Simplii Financial Nonsense | Page 2 | Simplii Financial | Discussion forum

My banks usually put a 5 business day hold on cheques and funds pulled in. There shouldn't be a hold on funds that were pushed in to your bank or etransferred in, although I guess banks' policies vary.

This is why Simplii sucks, and I don't trust them.
With the recent Global Money transfer issues, I lowered my chequing account alerts under $50, and turned all the alerts ON. That way, if anything weird happened I would be notified.
By co-incidence, my account went under my limit 2 days ago, and tonight at 9:00 pm I get text, email, and App alerts the balance dropped.
That is 2 days after the balance dropped.
Simplii is a joke, as they have old architecture from PC Fnancial, and don't want to upgrade it.
Tang and others have instant alerts, which is what is required in case of fraud etc.
Simplii blows.

InterestThis said
This is why Simplii sucks, and I don't trust them.
With the recent Global Money transfer issues, I lowered my chequing account alerts under $50, and turned all the alerts ON. That way, if anything weird happened I would be notified.
By co-incidence, my account went under my limit 2 days ago, and tonight at 9:00 pm I get text, email, and App alerts the balance dropped.
That is 2 days after the balance dropped.
Simplii is a joke, as they have old architecture from PC Fnancial, and don't want to upgrade it.
Tang and others have instant alerts, which is what is required in case of fraud etc.
Simplii blows.  

One should always have ALL alerts set to ON, and set the limit to $1 etc. One rather have redundant alerts than missing any suspicious ones.

Re instant alerts, one of my credit card may take upto a day before an alert pops up, its not perfect, but still better than nothing.

mordko said
Simplii spells out how balance alerts work:

Note: If your account is below the balance alert threshold when enrolled in these alerts, you’ll only receive an alert after your next transaction.

Have a strong suspicion that this is fairly standard.

I am not sure about that. Both Tangerine and EQ I bank with send alert when balance drops below threshold.

If you have recurring direct debit, such as property taxes withdrawn monthly, you would like to be alerted when you accidentally go below balance threshold which you set, not when city fails to withdraw taxes and/or bank slaps you with NSF on top of that.

mordko said

Its not an approach that is specific to Simplii.

It is possible. Name other FIs you are aware of, that have low balance alert logic similar to Simplii.

I gave you two examples of different logic for low balance alert, one that seems more logical.
How many do you have to support your claim that Simplii logic is fairly standard?

if you set a withdrawal alert, you get notified right away so you would surely check the balance at that point

It is workaround.
If someone has to use workaround to get expected process flow outcome, the process flow has flaws.

Sadly there are a few self-declared know-it-alls, who in fact know very little.
Simplii is glitchy as hell.
In this case, the balance alerts did not come until 2 days after the transactions, and that is after the transaction after the transaction below the balance. They also came at 9pm, not related to the transactions.

Also, people actually should properly READ the text they are claiming to read. What the text is saying, is that when you ENROL in the alerts, if your balance is below at that point, then it takes another transaction to reset. That makes sense.

https://www.simplii.com/en/banking-simplii/balance-alerts.html Note: If your account is below the balance alert threshold when enrolled in these alerts, you’ll only receive an alert after your next transaction.

Also, here is the real point.
If your bank account was hacked somehow, there is no instant alert that you have been hacked. Thus Simplii is rubbish.

Those who say other banks are the same are simply either clueless, or are lying as they have nothing better to do with their time.
Tang and EQ and others have instant alerts.
Simplii probably has delayed alerts as its run through CIBC with old architecture, same as when the statements from Simplii are not available on the first of the month. Another lousy bug at Simplii.
Don't know if Simplii gives an alert if there is an over-draft, but Tang has instant alerts for that.

Top Dogg said
I was reading/looking through this forum (as I do every day) and 10 minutes or so after reading this "Simplii Financial Nonsense" page around an hour or so ago, I get a random call (so odd) from Simplii Financial from a manager named "Bhubinder". He wanted to disclose something with me but first wanted me to provide him my postal code and date of birth. To make a long story short, I wouldn't provide this information so he told me that I could call the Simplii Financial Customer Service Number and ask for him directly and at that time he could relay the information that he wanted to disclose with me.

Has anyone else received a call from this manager? I'm thinking it's probably legit but to my recollection, I have never received a "cold call" from Simplii Financial ever in the past. In this day and age, you just have to assume everything is a potential fraud/scam.

Thanks,
TD  

Let us know if its legit, or a scam. If you call the main number, then it has to be legit?
Is it a sales call or an account issue?
Simplii has not gotten back to me going on 7 weeks for an official complaint. Simplii is horribly run, would not be surprising if CIBC folds it up, maybe its losing money for them?

Alexandre said

mordko said

Its not an approach that is specific to Simplii.

It is possible. Name other FIs you are aware of, that have low balance alert logic similar to Simplii.

I gave you two examples of different logic for low balance alert, one that seems more logical.
How many do you have to support your claim that Simplii logic is fairly standard?

if you set a withdrawal alert, you get notified right away so you would surely check the balance at that point

It is workaround.
If someone has to use workaround to get expected process flow outcome, the process flow has flaws.  

Simplii is simply using CIBC’s alerts system (as already mentioned).

“ Note: If your account is below the balance alert threshold when enrolled in these alerts, you’ll only receive an alert after your next transaction.”

https://www.cibc.com/en/personal-banking/ways-to-bank/how-to/balance-alerts.html

Its not a workaround for me. Regardless of balance alerts, I know the balance with the accuracy I require. I use a cushion in my chequing account, seems just common sense. My one and only concern is with unexpected transactions. If balance falls below target value, I know about it from large transactions even before the balance alert is activated. The target is just that, I don’t get charged if the balance dips below target.

Guess if one sets the balance alert close to zero then CIBC’s approach is a problem and they should go with EQ et al. But either way, one should not complain about something so clearly spelt out in the terms.

Only problem was when Simplii got hacked. Didn't lose any money. Received $90 in compensation. This was several years ago now.

Like how I can deposit directly to my savings at the ATM. With Tang one can only deposit to the chequing at the ATM.