Interac transfer from Simplii/CIBC to Motive bounced | General financial discussion | Discussion forum

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Interac transfer from Simplii/CIBC to Motive bounced
October 15, 2023
11:32 am
tokyokaminvoice
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Never happened before, but any interac transfer from Simplii to MOTIVE is returned after an hour

October 15, 2023
1:51 pm
Doug
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tokyokaminvoice said
Never happened before, but any interac transfer from Simplii to MOTIVE is returned after an hour  

What do you mean by "bounce"? Interac e-Transfers can't "bounce" like a cheque. Perhaps the sender cancelled it, or one of your banks suspected fraud/account compromisation? I'd call them.

November 1, 2023
11:51 am
Days_of_the_New
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I had this happen with an interac transfer from Simplii to Wealthsimple. Not bounced as in not having enough funds, but Simplii flagged it as potential fraud and the funds were returned to my Simplii account.

I got locked out of interac transfers AND transfers between my savings and chequing accounts at Simplii. Had to call their anti-fraud line and get it unlocked. Was asked what Wealthsimple was and if it was some sort of crypto investment scheme. They eventually unlocked transfer options and stated that they would not be responsible if I was defrauded by Wealthsimple. Ridiculous. I know Wealthsimple isn't one of the major players among financial institutions, but your fraud folks should at least know that it exists.

November 1, 2023
12:13 pm
hwyc
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Is that the full picture of the story? Looks like there are some conditions to be met on WealthSimple >> https://help.wealthsimple.com/hc/en-ca/articles/9876446999451

I think the enhanced Interac feature is actually Request Money. I used the same on TDDI.

November 1, 2023
12:18 pm
Days_of_the_New
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That's the full story. Once I called Simplii and got it unlocked, I was able to try to move money again and it worked.

November 1, 2023
12:21 pm
hwyc
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You mean there is a setting to store your email on Wealthsimple side? Yes? ... I don't have a Wealthsimple account, and not often can I an exchange with an account holder.

... ok, I learned something new today. Wealthsimple actually assign the account holder an email address within their mail domain, mandatory auto-deposit.

https://help.wealthsimple.com/hc/en-ca/articles/13080474718491-Receive-e-transfers-in-your-Cash-account

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