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Strange experience of New Account Opening for 6%
March 1, 2024
4:59 am
zgic
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I currently do not have any idea what to do with Simplii Financial
1. I opened a new HISA to get the 6% for 5 months. The online application was in the end successful but the debit card initial deposit failed.
2. Got an email saying wait for next steps.
3. Got 2 emails saying I was enrolled with only the last 4 digits.
So I tried to see how I can now create an account or login if 1 was already created for me, strange as the site asks for a debit card for login or registration.
For me the MAIN criteria for continuing with an online bank is NO calls.
But I HAD to call to find out what is going on?
The CSR tried to find my account, eventually found it and says I need to wire the funds. I told him I never wired any money before and would not do especially a BIG amount. He said linking the accounts in Simplii is VERY difficult and that he would NOT advise that to me. Again strange and he said it would be only small amount transfers...
Would not give me the account#, and he called back to give me the details.
So I do NOT understand what this process is all about. I don't think I will get a debit card as I only opened a HISA. But the CSR said i should.
But my countdown for 6% for 5 months already started yesterday Feb 29th.

Anyone here had similar experience in opening a new HISA with Simplii and could you please let me know what I am supposed to do now??

March 1, 2024
5:28 am
Doug
British Columbia, Canada
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zgic said
I currently do not have any idea what to do with Simplii Financial
1. I opened a new HISA to get the 6% for 5 months. The online application was in the end successful but the debit card initial deposit failed.
2. Got an email saying wait for next steps.
3. Got 2 emails saying I was enrolled with only the last 4 digits.
So I tried to see how I can now create an account or login if 1 was already created for me, strange as the site asks for a debit card for login or registration.
For me the MAIN criteria for continuing with an online bank is NO calls.
But I HAD to call to find out what is going on?
The CSR tried to find my account, eventually found it and says I need to wire the funds. I told him I never wired any money before and would not do especially a BIG amount. He said linking the accounts in Simplii is VERY difficult and that he would NOT advise that to me. Again strange and he said it would be only small amount transfers...
Would not give me the account#, and he called back to give me the details.
So I do NOT understand what this process is all about. I don't think I will get a debit card as I only opened a HISA. But the CSR said i should.
But my countdown for 6% for 5 months already started yesterday Feb 29th.

Anyone here had similar experience in opening a new HISA with Simplii and could you please let me know what I am supposed to do now??  

"Large amount"? Don't ever make your initial deposit be a large amount. My initial deposits are typically $100, or whatever the minimum is to qualify for any new client bonus promotions, if any.

I hope you haven't potentially squandered your one-time Simplii Financial new client bonus ($400) because of a botched account opening, though, and just for a temporary HISA promotion. I've never dealt with Simplii Financial, but if I do, I'd be very methodical about my account opening approach.

Did you provide a SIN or name and date of birth? The latter may result in their system not being able to identify you, or the large amount might've triggered a secondary review.

Not having dealt with Simplii Financial, but anecdotally, I have heard they and CIBC may use offshore contact centres. Their agents may be new and poorly trained. Or, their agents may have limited ability to go off-script, which contributed to your poor experience.

Cheers,
Doug

March 1, 2024
5:46 am
zgic
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@Doug: My initial deposit during application opening was $10 as I think that was the minimum and it did NOT go through but the application was successful.
The amount that I wanted to transfer was the next day, after I got the emails about successful enrolment and they started my clock on the 6%.
The CSR looked to be from here, I did give my SIN during the application process.
Having read the faked cheque scenario before for 1 user here, looks like i have to now doubt this entire process and move no further.

March 1, 2024
7:47 am
smayer97
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The long and short of it is that you will receive a bank/debit card in the mail about 10-15 days later. You have to use this to continue to the process of accessing your account online. Then you can start the process of linking external accounts.

This last part is best to go online, get and complete the form, then call in to have them create a secure email for you to upload the form and required documents, to expedite the account linking. Otherwise, you have to use snail mail, which takes longer and is error prone. It will then take them several days to activate the links.

Slow process, so you have to have patience.

I just did this in Jan. Not simple.

March 1, 2024
6:14 pm
zgic
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smayer97 said
Slow process, so you have to have patience.
I just did this in Jan. Not simple.  

Thanks smayer97.
So will I get a bank/debit card for just the HISA. I did not open a chequing account.
Also my countdown for 6% already started on 29Feb, so I will get this rate only after I am able to deposit some money after this lengthy process.
Will wait and see.

March 2, 2024
4:53 am
savemoresaveoften
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zgic said

Thanks smayer97.
So will I get a bank/debit card for just the HISA. I did not open a chequing account.
Also my countdown for 6% already started on 29Feb, so I will get this rate only after I am able to deposit some money after this lengthy process.
Will wait and see.  

can u not linked an FI to it ? If so, you sb ableto fund it much sooner ?
Still not know why a simple EFT initial funding would fail tho.

March 2, 2024
5:15 am
zgic
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savemoresaveoften said

can u not linked an FI to it ? If so, you sb ableto fund it much sooner ?
Still not know why a simple EFT initial funding would fail tho.  

Simplii is from a different planet. I will not be able to even create an online account unless I get their debit card as smayer97 explained above. Then I start the process of linking external accounts, again which he explained nicely. Then several days to activate the links.
I think the 6% promo will expire for me by then.
I have no answer to the failed initial deposit as well.

March 2, 2024
6:49 am
RetirEd
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I've noticed that several Financial Institutions make it hard to get cash in and out of promotional accounts (like withdrawal limits and/or fees), or to get HISA accounts at all, unless the client also has a chequing account to move money through. And those accounts carry monthly fees!

RetirEd

March 2, 2024
8:49 am
savemoresaveoften
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zgic said

Simplii is from a different planet. I will not be able to even create an online account unless I get their debit card as smayer97 explained above. Then I start the process of linking external accounts, again which he explained nicely. Then several days to activate the links.
I think the 6% promo will expire for me by then.
I have no answer to the failed initial deposit as well.  

sorry to hear that. It was very simple and fast back then when they first started and I joined, they behaved as an online bank should be ! Yes even tho it IS CIBC after all.
Oh btw, if CDIC proteciton is important to you, your Simplii balance is covered under the same $100k if you also bank with CIBC. Its different from Tangerine which has its own CDIC limit even tho own by BNS.

March 2, 2024
1:22 pm
smayer97
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Yes, the debit/bank card is needed before anything else can happen as that is their way to valid you as a customer. It applies even if all you have is a HISA.

You can pull funds into a HISA but cannot push out. You do need a chequing account for that. Thankfully, it is a no fee account.

Though it took weeks, start to finish, to set up and fund the promo account, I am still left with at least 4+ months of the promo. Just be sure to take advantage of calling in and having them you their secured email to get the external accounts links. This will shorten the time considerably.

March 3, 2024
12:47 pm
SaverJunior
Toronto
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smayer97 said

You can pull funds into a HISA but cannot push out. You do need a chequing account for that.  

Can you pull Simplii HISA funds from an external bank?

March 3, 2024
11:31 pm
smayer97
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I am unaware of any restrictions but I have not tried personally. Someone else may chime in with experience, or you should call Simplii to confirm.

Their banking info is Transit 30800, Bank/Branch 010.

March 9, 2024
7:07 am
zgic
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smayer97 said
Though it took weeks, start to finish, to set up and fund the promo account, I am still left with at least 4+ months of the promo. Just be sure to take advantage of calling in and having them you their secured email to get the external accounts links. This will shorten the time considerably.  

I got the Simplii debit card and I could link my EQ bank account to Simplii HISA. Also I have started the process to link Tangerine to Simplii through their online process. This process should also be simpler with the 2 deposits verification. So if these external account linking works with Simplii, I can move the funds as usual in and out of Simplii.
Did you not try these online external account linking options first with your other FIs to Simplii?

March 9, 2024
7:34 am
MG
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zgic said

I got the Simplii debit card and I could link my EQ bank account to Simplii HISA. FIs   

May I ask how you are doing this? I thought you had to submit a cheque to Simplii in order to set up a link from Simplii's end. Is there a form that you obtain from EQ to upload to Simplii? Thanks in advance.

March 9, 2024
9:01 am
zgic
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MG said

May I ask how you are doing this? I thought you had to submit a cheque to Simplii in order to set up a link from Simplii's end. Is there a form that you obtain from EQ to upload to Simplii? Thanks in advance.  

I have created the external account link in EQ.
In EQ go to Transfer between accounts -> Add external account -> Simplii
Looks like EQ has the best seamless online FI experience from all that I have tried.
Love to hear from others on this....

March 9, 2024
9:40 am
MG
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zgic said

I have created the external account link in EQ.
 

Thank you for sharing. The issue is that if you pull from EQ, your funds will be subject to the 5 business day hold. I would love to be able to push from Simplii but cannot do so. I believe someone else has done this - just not sure how.

March 9, 2024
10:13 am
canadian.100
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MG said

zgic said

I have created the external account link in EQ.
 

Thank you for sharing. The issue is that if you pull from EQ, your funds will be subject to the 5 business day hold. I would love to be able to push from Simplii but cannot do so. I believe someone else has done this - just not sure how.  

Yes you can push from Simplii to EQ. Rather than my giving the "how to", you should contact Simplii agent and they will explain and tell you which Simplii form you will need to complete and mail into Simplii.

March 9, 2024
10:18 am
zgic
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MG said

zgic said

I have created the external account link in EQ.
 

Thank you for sharing. The issue is that if you pull from EQ, your funds will be subject to the 5 business day hold. I would love to be able to push from Simplii but cannot do so. I believe someone else has done this - just not sure how.  

I will be pushing funds from EQ into Simplii. So there would be no holds in Simplii?
So push has no holds and pull has holds?
I never thought of it that way. Just linked accounts wherever it was possible, especially without manual forms.

March 9, 2024
1:26 pm
smayer97
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Push from external bank RARELY have holds, by MOST banks. I cannot recall which at the moment, but there is ONE bank that has holds REGARDLESS of whether you push in or pull in, but it is NOT Simplii, so no worries on that one.

As for the process of linking external accounts WITHIN the Simplii platform, yes, contact Simplii and they will explain the process. Just be sure to tell them that you want to use their secured email to expedite the links...

But in a nutshell, the process is:
1. get the VOID cheque or Deposit form from the other bank... which ever has the transit, bank ID, and bank account on it.
2. initiate a request via the Simplii website (after logging in) to create an external link. It will prompt you to enter all the info from step 1.
3. Contact Simplii rep and ask to continue the process via their secured email. They will send you a link. YOu will have to create a password then upload the documents from step 1.
4. wait for them to process the links. Takes about 2 business days.

BTW, at the moment, I am ONLY set up with links from within Simplii to push and pull from external accounts. I do not have any external accounts set up to Simplii.

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