Implicity is getting competitive | Implicity Financial | Discussion forum

Thanks, @GICinvestor. Yes, Implicity Financial has been working on an all-digital account opening process that many of the Manitoba credit unions and, indeed, many other credit unions and banks already have. Looking at the "join.implicity.ca" subdomain, it looks like they've selected Cumulus that Omnia Direct, FirstOntario, VantageOne, Niverville, Libro, and others use.

The one thing I would like to see Implicity Financial eliminate is their micro-withdrawals for the verification of external bank accounts (they do have no limit to the number of linked accounts, which is a plus). You have to call in, chat, or send them an e-mail message with the amounts of the micro-withdrawals and then they don't credit your Implicity account with the amounts they withdrew from your accounts. Moreover, they still require a VOID cheque, e-Statement, or some other means of account verification, so in this way, it's a redundant process.

The only other downside to Implicity Financial is that if you set up a scheduled push/pull transfer within 2 business days of the scheduled transfer date, it won't go through on the transfer date and you'll think it's expired, so you set up a manual transfer and, sure enough, a day or two later, you have two debits go through.

They hold all EFT and ATM deposits for 10 calendar days (7 business days) following the day of the deposit, which is not especially significant.

On the upside, though, they have 1-year RRIF GICs and RRIF savings accounts, which is useful for people like @Loonie.

On my "wish list": for Implicity to add either Interac e-Transfers for free or online bill payments.

They also don't pay dividends on member shares, which is a downside.

Cheers,
Doug