Online Wire Transfers: Save Time & Money
Last Updated on March 10, 2018 Editor's Note: As we approach the halfway point of 2018, the unfortunate Simplii Financial Review update is that they have continued to disappointed old PC Financial customers see comments below.
We continue to recommend Tangerine see our full as Canada's premier online-only bank, with some super-charged strategies for scouting out the best accompanying high-interest savings account if you're so inclined.
In an earlier post,we went into great length on what Disruption has meant to the banking and financial industry in Canada.
While the PC brand was the face of this organization, CIBC served as the back-end financial processing and clearing engine.
Now, after more than two-decades of working together, the partnership has ended.
Post-separation, ex-PCF customers who will seamlessly transition over to Simplii will enjoy all the same savings, checking and other personal banking services with Simplii courtesy of CIBCthat they had access to with PCF.
Speculations are rife as to why this separation has occurred, as well as to the timing?
Already a diversified business entity, Loblaws is involved in many businesses including food, fashion apparel, pharmacies, and specialty discount goods.
Given the tremendous challenges it is facing in its current lines of businesses, it is likely that PC management thought it prudent to rededicate focus towards its core lines of businesses — groceries and retail sales.
On the other hand, CIBC has long been looking to take more direct control of its low-fee banking and financial products and services.
By agreeing to this great divide, CIBC now positions itself on the same footing as some of its other rivals — notably Scotiabank with its Tangerine online banking service see our for more details.
CIBC will also be giving up the ability to leverage tiered selling of some of its mortgage and lending services and products through PCF.
On the face of it, at least until November 1, nothing!
They all remain the same.
From a personal banking perspective, this is one less headache.
A new Simplii mobile banking site will replace the existing PCF site.
The existing banking app will be updated to automatically redirect users to a new login page.
The other area of significance that will change has to do with PC loyalty points.
Since PC will continue to retain control of its loyalty points program, PCF customers who transition to Simplii and use their new debit cards to make pension or payroll direct deposits into Simplii, bank deposit cash no longer earn PC points.
Holders of PCF MasterCards will continue to redeem existing PC points and collect new ones when using their PCF credit cards.
Simplii banking clients will however receive a new set of statements under the rebranded entity.
What will also likely vanish post the Nov 1 transition will be CIBC ATMs, kiosks and other visible CIBC signage at Loblaws stores.
Should I Use Simplii?
According toover 68% of Canadians now bank online, with 90% of those surveyed concurring that Canadian banks have dealt with digital transformation exceptionally well.
Kyle is a high school humanities teacher by day, and freelance personal finance author by night.
He has been published in academic journals, and has also co-authored the book.
In his free time Kyle likes to limp up and down a basketball court and pretend to be a tough guy in a boxing ring.
Not what I signed up for.
It has to do with validation of someone under 16.
They use Canada Post for the verification apparently.
When I originally signed up I with them, I opened a Chequing robber 360 bank games xbox No overdrafta saving account, and a personal loan.
They did a hard pull on credit report three times in 1 week!
In addition their system is very touchy when it comes to receiving e-transfers i.
When I initially opened my PCF account more than a decade ago it was because of all the no fee features they offered.
But since then many more players have deposit bank draft simplii the market and even the big banks are offering more competitive fees and no matter your banking needs everyone will at some point require the services of a bricks and mortar bank i.
Foreign Currency, Bank Drafts, etc.
PCF served star wars talking money bank well for many years but I have since found a bricks and mortar bank with a no-fee account so I will be closing my Simplii account in 2018.
Since I did not close the account I received my new Simplii card in the mail and I started to shared bank slots my decision.
article source while at my PC grocery store I saw a sign that stated that withdrawals from their machine will now cost a fee that will be revealed when you make a withdrawal.
Where did my free banking go?
Think I will stick to the bricks and mortar as well.
Wait times on the phone, as noted above, are ridiculously long.
Its frustrating to wait so long to have simple issues dealt with.
Hire some more customer care reps Simplii.
Recently my bank card stopped working so I called simplii financial to report it and to get a new card.
I needed it right away so I thought I could get a new one at cibc.
They told me they have to mail a new one and that was my only option.
I was going to e transfer to a friends account, but after they removed the card from the system I could not do that either.
I ended up borrowing money.
Totally unacceptable for a financial company.
Cancelled my online account before activating it.
They told me I was signed up for overdrafts from the start of PC.
If I had been, I certainly did not knowingly do it.
I will close my account tomorrow once my money has been transferred out.
Will be transferring all accounts to a new provider.
Just the other day I lost a BMO debit card so I phoned and cancelled and the next day was able to obtain a replacement at a branch.
That said I had a friend who wanted to open an account with these clowns, went through the verification at Canada Post etc.
It was Simplii who made the error but rather than admit a mistake they treated him rudely demanding he send in proof of address which he did.
Needless to say he never heard a thing back after that so how is that for customer service?
The agents were knowledgeable and were very helpful whenever we had a question.
At Simplii, you never really know what your savings are going to be.
My wife was offered 2.
After calling 3 times within a month to complain and being told to call back every time because they cannot authorize the rate change that they promised, I am still waiting for a call back.
Also, one of their promotions specifically mentions that they will pay a promotion on all new savings accounts.
But beware as TFSA is not considered for their savings promotion and instead of getting 2.
All of this to say that with other institutions you can see your rate online.
Simplii needs to be more transparent and by doing sowe will not have to make so many calls.
Fees at bank machine and no PC Points, I am going to close the account.
I joined when it was PC financial for the added benefit of easy access to my bank machine in the grocery store.
And So I resend a letter with 5 new signature variants.
I have never had such a hard time opening an account in my life.
It should never be this hard to take my money….
They are awful to deal with, to bank with and to do any financial transactions with!!
Do not use them run away!!!
Went into my account online to pay off my credit card.
What a bunch of bastards thinking they have the right to sneak in and take all of my hard earned money!
I will NEVER be giving my business to this company again!
All of my friends and family will be warned as well.
Good job guys you just lost a shit load of business.
I had to have my debit card replaced.
I phoned on Monday morning to see where I could go to get a new one.
I was told the only way was to have one sent to me in the mail.
Here it is Friday and I am still waiting.
I do not like the new charges and the difficulty of banking now.
I definitely will not be letting this institution hold my money much longer as I will be going back to my old bank.
Will be transferring all accounts to a new provider.
DO NOT get GICS with these scum bags, I have thousands of dollars locked up with them now.
I am closing my account with them ASAP.
I was having my wisdom teeth removed i deposit 5000 in them in advance to ask for a purchase limit to pay for my teeth, they said you have 2 hours to pay.
I tried paying before the 2 hours were up it would not work.
She kept putting me on hold and ended up fixing nothing the card would not work.
Ended deposit bank draft simplii moving money to another bank account.
I now have to wait 4-10 business days for a new card.
So I have absolutely NO access to my money or accounts until the new card comes in.
This is NOT convenient.
There needs to be a solution to this, this is terrible for the customer.
They made a decision to lower my LOC that i had for approx.
No security, they make their own decisions without advising their clients ahead of time.
PC Financial Was GREAT….
They Closed my checking account and other accounts because of too many email transfers, deposits and withdrawals.
this web page can not get a hold of anyone and constantly on hold when I call in for anywhere from 30 min to an hour only to finally talk to someone to only be transfer to someone else.
Then finally only to be hung up on or transferred to another incompetent employee.
DO NOT sign up with this company What is the point of having a bank account if I can not email transfer money, make deposits and take money out of the bank.
I had direct deposit from my employer every 2 weeks for over 15 years and I sent a lot of email transfers and spent a lot of cash from withdrawing at bank machine.
I was with PCfinancial for over 15 years with absolutely no issues until Simplii financial took over.
Simplii Financial, Formerly PC Financial.
My money is sitting with them for 18 years and every time I need to do a transaction.
They are charging me higher fee compared from regular banks.
Bigger banks charged me nothing when I asked them for banks drafts, copy of the bank statement and more.
When I need my money I have to order it from Simplii and kinda beg them to release my money.
Beware of simplii Financial.
And they are NOT TRULY a NO FEE Bank account.
Simplii is all a fee account…I only stayed with them because of the hassle of moving my pay Cheque and all my pre authorized payment.
But I had enough today dealing with them from not considering a simple request from an 81 year old lady who cannot communicate with them because of her limited English.
I understand that they have to follow a procedure.
But the people from the line is nothing but a robot not a human being.
Last spring I deposited a USD cheque which they lost.
They then shut down my account as they thought I had deposited and empty envelope.
One life insurance, one a car payment, and the other car insurance.
When I asked why I was not notified so that I could launch an enquiry sooner, they said this is how virtual banking works.
I had also written a cheque to someone, and as my bank had flagged the account for fraudulent activity, her bank shut down her account.
So the inquiry was launched, and they found to cheque, no apology, just deposited it into my account.
I had to call and ask them to review their procedure.
I probably spent five hours on the phone between straightening out bounced cheques and with them.
Surprisingly, they have lost the cash.
Again, launching an inquiry, a mere six months since the last fiasco.
Not so easy to trace cash.
My advice is to use the no envelope deposit banks and print a copy of the whole transaction.
They are incredibly sloppy in their counting room.
It is so frustrating.
I called the contact center to ask for the complete wire transfer details because I want to make sure that I will provide the correct details to my aunt because it is urgent.
I told them that ny aunt from the US will send me money She do not have access to online banking.
The CSR gave incorrect details, now we do not know where the money is plus they are telling me to wait for upto 10 business days for their investigation.
The money is for my down payment on the house that we just bought.
If we will not have the money as soon as possible then everything will be gone.
I called so many times already.
We are so dissppointed with this bank.
They make opening a deposit bank draft simplii a big hassle, from application process to id verification to finally opening an account, should you require over deposit bank draft simplii protection, it take forever, they have to do a whole new application, the fact that you have been with them for ten years makes no difference.
No one calls you for follow for approval or disapproval, you have to chase them, call them, hold line for good ten for twenty minutes.
They take forever to verify you and one time they said they cannot help me because they have no id proof of me in their record and when I told them to recheck, they took good ten minutes and said yes they have my id on file.
WORST BANKING EVER, DO NOT OPEN AN ACCOUNT WITH THEM, ITS NOT WORTH IT.
They make all your banking needs extremely difficult.
After over a week I emailed yet again and was told that emails responses were not provided for application status so I should call in this was deposit bank draft simplii by the same agent I was told to expect an email response in the near future.
When I called in the agent had no idea why I would have been told to call in.
I have since sent an email including the trail of emails asking for a response from a supervisor.
So not impressed and very reluctant to refer anyone at this time.
I may reconsider banking options.
There is the free option as well which takes 2-3 business days for a non tangerine client.
After dozens of calls, emails, security questions and promises to lift the hold, I am no closer to getting my money, but I will be taking it somewhere else when I do.
I had called this morning to correct a mistake that was made from Simplii they had on their own accord, withdrawn a large amount of money and transferred to my other bank account, Tangerine.
When I politely tried to explain that I was calling now, he mentioned I should have called earlier.
I did not receive any apology from Simplii for their mistake; instead it seemed they blamed my other bank for accepting the money transfer, when Simplii had initiated the transfer.
I will stop banking with them because they are not as detailed on their app as other banks, like Tangerine.
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