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Email this6:25 pm
May 20, 2016
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Officially the response I received from Simplii says this won't work as well as PAD (pulling or pushing funds) to and from Simplii.
However, I have successfully pulled funds from Simplii to Tangerine via Tangerine.
According to CRA, they say the PAD "should" work as long as you have the correct financial coding.
I am curious if anyone has any experience?
7:23 am
April 6, 2013
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Pre-authorized debit against their savings account is not officially supported by Simplii.
I found earlier that Simplii will only generate a void cheque or pre-authorized bill payment form for their chequing account. Only a direct deposit form is available for their savings account.
That's still the case today.
I've always moved money from my Simplii savings account to the chequing account first for pre-authorized debits.
CRA is not correct. One also needs the co-operation of the bank that issues the account. The bank can bounce the direct deposits and pre-authorized debits if it doesn't consider them to be an offered feature of the account.
7:44 am
April 21, 2022
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Norman1 said
Pre-authorized debit against their savings account is not officially supported by Simplii.I found earlier that Simplii will only generate a void cheque or pre-authorized bill payment form for their chequing account. Only a direct deposit form is available for their savings account.
That's still the case today.
I've always moved money from my Simplii savings account to the chequing account first for pre-authorized debits.
CRA is not correct. One also needs the co-operation of the bank that issues the account. The bank can bounce the direct deposits and pre-authorized debits if it doesn't consider them to be an offered feature of the account.
I think the OP should give it a shot with a test PAD for a $1. Just because you've always done it that way, doesn't mean it's the only way.
8:47 am
April 6, 2013
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The OP should open a Simplii chequing account or a savings account that explicitly allows pre-authorized debits, like the EQ Bank Personal Account. If one had a Simplii chequing account or EQ Bank Personal Account, one could just bill pay the tax installments to CRA.
Shouldn't be messing around and experimenting with something like one's CRA tax installment payments.
10:00 pm
May 20, 2016
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Norman1 said
The OP should open a Simplii chequing account or a savings account that explicitly allows pre-authorized debits, like the EQ Bank Personal Account. If one had a Simplii chequing account or EQ Bank Personal Account, one could just bill pay the tax installments to CRA.Shouldn't be messing around and experimenting with something like one's CRA tax installment payments.
The thing is other PADS as I call them work fine. I've created a void cheque from my Tangerine chequing account and adjusted the account number to reflect the savings account. Others more recently said it works.
Normally, I wouldn't mess with this but CRA doesn't always withdraw money on the 15th if it's a bank holiday so even a few days will make a difference.
And as an interesting background story about this is I submitted two requests a few years ago to Simplii with a Void cheque from Tangerine Savings. The first request was denied for the official reason about savings account, the second was allowed.
Similarly, Tangerine Savings doesn't allow PAD from savings but my existing CRA installment works fine plus my pension cheques are deposited into it as well.
8:31 pm
May 20, 2016
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Just an update for those who may be using Google to search for an answer.
I have confirmed that a PAD with CRA works fine in the Simplii Savings account as it does with other savings accounts where [officially] the FIs deny it is possible. CRA says it would work and it does.
8:33 pm
May 20, 2016
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Norman1 said
The OP should open a Simplii chequing account or a savings account that explicitly allows pre-authorized debits, like the EQ Bank Personal Account. If one had a Simplii chequing account or EQ Bank Personal Account, one could just bill pay the tax installments to CRA.Shouldn't be messing around and experimenting with something like one's CRA tax installment payments.
I am glad I didn't take your advice 🙂 I am moving my money away from EQ. Their new daily and monthly savings accounts just suck especially in how they pay out interest.
8:39 am
December 20, 2019
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Norman1 said
Pre-authorized debit against their savings account is not officially supported by Simplii.I found earlier that Simplii will only generate a void cheque or pre-authorized bill payment form for their chequing account. Only a direct deposit form is available for their savings account.
That's still the case today.
I've always moved money from my Simplii savings account to the chequing account first for pre-authorized debits.
CRA is not correct. One also needs the co-operation of the bank that issues the account. The bank can bounce the direct deposits and pre-authorized debits if it doesn't consider them to be an offered feature of the account.
Just as a note:
I managed to set Hubert up to pull out of Simplii Savings and all I did was fill out the hubert form online and I took a screen shot of my savings account info and attached it.
I also managed to set Saven up all electronically to pull out of my savings account at simplii.
Which basically means I can also push the money back in.
Simplii gives me a special interest rate and pushes and pulls can take up to 5 business days so one does not want to lose that interest making it advantageous to transact from the savings account.
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