Targeted Simplii HISA offer of 5% Dec 1, 2022 to Apr 30, 2023 | Page 5 | Simplii Financial | Discussion forum

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Targeted Simplii HISA offer of 5% Dec 1, 2022 to Apr 30, 2023
May 3, 2023
4:08 am
cgouimet
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HermanH said
Did you transfer after 2400h Eastern Time Zone?

I got caught by CIBC, once. I made a deposit at 2300h local time, but it was already 0100h ET. So, my deposit was listed as next day and I was thus overdrawn.  

TNG transfers usually take place very early AM. At least by my EST clock. So, generally next BANKING day at the earliest is normal.

Most of us transfer days before offer expiry in case new offer comes immediately following (rare) and is for new $ only.

After triggering a transfer, check the specific account's transactions to confirm the actual date of the transfer.

Also, on offers, it's best to check the wording carefully ...

1. New offer or extension of existing order?

2. New money only?

CGO
May 3, 2023
6:24 am
COIN
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I'm curious. How were you notify of the new Simplii promotion? Was it via email?

May 3, 2023
7:08 am
mustang
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cgouimet said

TNG transfers usually take place very early AM. At least by my EST clock. So, generally next BANKING day at the earliest is normal.

Most of us transfer days before offer expiry in case new offer comes immediately following (rare) and is for new $ only.

After triggering a transfer, check the specific account's transactions to confirm the actual date of the transfer.

Also, on offers, it's best to check the wording carefully ...

1. New offer or extension of existing order?

2. New money only?  

Yes, I got caught on this. Entered transfer pull from TNG on April 28-- but didn't get posted through until May 1 (actually, shows May 2 on Simplii site). So, I should have initiated that transfer no later than April 27, to make sure April 30 balance was zero at Simplii
Mind you, haven't received the new offer from Simplii anyway, so all academic at this point.
Although, have experienced where they didn't extend the new offer until two weeks later
Go figure

May 3, 2023
7:44 am
maGIC
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I just received an email offer to open a TFSA and receive 5% until August 31. No other accounts eligible.

May 3, 2023
8:22 am
cgouimet
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mustang said

Yes, I got caught on this. Entered transfer pull from TNG on April 28-- but didn't get posted through until May 1 (actually, shows May 2 on Simplii site). So, I should have initiated that transfer no later than April 27, to make sure April 30 balance was zero at Simplii
Mind you, haven't received the new offer from Simplii anyway, so all academic at this point.
Although, have experienced where they didn't extend the new offer until two weeks later
Go figure  

We had some good GIC's a few years back at Simplii but never received any HISA offers over 5 years. At some point, I developed a CIBC allergy for which the best cure I could find was exiting CIBC and Simplii. I did just that. No hives and anxiety since ... :):)

CGO
May 5, 2023
9:01 am
mustang
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Just logged in, and was greeted by a pop up, informing that the interest for April 30 expiry promo, would be paid by May 12.
First, 3 alerts that the promo was expiring, and now advance notice of when the interest will be paid
Things ain't what they used to be

May 7, 2023
10:05 am
GreatWhiteNorth
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HermanH said
Did you transfer after 2400h Eastern Time Zone?

I got caught by CIBC, once. I made a deposit at 2300h local time, but it was already 0100h ET. So, my deposit was listed as next day and I was thus overdrawn.  

Yes, 23:30 EST

May 7, 2023
10:06 am
GreatWhiteNorth
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cgouimet said

Your new offer on new $ only?  

Yes

May 7, 2023
10:16 am
Norman1
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HermanH said
Did you transfer after 2400h Eastern Time Zone?

I got caught by CIBC, once. I made a deposit at 2300h local time, but it was already 0100h ET. So, my deposit was listed as next day and I was thus overdrawn.

GreatWhiteNorth said

Yes, 23:30 EST

At 23:30 EST on a Sunday, it wouldn't have matter at most banks.

Sunday isn't a busniess day for most financial institutions. Transactions submitted during non-business days are effective next business day.

As well, most banks close their books for a day way before midnight. I think RBC, for example, closes a day around 6 pm. A transaction submitted as late as 11:30 pm on a business day would be effective next business day as well.

May 7, 2023
10:21 am
HermanH
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Norman1 said

HermanH said
Did you transfer after 2400h Eastern Time Zone?

I got caught by CIBC, once. I made a deposit at 2300h local time, but it was already 0100h ET. So, my deposit was listed as next day and I was thus overdrawn.

GreatWhiteNorth said

Yes, 23:30 EST

At 23:30 EST on a Sunday, it wouldn't have matter at most banks

I understand the weekend closures, but my 2300h EST transaction was Tues or Wed.

May 7, 2023
10:25 am
Norman1
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It still would not matter as the close of a business day for most financial institutions is not as late as 11:59:59.999 pm.

If one is trying to pull money in from another institution, the last Payments Canada cutoff for the exchange of cheques, preauthorized debits, and direct deposits is 9 pm Eastern time.

May 7, 2023
10:51 am
cgouimet
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The problem is that the $ don't move when you trigger the move. The $ actually move at the next time slot for that FI, which may be the next day ... the gotcha.

I don't know about Simplii but at Tangerine (in my experience), transfers go in the early AM EST on "banking days", sometime between 1 and 3AM. So, between 1AM and 3AM Monday to Friday except on Statutory holidays.

Trigger some on Friday after 3AM for today, it'll happen early Monday. Trigger something on Monday for today, it'll take place Tuesday.

Schedule something for a future date, it'll happen early that day or the next banking day.

In any event looking at transactions for the account affected will show the actual date the transaction will be executed.

So, they key is not to cut it too close. That's the lesson I learned a long time ago ...

CGO
May 7, 2023
10:58 am
HermanH
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Norman1 said
It still would not matter as the close of a business day for most financial institutions is not as late as 11:59:59.999 pm.

If one is trying to pull money in from another institution, the last Payments Canada cutoff for the exchange of cheques, preauthorized debits, and direct deposits is 9 pm Eastern time.  

I was trying to deposit money to CIBC via a CIBC ATM.

May 7, 2023
11:42 am
COIN
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The system at one of the Big 5 wouldn't even allow me to do a same bank to same bank transfer on a Saturday and Sunday. Had to postdate it to Monday.

May 8, 2023
2:47 pm
dougjp
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mordko said
Another offer from Simplii. Identical terms. New money. 5%. Till Aug 31st.  

I guess this thread should be renamed, or perhaps start a new one? Especially seeing the separate TFSA thread.

My wife got the offer via a pop up when logging in this morning. She accepted, and now what - did you subsequently get an e-mail confirming this?

The reason I ask is she has two savings accounts, hers and a joint account with me. Our last time with a Simplii promo was 3 years ago, and I seem to remember a subsequent e-mail then stating the offer period, rate, AND the Starting balance.

The latter number is important to confirm both accounts will be included, because crystal clear confirmations from Simplii seldom come without a whole lot of work, if at all. sf-frown And then there's the web site too...... sf-yell

" We may never pass this way again " - Seals & Crofts

May 8, 2023
7:11 pm
mordko
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dougjp said

I guess this thread should be renamed, or perhaps start a new one? Especially seeing the separate TFSA thread.

My wife got the offer via a pop up when logging in this morning. She accepted, and now what - did you subsequently get an e-mail confirming this?

The reason I ask is she has two savings accounts, hers and a joint account with me. Our last time with a Simplii promo was 3 years ago, and I seem to remember a subsequent e-mail then stating the offer period, rate, AND the Starting balance.

The latter number is important to confirm both accounts will be included, because crystal clear confirmations from Simplii seldom come without a whole lot of work, if at all. sf-frown And then there's the web site too...... sf-yell  

Yes, I received a follow-up confirmation email.

May 8, 2023
8:16 pm
frugal lady
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dougjp said
The reason I ask is she has two savings accounts, hers and a joint account with me. Our last time with a Simplii promo was 3 years ago, and I seem to remember a subsequent e-mail then stating the offer period, rate, AND the Starting balance.

The latter number is important to confirm both accounts will be included, because crystal clear confirmations from Simplii seldom come without a whole lot of work, if at all. sf-frown And then there's the web site too...... sf-yell  

The joint account will be included if your wife is the primary holder i.e. look at bank statement and her name must be first followed by yours. She could also confirm she is primary by calling but this is what I was told when I inquired about a joint account.

May 9, 2023
8:37 pm
mecassa
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mordko said

Yes, I received a follow-up confirmation email.  

I got the 5% HISA til August 31 offer also. It popped up on the app.. haven't received confirmation email yet.

May 10, 2023
4:20 am
dougjp
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Thanks mordko and Frugal Lady. She got an e-mail confirmation late yesterday that the rate is in effect. No details of which accounts are included or the starting balance (s?) beyond which the 5% would be paid.

While I believe from the previous rate offer years ago, that she must be the primary holder, the good old Simplii website comes through in its usual fashion of non information, yet again! Meaning, when I login to Simplii and view the joint account, my name shows up first. When my wife logs in and views that same account, her name shows up first. Further details? Never.

So after seeing the obligatory "do not respond to this e-mail", off I go trying to see how she CAN respond to this e-mail/get basic info ! Forgetaboutit. Luckily, I printed out correspondence from 3 years ago, and there is a follow up e-mail: follow-up@simplii.com. I wonder if she will get a response or if it still exists. She "doesn't do" holding on the phone, all the while being told "your call is important to us"! sf-confused

" We may never pass this way again " - Seals & Crofts

May 10, 2023
5:10 am
mordko
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Seem to recall they do a call-back

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