11-14-2024 10:51 AM
Recieved a letter today from Simpli Financial that I am not allowed to use my account to recieve payments from eBay. I called to speak with them and explain that I do not have a business, I'm just selling some of my personal things and that eBay withholds the HST on all sales. Apparently none of that matters, the funds are coming from eBay (a business) and that, in and of itself makes it a business transaction which is prohibited by Simpli's terms of service. They said I need to set-up a business account with CIBC to continue to do this. They also said they are aware of the broad use of Simpli in Canada by eBay sellers and are cracking down on it. Anyone else experiencing this nonsense?
11-15-2024 01:00 PM
I have some months with no deposits, some with one, two of three deposits of afeww hundred each. It varies widely. According to Simplii its not the frequency or amounts, its the fact that the deposits come from a business (ebay).
11-15-2024 01:02 PM
This is why I went with Simplii, all the reported problem with Tangerine.
11-15-2024 01:07 PM
If they don't budge, you can also open an e-Business Bank Account with BMO. That's what I've been using since opening my eBay business. No fees for anything. Unlimited electronic transactions and 2 free Interac e-transfers per month.
You can send yourself an Interac e-Transer to your chequing account at another bank, if you want to take money out of the account.
More info: https://www.bmo.com/main/business/accounts/ebusiness-plan/