From the time you faxed CanTire your Direct Transfer authorization form, how long till the external account is linked? | Canadian Tire | Discussion forum

piggybank said
Dear all,

Based on this website, Canadian Tire financial services currently has the highest interest rate.

I faxed Canadian Tire a direct authorization form on Tuesday. They said should see it in their queue in two business days. But even by Friday, they said they couldn't see the fax. On Friday, I sent them another fax.

P.S. I sent the fax on Tuesday using FaxZero.com and a duplicate fax on Friday using gotfreefax.com. I've received a "transmission successful" receipt from both services.

My attitude has been, "All right, if you don't want my money and can't see my fax, I'll put my money elsewhere."

How long have you had to wait for the link to the other bank account to be visible in https://www.myctfs.com/OnlineBanking/Transfers/ > "Transfer from" dropdown list?  

I used the fax machine at work, it took a few days from the day I faxed till I saw the link in my account, (i did not keep track of the exact number of days, but yeah quite fast)

Could you tell me what the fax number was?

Were you able to fax a copy of your linked account cheque?

To confirm... there are no deposit ceilings on this account right?

Kamwest....
I can confirm .....No deposit limits

Well after the many comments here, I thought that perhaps Canadian Tire Bank was starting to get its act together and so decided to finally apply for an account. I received an email confirmation on March 10th with the expected message to await the instruction package which should be received by snail mail within 10 days. Since nothing had arrived, I called today and they could not even find my application although I provided the confirmation number. Yes, they will investigate. Anyway, I set up another account over the phone with the agent (I refused to re-submit the application) and also asked for their mailing address to send them my first deposit cheque. Thanks to the members here who advised that calling in would expedite things!

I sent a fax on the 20th, and the associated account was updated on the 22nd, which is the fastest time ever~

balanced_gic_portfolio said
I can also confirm that the process is relatively swift.

By the time I called CTFS to open an account and subsequently sending them a starter check, to the time my account was active, it was less than 2 weeks all in. Not bad. YMMV.

Also. The way it works, when you send them a check CTFS can then push/pull from that representative FI based on the originally deposited check. In other words, you don't have to expressly fill out a form to link to that FI to be able to push/pull funds from CTFS to that FI or vice versa in the future.  

The "swift" in my post, of course, is referring to opening up an account with CTFS, generally. As to my reference to linking an external account, that is to say the FI on the check you first deposit to open the account is automatically linked. I do, however, see the OP was asking about "a Direct Transfer authorization form and how long till the external account is linked" over-and-above the first-check linking to an external account.

My apologies for not noticing that earlier.

Have a good and safe day everyone. May all the interest rates on your savings be high. 🙂