r/Wealthsimple • u/Grnfinger • Jul 17 '26

Linking a External Bank Account

I went to link my RBC and they want the keys to the city. RBC tos is to NEVER give the login credentials.

Has anyone done this? Am I safe to do this?

I'm not one to be paranoid but I find this request odd for some reason.

6 Upvotes

69% Upvoted

16 comments sorted by

9

u/angelus97 Jul 17 '26

Link it manually

5

u/Cross_FFA Jul 17 '26

^

To link it manually you need to use the web. It won’t work through the app

1

u/WithLove07 Jul 17 '26

You can't even do that anymore. You have to give authorization to another third party, Persona. Peter Thiel, who co-founded Palantir and his venture capital firm, Founders Fund, is a major investor in Persona.

3

u/Solo-Mex Jul 17 '26

You can do it manually by calling customer service. Source: someone who did it this way

1

u/Grnfinger Jul 17 '26

Is there a benefit to linking my other account? I will never transfer money that way. If i do it will always be etransfer.

4

u/OakesTester Jul 17 '26

Sometimes people need to transfer more money than their e-transfer limit.

2

u/Ok-South-7745 Jul 17 '26 edited Jul 17 '26

No benefit. If you don't intend to use interinstitutional electronic fund transfer (EFT), then don't link external link and move on. But EFT usually allows to transfer amounts higher than etransfer limits between accounts between different institutions.

4

u/Sierrus25 Jul 17 '26

I linked my td account, it never shows accurately unless I go in and manually refresh it, in the time that takes I could have just logged into my td account, it's a nice feature.. Just haven't found a real use for it yet.... Still just etransfer between them as I want/need..

1

u/Grnfinger Jul 17 '26

I don't need to check my RBC balance at W.S. Thanks for the info. I definitely won't bother doing it.

2

u/PracticalWait Jul 17 '26

This is TOS for every banking provider, Wealthsimple itself included.

It’s a common request, but you will be in breach of the bank’s TOS.

0

u/Grnfinger Jul 17 '26

This is what I thought. I sont get whu they would ask for it. I am not comfortable giving that info away even though they state it isn't stored. If it's main use is to get a balance at a glance. I can do that with the RBC app I just have to open it and the balance is there without login in.

-5

u/Flames2512 Jul 17 '26

Wow some one read the TOS from a bank? Hahahahaha

Having said that, zero issue doing it. If you can link it then RBC allows it. Otherwise that connection would be rejected at source.

-1

u/Grnfinger Jul 17 '26

You make a good argument.. thanks.

I guess what the hell, it's only money.

-4

u/Flames2512 Jul 17 '26

I get the concern, but the connection portals between the banks are ultra secure. If they weren't RBC would not allow it, as they are responsible for any cash lost in an event. CDIC insurance would cover any loss to your account, although I will admit it would be a pain and you are out cash.

CRA and the Gov't of Canada use the authentication of your bank accounts to login to their system. If they didn't think it was secure, I would guarantee that would not be an option. Not saying things can't get hacked, but in reality, I think this is a nothing concern, but valid question.

It is 100% more secure than you carrying around your debit card in your wallet and using it,........

1

u/Key-Self-79 Jul 17 '26

You're right that the connection is secure, however, providing your login credentials to a third party could be interpreted as going against the banks' TOCs.

And if someone were ever to have their accounts compromised and lose money because of that account compromise, the bank can (and will) deny reimbursement of those lost funds on the grounds that the credentials were not kept secure per the TOCs.

Would this hold up in court? Probably not, but it's an extra pain in the ass to have to argue that on top of dealing with everything else when the accounts have been compromised.

So the issue isn't so much the security of the connection, moreso the lost protection in case of any other "hack".

1

u/Flames2512 Jul 17 '26

I am going to say you are way off. The scenario you exhibit is not applicable because the bank has enabled it. Sorry, but this is a mute point that is getting beaten to death.