Moving money between accounts with different names at different institutions (bill payment, Interac email transfer, etc.)

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BRIAN5000
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Moving money between accounts with different names at different institutions (bill payment, Interac email transfer, etc.)

Post by BRIAN5000 » 09 Jan 2017 17:05

Should I be able to make a bill payment from "MY" BNS non-reg chequing account to my wifes cash account at TDDI or does it have to be a joint account from BNS.
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Re: TD Direct Investing (was Waterhouse) Service

Post by adrian2 » 09 Jan 2017 19:25

BRIAN5000 wrote:Should I be able to make a bill payment from "MY" BNS non-reg chequing account to my wifes cash account at TDDI or does it have to be a joint account from BNS.
You can make a bill payment from your BNS non-reg chequing account to my own TDDI account, just PM me for the account # :P

Seriously, BNS does not know or care about your accounts at TDDI and vice-versa.
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Re: TD Direct Investing (was Waterhouse) Service

Post by BRIAN5000 » 09 Jan 2017 19:43

adrian2 wrote:
BRIAN5000 wrote:Should I be able to make a bill payment from "MY" BNS non-reg chequing account to my wifes cash account at TDDI or does it have to be a joint account from BNS.
You can make a bill payment from your BNS non-reg chequing account to my own TDDI account, just PM me for the account # :P

Seriously, BNS does not know or care about your accounts at TDDI and vice-versa.
LOL, 18453... you are correct BNS doesn't care but TDDI will reject it sorry man. They canceled the PFT because it was going from my account to my wife's. TDDI says only accounts with same name to same name, fckers. They rejected it Jan 4, it's already Jan 9 and the dollars are not in either account, double fckers.
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Re: TD Direct Investing (was Waterhouse) Service

Post by pmj » 09 Jan 2017 20:37

If you have a LoC at TD, you may be able to get around this. TD LoCs are listed under credit cards at BNS.
I haven't tried it from BNS, but I do make payments from TD to a BNS LoC.
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Re: TD Direct Investing (was Waterhouse) Service

Post by adrian2 » 09 Jan 2017 21:15

BRIAN5000 wrote:
adrian2 wrote:
BRIAN5000 wrote:Should I be able to make a bill payment from "MY" BNS non-reg chequing account to my wifes cash account at TDDI or does it have to be a joint account from BNS.
You can make a bill payment from your BNS non-reg chequing account to my own TDDI account, just PM me for the account # :P

Seriously, BNS does not know or care about your accounts at TDDI and vice-versa.
LOL, 18453... you are correct BNS doesn't care but TDDI will reject it sorry man. They canceled the PFT because it was going from my account to my wife's. TDDI says only accounts with same name to same name, fckers. They rejected it Jan 4, it's already Jan 9 and the dollars are not in either account, double fckers.
I'm not sure what PFT is?

Why would they care where the money is coming from? It's a payment into the account.
I've had money coming into a TDDI account, from different banks, different account holders, never thought anyone would match the names.
How would it be different from depositing a cheque directly into TDDI?

Another example: I can pay my friend's credit card if he gives me the number, this we actually tried successfully.

It's another story with TDDI is it's an internal transfer, TD to TDDI or viceversa.
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Re: TD Direct Investing (was Waterhouse) Service

Post by BRIAN5000 » 09 Jan 2017 22:29

Why would they care where the money is coming from? It's a payment into the account.
I've had money coming into a TDDI account, from different banks, different account holders, never thought anyone would match the names.
How would it be different from depositing a cheque directly into TDDI?
I thought PFT was the acronym maybe it's EFT. Apparently TDDI cares where the money comes from. Also so does BNS, if I want to deposit money into my wife's account they say she needs to be there and ok it. Sounds crazy to me.

Last year I bill payed directly from my chequing account into my wife's TFSA at TDII, I now know this is a no no but it's a CRA rule, TDII called said they mistakenly let it go through but didn't reverse it.

So how am I supposed to pay my wife's TFSA contribution, give her the money then she puts it in. That's what I tried but how would CRA know if it' for the TFSA or I'm doing some sketchy income splitting, timing of in and out, amounts?
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Re: TD Direct Investing (was Waterhouse) Service

Post by Peculiar_Investor » 09 Jan 2017 22:34

You could use TD Direct Investing's Letter of Direction - Transfer of Cash/Securities to Related Third Party.

That's what I use every January 30th to document payment of spousal loan interest payment. Makes the audit trail crystal clear in case CRA asks.
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Re: TD Direct Investing (was Waterhouse) Service

Post by BRIAN5000 » 09 Jan 2017 22:51

Peculiar_Investor wrote:You could use TD Direct Investing's Letter of Direction - Transfer of Cash/Securities to Related Third Party.

That's what I use every January 30th to document payment of spousal loan interest payment. Makes the audit trail crystal clear in case CRA asks.
That sounds like a very good idea. Ok I filled it out now all I have to do is call my TD branch make an appointment, maybe one week would be the earliest, go down there get them to verify it and send it to TDDI and in about another week they will transfer the funds. :evil:
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Re: TD Direct Investing (was Waterhouse) Service

Post by Peculiar_Investor » 09 Jan 2017 22:59

BRIAN5000 wrote:
Peculiar_Investor wrote:You could use TD Direct Investing's Letter of Direction - Transfer of Cash/Securities to Related Third Party.

That's what I use every January 30th to document payment of spousal loan interest payment. Makes the audit trail crystal clear in case CRA asks.
That sounds like a very good idea. Ok I filled it out now all I have to do is call my TD branch make an appointment, maybe one week would be the earliest, go down there get them to verify it and send it to TDDI and in about another week they will transfer the funds. :evil:
That hasn't been my experience. IIRC last year I took it to a TD branch and had them fax it. Previous years I had an email contact via President Account that processed via email. Processing in this case was handled quickly and efficiently. Getting ready for the upcoming interest payment at the end of the month, that's why I know about the form.
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Re: TD Direct Investing (was Waterhouse) Service

Post by kcowan » 10 Jan 2017 11:00

TD limits e-transfers to $3000/day and $7000/week. Has anyone found work-arounds? Transfer of larger amounts to CCs seems excessive?
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Re: TD Direct Investing (was Waterhouse) Service

Post by Arby » 10 Jan 2017 11:36

kcowan wrote:TD limits e-transfers to $3000/day and $7000/week. Has anyone found work-arounds? Transfer of larger amounts to CCs seems excessive?
I haven't found a workaround for the Interact e-transfer limits. Note the e-transfer limit is $10,000/week.

If the recipient is a TD Canada Trust customer, you can set them up as a Personal Payee. The Personal Payee limit is $5,000 per transaction, and I don't think there is a limit on the the number of transactions per day. I've made two personal payee transactions in the same day to get around the $5,000 limit.

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Re: TD Direct Investing (was Waterhouse) Service

Post by SQRT » 10 Jan 2017 11:46

BRIAN5000 wrote:
Why would they care where the money is coming from? It's a payment into the account.
I've had money coming into a TDDI account, from different banks, different account holders, never thought anyone would match the names.
How would it be different from depositing a cheque directly into TDDI?
I thought PFT was the acronym maybe it's EFT. Apparently TDDI cares where the money comes from. Also so does BNS, if I want to deposit money into my wife's account they say she needs to be there and ok it. Sounds crazy to me.

Last year I bill payed directly from my chequing account into my wife's TFSA at TDII, I now know this is a no no but it's a CRA rule, TDII called said they mistakenly let it go through but didn't reverse it.

So how am I supposed to pay my wife's TFSA contribution, give her the money then she puts it in. That's what I tried but how would CRA know if it' for the TFSA or I'm doing some sketchy income splitting, timing of in and out, amounts?
I have simply transferred the contribution from my chequing account(joint) to hers(joint) and she then made the contribution to the TFSA. Such a small amount-would be shocked if CRA would ever find out or care?

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Re: TD Direct Investing (was Waterhouse) Service

Post by Koogie » 10 Jan 2017 11:51

BRIAN5000 wrote:
Peculiar_Investor wrote:You could use TD Direct Investing's Letter of Direction - Transfer of Cash/Securities to Related Third Party.
That's what I use every January 30th to document payment of spousal loan interest payment. Makes the audit trail crystal clear in case CRA asks.
That sounds like a very good idea. Ok I filled it out now all I have to do is call my TD branch make an appointment, maybe one week would be the earliest, go down there get them to verify it and send it to TDDI and in about another week they will transfer the funds. :evil:
Can't you just deposit a BNS cheque with the funds into her TDDI account at her TDCT branch ? That's all I do for my inter-company transfers.
A regular cheque from Company A deposited into the TDDI account of company B. Funds available the next day.
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Re: TD Direct Investing (was Waterhouse) Service

Post by pmj » 10 Jan 2017 12:39

I have several times moved more than $10k to a LoC at BNS, as a bill payment. Once it's in the LoC, I'd think you could do anything with it? Can't immediately see why I couldn't also make a similar payment into a TD LoC - although I've never tried.
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Re: TD Direct Investing (was Waterhouse) Service

Post by BRIAN5000 » 10 Jan 2017 17:11

We have no joint chequing accounts, we have joint GIC's for CDIC coverage only, we don't bank at TD. I could write her a cheque but I tried Peculiar_Investor idea first. Sent them a scanned image of their Letter of Direction, they balked at first but the Rep will send it to the back office to see if they will accept it. For the last four years they have been accepting bill payments from my account direct to her etc..
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Re: TD Direct Investing (was Waterhouse) Service

Post by kcowan » 11 Jan 2017 08:33

Arby wrote:
kcowan wrote:Note the e-transfer limit is $10,000/week.
Thanks. Where did you see this announcement. It was $7000 in December.
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Re: TD Direct Investing (was Waterhouse) Service

Post by northbynorthwest » 11 Jan 2017 11:35

We've been going through similar.
Like BRIAN5000, we do not have joint accounts and our regular banking is not at TD.
A few years ago, my wife set up a TDDI non-reg account for me to manage for her in addition to my own.
About a year ago, when she wanted to contribute more, she found TD staff didn't want to take a cheque, possibly because she had no regular TD account to receive it in, and told her to use online bill payment from her BMO account.
At that time, she was still resistant to enabling online banking (sigh). So no problem, I thought, she gives me the cheque, I deposit it in my banking account, and bill payment it over to her TDDI account for her. But, TDDI rejected it, told me I could not transfer to her account.

Now it may have been possible for her to deposit a cheque at TDDI, but with an extended period to clear.
We were trying to move quickly because of the perceived early 2016 sale on at Mr. Market.
Since the money was already in my bank acct, I transferred it to my non-reg account and bought what we wanted for her, keeping track of "her" holdings in my TDDI account.

Fast forward to last month, I called TD seeking to transfer the stocks from my non-reg account to hers. Was told no because our TDDI accounts are not joint. They indicated it could be done with some other paperwork, coupled with a POA. But by that point I'd thrown in the towel and decided to just sell the stocks at some point, write her a cheque and let her transfer to her TDDI, as she has since activated online banking, then repurchase. I haven't got around to that yet, we'll eat about $80 in commissions when I do.

It all reminds me of the scene in Brazil where a 27-B/6 is demanded. :twisted:
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Re: TD Direct Investing (was Waterhouse) Service

Post by Arby » 11 Jan 2017 12:14

kcowan wrote:Where did you see this announcement. It was $7000 in December.
From the FAQs on TD's website:
Limits for Interac e-Transfers

Interac e-Transfers are subject to the following limits:

Sending limits:
Per Transfer: $3,000
24 hours*: $3,000
7 days*: $10,000
30 days*: $20,000

Receiving limits:
Per Transfer: $10,000
24 hours*: $10,000
7 days*: $25,000
30 days*: $50,000

* Rolling Limits (in CAD$)

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Re: TD Direct Investing (was Waterhouse) Service

Post by pmj » 11 Jan 2017 12:23

Never contemplated using e-transfers for "internal" payments. With those limits, I'll stick with LoC bill payments.
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Re: TD Direct Investing (was Waterhouse) Service

Post by AltaRed » 11 Jan 2017 12:28

FWIW, I use Interac e-transfers quite a bit to move money to/from family (and to pay a number of small contractors/trades types). It is becoming more popular as people learn to use it.
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Re: TD Direct Investing (was Waterhouse) Service

Post by Arby » 11 Jan 2017 14:58

I use Interac e-Transfer to pay my mother's caregivers while I'm away in Florida for the winter. I find it is very convenient and easy to use.

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Re: TD Direct Investing (was Waterhouse) Service

Post by SQRT » 11 Jan 2017 15:55

AltaRed wrote:FWIW, I use Interac e-transfers quite a bit to move money to/from family (and to pay a number of small contractors/trades types). It is becoming more popular as people learn to use it.
Likewise. Cleaning ladies, snow plow guy, etc very easy and convenient. For some reason I've been getting it for free.

Also. It makes things a lot simpler if all accounts are joint. Simplifies estate issues too. Not sure if there are any reasons not to have them joint?

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Re: TD Direct Investing (was Waterhouse) Service

Post by AltaRed » 11 Jan 2017 17:24

Lots of reasons not to have joint accounts....except for a household operating expense one.

Different institutions have different arrangements (and plans) for offering 'some' free Interac e-transfers. I understand RBC (for one) has done away with Interac e-transfer fees altogether. Others have a small number of free ones and then a charge thereafter.
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Re: TD Direct Investing (was Waterhouse) Service

Post by Koogie » 11 Jan 2017 17:37

Most people I know / deal with have TDCT accounts, so we can use the "Personal Payee" feature instead. The limit there is 5000$ per transaction, although I have done multiple transactions per day. Not sure what the limit is, if there is one.
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Re: TD Direct Investing (was Waterhouse) Service

Post by Quebec » 11 Jan 2017 18:01

BRIAN5000 wrote:So how am I supposed to pay my wife's TFSA contribution, give her the money then she puts it in.
Yes. In my case I write her a cheque. She deposits it in her chequing account. She then contributes to her TFSA at Questrade using online bill payment. Last year I tried direct online bill payment from my chequing account to her TFSA, and Questrade rejected it. The money has to pass through her bank account 1st.
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