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Simplii HISA cannot accept Interac e-Transfers
December 16, 2017
10:28 am
Norman1
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Tried to accept an Interac e-Transfer at Simplii Financial. Surprised to find that my Simplii HISA was not in the dropdown list of accounts to deposit the funds.

I had to select my Simplii chequing account and then transfer from the chequing account to the HISA afterwards.

Also found these limits for incoming and outgoing Interac e-Transfers in their Interac e-Transfer® Service: Terms and Conditions:

Limits set by us [Canadian Imperial Bank of Commerce, and any member of the CIBC group of companies that provide you with a Simplii Financial product or service] for sending:
• We may block an Interac e-Transfer by a Simplii Financial Sender if it exceeds $3,000 or if the total of all Interac e-Transfers initiated by that Sender exceed any of:
– $3,000 in any 1-day period
– $10,000 in any 7-day period
– $30,000 in any 30-day period

Limits set by us for receiving:
• We may block an Interac e-Transfer sent to a Simplii Financial Recipient if the total of all Interac e-Transfers received by that Recipient exceed any of;
– $10,000 in any 1-day period
– $70,000 in any 7-day period
– $300,000 in any 30-day period

December 16, 2017
4:29 pm
Doug
West Kelowna
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For what it's worth, Tangerine's Savings Account can't accept or send Interac e-Transfers (or even free Tangerine Email Money Transfers, for that matter), nor can it accessed via ATM. 🙂

It's a minor inconvenience to have to transfer to one's chequing but it's totally manageable. 🙂

Cheers,
Doug

December 16, 2017
4:36 pm
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Norman, do you know why Simplii won't instantly transfer funds from a HISA to a chequing account, but schedules it for the next business day?

I've never seen that with any other bank or CU, including the really small CUs that don't have-me-to-me transfers.

December 17, 2017
12:51 pm
Doug
West Kelowna
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lostmyusername said
Norman, do you know why Simplii won't instantly transfer funds from a HISA to a chequing account, but schedules it for the next business day?

I've never seen that with any other bank or CU, including the really small CUs that don't have-me-to-me transfers.  

Ah, so they haven't changed that with the rebranding! 🙂

It's a common gripe, an annoyance that is manageable, too. Ostensibly, the intent is to delay the transferring out of money to external bank accounts. I'm not sure to what effect it has but it's the likely reason. sf-cool

Hope that clarifies,
Doug

December 17, 2017
1:02 pm
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There are lots of annoyances.

Some are more manageable than others.

sf-wink

December 18, 2017
11:29 am
Doug
West Kelowna
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lostmyusername said
There are lots of annoyances.

Some are more manageable than others.

sf-wink  

I'm not going to tolerate some of Tangerine's more major annoyances for much longer, especially the wrong balance information when multiple transactions occur per day that cropped up with the website redesign, which I want to like but basically sucks ass. sf-cool

Also Tangerine statements lack sufficient transaction narrative detail for Scotiabank ABM transactions and also they have a weird "bug" (likely due to the transaction narratives not being improved when it went from "testing" to "production") of when you set up a "scheduled transfer," it shows up as "internal transfer to internal transfers" instead of specifying either the account's name and/or account number. 🙁

Cheers,
Doug

December 18, 2017
3:25 pm
Bill
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I have no problem loving Tangerine, on the stuff that matters to me they deliver every time, e.g. I set up a transfer out yesterday dated today and it was in my TD account by 6:00 pm today.

December 18, 2017
5:38 pm
monju00
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Doug said
For what it's worth, Tangerine's Savings Account can't accept or send Interac e-Transfers (or even free Tangerine Email Money Transfers, for that matter), nor can it accessed via ATM. 🙂

It's a minor inconvenience to have to transfer to one's chequing but it's totally manageable. 🙂

Cheers,
Doug  

FYI Tangerine savings account can accept interac e-transfer. I have accept using it before.

December 27, 2017
6:41 pm
Norman1
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lostmyusername said
Norman, do you know why Simplii won't instantly transfer funds from a HISA to a chequing account, but schedules it for the next business day?

I've never seen that with any other bank or CU, including the really small CUs that don't have-me-to-me transfers.

That one-day notice for withdrawals from the savings account has been there since the beginning.

One possibility is that it turns the money in the Simplii HISA from a demand deposit into a one-day term deposit. Maybe the CIBC treasury pays slightly more for one-day term deposits than demand deposits.

Another is to discourage using the Simplii HISA for a day-to-day account and encourage one to also have their chequing account for day-to-day use. That way, people will have money in the chequing account, not earning as much interest.

That's an old banking trick apparently. Equitable Bank CEO Andrew Moor, in his January 2016 interview with Bloomberg, Equitable Adds Online Bank, shared that about 70% of Canadians don't manage the money between their chequing and savings accounts. sf-surprised Instead, they end up leaving lots of money in the chequing account! sf-frown

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