notified right away so you would surely check the balance at that point

It is workaround.
If someone has to use workaround to get expected process flow outcome, the process flow has flaws.

May 18, 2024
8:59 am
Top Dogg
Member
Members
Forum Posts: 113
Member Since:
October 4, 2018
sp_UserOfflineSmall Offline

I was reading/looking through this forum (as I do every day) and 10 minutes or so after reading this "Simplii Financial Nonsense" page around an hour or so ago, I get a random call (so odd) from Simplii Financial from a manager named "Bhubinder". He wanted to disclose something with me but first wanted me to provide him my postal code and date of birth. To make a long story short, I wouldn't provide this information so he told me that I could call the Simplii Financial Customer Service Number and ask for him directly and at that time he could relay the information that he wanted to disclose with me.

Has anyone else received a call from this manager? I'm thinking it's probably legit but to my recollection, I have never received a "cold call" from Simplii Financial ever in the past. In this day and age, you just have to assume everything is a potential fraud/scam.

Thanks,
TD

May 18, 2024
9:04 am
InterestThis
Member
Members
Forum Posts: 303
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

Sadly there are a few self-declared know-it-alls, who in fact know very little.
Simplii is glitchy as hell.
In this case, the balance alerts did not come until 2 days after the transactions, and that is after the transaction after the transaction below the balance. They also came at 9pm, not related to the transactions.

Also, people actually should properly READ the text they are claiming to read. What the text is saying, is that when you ENROL in the alerts, if your balance is below at that point, then it takes another transaction to reset. That makes sense.

https://www.simplii.com/en/banking-simplii/balance-alerts.html Note: If your account is below the balance alert threshold when enrolled in these alerts, you’ll only receive an alert after your next transaction.

Also, here is the real point.
If your bank account was hacked somehow, there is no instant alert that you have been hacked. Thus Simplii is rubbish.

Those who say other banks are the same are simply either clueless, or are lying as they have nothing better to do with their time.
Tang and EQ and others have instant alerts.
Simplii probably has delayed alerts as its run through CIBC with old architecture, same as when the statements from Simplii are not available on the first of the month. Another lousy bug at Simplii.
Don't know if Simplii gives an alert if there is an over-draft, but Tang has instant alerts for that.

May 18, 2024
9:09 am
InterestThis
Member
Members
Forum Posts: 303
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline
May 18, 2024
9:19 am
InterestThis
Member
Members
Forum Posts: 303
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

Top Dogg said
I was reading/looking through this forum (as I do every day) and 10 minutes or so after reading this "Simplii Financial Nonsense" page around an hour or so ago, I get a random call (so odd) from Simplii Financial from a manager named "Bhubinder". He wanted to disclose something with me but first wanted me to provide him my postal code and date of birth. To make a long story short, I wouldn't provide this information so he told me that I could call the Simplii Financial Customer Service Number and ask for him directly and at that time he could relay the information that he wanted to disclose with me.

Has anyone else received a call from this manager? I'm thinking it's probably legit but to my recollection, I have never received a "cold call" from Simplii Financial ever in the past. In this day and age, you just have to assume everything is a potential fraud/scam.

Thanks,
TD  

Let us know if its legit, or a scam. If you call the main number, then it has to be legit?
Is it a sales call or an account issue?
Simplii has not gotten back to me going on 7 weeks for an official complaint. Simplii is horribly run, would not be surprising if CIBC folds it up, maybe its losing money for them?

May 18, 2024
9:30 am
InterestThis
Member
Members
Forum Posts: 303
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

Looks like you cannot see any real numbers for Simplii, they talk about net client growth, but that is for the high-interest deposits promos.
Simplii functions as a bank, it has CIBC bank machines to use, but its a crappy product.
https://www.cibc.com/content/dam/cibc-public-assets/about-cibc/investor-relations/pdfs/quarterly-results/2023/q423presentation-en.pdf

May 18, 2024
9:35 am
mordko
Member
Members
Forum Posts: 889
Member Since:
April 27, 2017
sp_UserOfflineSmall Offline

Alexandre said

mordko said

Its not an approach that is specific to Simplii.

It is possible. Name other FIs you are aware of, that have low balance alert logic similar to Simplii.

I gave you two examples of different logic for low balance alert, one that seems more logical.
How many do you have to support your claim that Simplii logic is fairly standard?

if you set a withdrawal alert, you get notified right away so you would surely check the balance at that point

It is workaround.
If someone has to use workaround to get expected process flow outcome, the process flow has flaws.  

Simplii is simply using CIBC’s alerts system (as already mentioned).

“ Note: If your account is below the balance alert threshold when enrolled in these alerts, you’ll only receive an alert after your next transaction.”

https://www.cibc.com/en/personal-banking/ways-to-bank/how-to/balance-alerts.html

Its not a workaround for me. Regardless of balance alerts, I know the balance with the accuracy I require. I use a cushion in my chequing account, seems just common sense. My one and only concern is with unexpected transactions. If balance falls below target value, I know about it from large transactions even before the balance alert is activated. The target is just that, I don’t get charged if the balance dips below target.

Guess if one sets the balance alert close to zero then CIBC’s approach is a problem and they should go with EQ et al. But either way, one should not complain about something so clearly spelt out in the terms.

May 19, 2024
4:27 am
Top Dogg
Member
Members
Forum Posts: 113
Member Since:
October 4, 2018
sp_UserOfflineSmall Offline

InterestThis said

Let us know if its legit, or a scam. If you call the main number, then it has to be legit?
Is it a sales call or an account issue?
Simplii has not gotten back to me going on 7 weeks for an official complaint. Simplii is horribly run, would not be surprising if CIBC folds it up, maybe its losing money for them?  

I don't know what the call was about since the supposed "manager said he couldn't disclose the issue until I gave him my postal code and date of birth..Hello...you're the one who's calling me, I should be the one asking you those questions!! I never even bothered calling them back. The only thing I care to here from them is if they can give me 6.00% interest and I doubt that's why that "supposed" manager called me randomly out of the blue.

Wow, they haven't gotten back to you in 7 weeks? If I would have known I would have told that manager that called me to call "mordko" since he/she has an outdated inquiry going back 7 weeks..lol.

May 21, 2024
5:56 am
golftime
Newbie
Members
Forum Posts: 2
Member Since:
January 29, 2015
sp_UserOfflineSmall Offline

Sorry to hear that some have experienced difficulties. I have had nothing but success with Simplii. Have been with them since their inception. I am amazed how quickly funds are available after being transferred in and that includes large amounts. Your efforts remind me why I use the big banks as little as possible. Keep up the good work!

May 21, 2024
8:58 am
zgic
Member
Members
Forum Posts: 125
Member Since:
August 30, 2023
sp_UserOfflineSmall Offline

golftime said
Sorry to hear that some have experienced difficulties. I have had nothing but success with Simplii. Have been with them since their inception. I am amazed how quickly funds are available after being transferred in and that includes large amounts. Your efforts remind me why I use the big banks as little as possible. Keep up the good work!  

I have to echo that. Touch wood no issues with Simplii as of now. I wanted another option besides just Tangerine as sometimes one can be frustrated with the promo games they play. So Simplii provides that alternative to Tangerine. This way we can play the game fairly with them sf-laugh

May 21, 2024
11:55 am
COIN
Member
Members
Forum Posts: 1124
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

Only problem was when Simplii got hacked. Didn't lose any money. Received $90 in compensation. This was several years ago now.

Like how I can deposit directly to my savings at the ATM. With Tang one can only deposit to the chequing at the ATM.

No permission to create posts

Please write your comments in the forum.