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Email this2:22 am
January 29, 2015
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Through Simplii Financial, I have linked accounts to Coast Capital Savings so that I can do a bank to bank transfer of funds using (PAD) Pre-Authoried Debit Agreement. Can push money either way from the Simplii site. Recently $20 000 transfer. There is also no hold on funds. How safe is this process?
11:14 am
April 6, 2013
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Direct deposits are widely used for payroll and pension payments instead of issuing paper cheques. Pre-authorized debits have been used by billers to collect payments automatically instead of requiring customers to send in cheques.
Direct deposits and pre-authorized debits have been around for decades and are safe as long as the correct account info is provided.
11:30 am
November 18, 2017
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I've used pre-authorized debit and credit with CC too, for almost a decade. No hassles.
My main complaint is that their special offers aren't available to non-online members!
RetirEd
6:05 am
February 7, 2019
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golftime said
Through Simplii Financial, I have linked accounts to Coast Capital Savings so that I can do a bank to bank transfer of funds using (PAD) Pre-Authoried Debit Agreement. Can push money either way from the Simplii site. Recently $20 000 transfer. There is also no hold on funds. How safe is this process?
Whenever I setup a new EFT link, I always transfer a small amount each way to make sure the connection is as intended. $1 there, $1 back ...
| CGO |
9:07 am
April 6, 2013
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There is protection for one's bank accounts against unauthorized pre-authorized debits. That's not the case for sending a direct deposit by mistake to the wrong account.
Banks are allowed to rely on the branch, institution, and account numbers only to process a direct deposit item.
9:59 am
September 7, 2018
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Norman1 said
Banks are allowed to rely on the branch, institution, and account numbers only to process a direct deposit item.
The FIs use the coding from the PAD when they return the funds back to a linked account of the depositor - eg when a GIC matures they send the money back to the source external account.
