Tried EQ | EQ Bank | Discussion forum

Wanderer said
I want to send from TFSA to TFSA from PCF to EQ due to CDIC limit.  

You cannot just send funds from one TFSA to another TFSA. TFSAs are "registered" accounts and financial institutions must report all ins/outs to the Federal Government. You have only two choices:

1) Fill out transfer paperwork and wait patiently for your funds to be moved from one FI to the other without affecting your annual limits

2) Withdraw funds yourself to a non-TFSA account and then re-deposit to another TFSA account. Doing so affects your annual contributions limits. Generally, if you have been availing yourself of all the TFSA annual limits and make a withdrawal in the current year, you cannot re-deposit until next year. That is why the December maneuver is so popular.

I agree with you about the password issue. It seems to be becoming a trend with online banks. Best bet is to change your password first, set up the link, and then change it back - if your bank lets you change back to something recently used. I signed up with EQ and established links before they implemented this new process.

I recall the so called 'banking password' issue was discussed at length in at least one or two other threads. I am too lazy to look for them BUT is that 'validation' that online banks are using more any different than the "CRA Partner sign-in" to MyAccount? CRA does not see/receive your banking password when logging in to MyAccount that way. It is only a verification of identity methodology.

The bigger concern as I understand it is whether using a banking password for this purpose violates the terms and conditions of one's bank. I think that is a stretch but the fine print likely doesn't provide for those exceptions.

Ultimately though, that is what is going to happen as Open Banking takes hold sometime before I die or become incompetent. We will all have one digital identity (much like a SIN number) that will be used to open accounts and move money around everywhere with one "code". The task force(?) commission(?) of banks working on this are apparently struggling with how to manage 'terms and conditions' of this process.

cgouimet said
When adding a link to an external account, I believe you can bypass all this password stuff by following the link at the bottom of the " "

"Not seeing your bank? No problem, simply provide the transit, institution, and account numbers. Continue to link your account"

You will be taken to a screen where you can use transit number to link an external account and this will then be confirmed with some micro deposits.  

If you attempt to manually add an external account with an institution number that matches the list of banks offered, it will not let you proceed.

fv found that out earlier. I got lucky as I was linking an account at a bank that Flinks did not know how to screen scrape from.

I like online banking and in-person grocery shopping... 🙂

Wanderer: I would strongly advise AGAINST giving any financial institution (or anyone else than whoever the password is to work with) any passwords for ANYTHING that's none of their business. They have no justification for scraping data - or getting it any other way - from another financial institution. And let them know in the strongest possible terms.

MG: Is this what you meant to post:

2) Withdraw funds yourself to a non-TFSA account and then re-deposit to another TFSA account. Doing so affects your annual contributions limits.

To be clear, such a withdrawal does NOT affect your annual contribution limit. You can continue to make your normal contribution in that year and then redeposit the withdrawn funds in the next year PLUS the next year's contribution.
RetirEd

On-line banking on the public internet is just crazy from start to finish.