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

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
User avatar
AltaRed
Veteran Contributor
Veteran Contributor
Posts: 33398
Joined: 05 Mar 2005 20:04
Location: Ogopogo Land

Re: TD Direct Investing (was Waterhouse) Service

Post by AltaRed »

As you might imagine from my prior posts, I use Interac e-transfer. The simplest of all methods (within transfer limits of course). Use 2 transfers on separate days if necessary to stay within thresholds.
Imagefiniki, the Canadian financial wiki The go-to place to bolster your financial freedom
SQRT
Veteran Contributor
Veteran Contributor
Posts: 5441
Joined: 01 Nov 2012 11:33
Location: Ontario/Arizona

Re: TD Direct Investing (was Waterhouse) Service

Post by SQRT »

AltaRed wrote:Lots of reasons not to have joint accounts....

Mind listing a few? All our accounts, cash and securities are joint. Thanks.
User avatar
AltaRed
Veteran Contributor
Veteran Contributor
Posts: 33398
Joined: 05 Mar 2005 20:04
Location: Ogopogo Land

Re: TD Direct Investing (was Waterhouse) Service

Post by AltaRed »

Here are a few:
- Common law arrangements with specific co-hab clauses regarding financial responsibilities
- Second and/or third marriages involving children and step-children beneficiaries regarding estates
- Financial recourse liabilities regarding property
Imagefiniki, the Canadian financial wiki The go-to place to bolster your financial freedom
SQRT
Veteran Contributor
Veteran Contributor
Posts: 5441
Joined: 01 Nov 2012 11:33
Location: Ontario/Arizona

Re: TD Direct Investing (was Waterhouse) Service

Post by SQRT »

AltaRed wrote:Here are a few:
- Common law arrangements with specific co-hab clauses regarding financial responsibilities
- Second and/or third marriages involving children and step-children beneficiaries regarding estates
- Financial recourse liabilities regarding property
Thanks. Looks like in my case at least, the benefits outweigh the risks.
gsp_
Veteran Contributor
Veteran Contributor
Posts: 2318
Joined: 12 Apr 2011 17:48
Location: Montreal

Re: TD Direct Investing (was Waterhouse) Service

Post by gsp_ »

SQRT wrote:
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.
For some reason I've been getting it for free.
Since mid 2016 TD has made them free on All Inclusive accounts.
SQRT
Veteran Contributor
Veteran Contributor
Posts: 5441
Joined: 01 Nov 2012 11:33
Location: Ontario/Arizona

Re: TD Direct Investing (was Waterhouse) Service

Post by SQRT »

gsp_ wrote:
SQRT wrote:
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.
For some reason I've been getting it for free.
Since mid 2016 TD has made them free on All Inclusive accounts.
Thanks. That makes sense. I didn't know I had an "All Inclusive Account".
User avatar
kcowan
Veteran Contributor
Veteran Contributor
Posts: 16033
Joined: 18 Apr 2006 20:33
Location: Pacific latitude 20/49

Re: TD Direct Investing (was Waterhouse) Service

Post by kcowan »

AltaRed wrote:Use 2 transfers on separate days if necessary to stay within thresholds.
More accurately, 2 transfers more than 24 hours apart.
For the fun of it...Keith
User avatar
kcowan
Veteran Contributor
Veteran Contributor
Posts: 16033
Joined: 18 Apr 2006 20:33
Location: Pacific latitude 20/49

Re: TD Direct Investing (was Waterhouse) Service

Post by kcowan »

SQRT wrote:I didn't know I had an "All Inclusive Account".
ISTR that All Inclusive includes some fees versus my Plan 60?
For the fun of it...Keith
User avatar
Peculiar_Investor
Administrator
Administrator
Posts: 13267
Joined: 01 Mar 2005 14:52
Location: Calgary
Contact:

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by Peculiar_Investor »

Back in simpler times, moving funds between accounts was far easier, but probably a bit too lenient.

It seems to me that as financial regulation, i.e. What has to be reported to FINTRAC?, has been significantly changing over the past few years. The financial institutions are responding with the policies and rules that FWF members are reporting. Add "privacy rules", whatever they are, that limit what seems to most as fair dealing between spouses to the mix and who knows what's allowed on any given day. :roll:

I agree that it's become very frustrating to follow the bouncing ball of what's allowed, what's not, what limits are involved and over what timeframe. It has gotten to the point that when larger amounts are involved, or when registered accounts are involved, or when a non-recurring transaction is involved, then I try and reach out to the receiving financial institution to make sure I understand the rules of the day. I takes a bit more work, but it generally saves frustration later.

My $0.02
Imagefiniki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.

Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
SQRT
Veteran Contributor
Veteran Contributor
Posts: 5441
Joined: 01 Nov 2012 11:33
Location: Ontario/Arizona

Re: TD Direct Investing (was Waterhouse) Service

Post by SQRT »

kcowan wrote:
SQRT wrote:I didn't know I had an "All Inclusive Account".
ISTR that All Inclusive includes some fees versus my Plan 60?
I'm not the best guy to talk about bank fees. Get everything for free as a retiree. Having said that, I went back 120 days and confirmed that my balance never fell below the $5,000 minimum. So I think the basic fee would have been waived regardless. I make 5-10 interac transfers a month so I'm glad it is now free. As time goes on probably will use even more. As people get more comfortable with the service, maybe they will raise the limits?
User avatar
AltaRed
Veteran Contributor
Veteran Contributor
Posts: 33398
Joined: 05 Mar 2005 20:04
Location: Ogopogo Land

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by AltaRed »

Maybe, or it will become another cash cow once people totally stop using cheques (or the government/regulator mandates a chequeless society), or maybe there will have to be a ceiling on free Interac transactions. Interac, after all, does charge its members fees. http://www.interac.ca/en/current-fees.html I think Interac will evolve as FinTech becomes more prevalent. The big FI's have to do what is necessary to keep the competition at bay.
Imagefiniki, the Canadian financial wiki The go-to place to bolster your financial freedom
SQRT
Veteran Contributor
Veteran Contributor
Posts: 5441
Joined: 01 Nov 2012 11:33
Location: Ontario/Arizona

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by SQRT »

AltaRed wrote:Maybe, or it will become another cash cow once people totally stop using cheques (or the government/regulator mandates a chequeless society), or maybe there will have to be a ceiling on free Interac transactions. Interac, after all, does charge its members fees. http://www.interac.ca/en/current-fees.html I think Interac will evolve as FinTech becomes more prevalent. The big FI's have to do what is necessary to keep the competition at bay.
Interesting how the consensus view on fintech has evolved over the past year. Until recently it was that the banks were at serious risk of losing a big chunk of their revenue to fintech. Now the view is more that they will adopt fintech through research/purchasing startups/doing joint ventures, and this might actually provide some revenue upside and "stickier" customers.
BRIAN5000
Veteran Contributor
Veteran Contributor
Posts: 9063
Joined: 08 Jun 2007 23:27

Re: TD Direct Investing (was Waterhouse) Service

Post by BRIAN5000 »

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:

Was able to email this directly to a REP and after I explained to him how to read the form he sent it to the back office. Two days later he called back and said they ok'd it but wanted $15 service charge to do it. Needless to say I said forget it. Still no $5500 back in my account from rejected bill payment not sure if that is TDDI or BNS's fault.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
BRIAN5000
Veteran Contributor
Veteran Contributor
Posts: 9063
Joined: 08 Jun 2007 23:27

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by BRIAN5000 »

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.
Do they charge you a fee each year for doing this?

Bill payment from BNS to TDDI that was rejected by TDDI for $5500 is lost in space, issue still not resolved, anyone else have an issue with a rejected bill payment that goes astray? This is a relatively small amount with a large GIC type transaction this would be totally unacceptable.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
thegoodlife
Contributor
Contributor
Posts: 26
Joined: 09 May 2012 17:50

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by thegoodlife »

Brian5000 - I have a very similar issue with an online bill payment from our BNS joint account to my husband's TDDI TFSA contribution. This year's payment process is exactly the same as the past four years but this year the payment has been rejected by TDDI. Since the payment came out of our BNS joint account on January 3, I haven't been able to get a straight answer from TDDI regarding where the $5,500 is. I was told on January 11 that the funds had been returned to BNS. Yet when I phoned TD on the morning of January 13, I was told that the funds were still with the TD back office. This was escalated to the TD Rep's Team Manager on January 13 and still no sign of $5,500 in BNS or TDDI account as of this morning. TD have told me that "Debit authorization for the bill payment reject was sent to BNS on Jan 5th. A 2nd request was sent to BNS on Jan 16th. However, BNS has not processed the refund yet. I sent the 3rd request to BNS today (Jan 18)". I asked TDDI to quit sending the funds to BNS and just apply it to the TFSA as they should have in early January but they indicate that it's too late, the ball is in BNS's court now.

I opened a ticket on Jan 18 with BNS to have them follow through at their end but they tell me it will take 5-10 business days to resolve. I don't know who to believe but I do know that TDDI should not have rejected this payment in the first place.

At TD's request, I provided them with a copy of a void cheque which shows that the BNS account is a joint account. They claim that going forward TDDI will not reject this payment but I am not sure I want to risk trying again after their terrible customer service. Whilst it's not a large amount, t's a good thing it isn't more time sensitive like an RRSP contribution. Not sure I would trust using online bill payment for registered accounts again.
BRIAN5000
Veteran Contributor
Veteran Contributor
Posts: 9063
Joined: 08 Jun 2007 23:27

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by BRIAN5000 »

Wow your story is so close to mine it's scary only the names are changed.

I spent an hour and 13 minutes on the phone with TDDI just yesterday alone and that was the third long call plus three trips to BNS and no results yet. I suspect that it's TDDI screwing things up besides finding the money what should the remuneration be?
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
User avatar
kcowan
Veteran Contributor
Veteran Contributor
Posts: 16033
Joined: 18 Apr 2006 20:33
Location: Pacific latitude 20/49

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by kcowan »

I have seen a similar behaviour with TDCT. They do not like to have anything go from a joint account to an individual account except with a paper trail.

When we collapsed our Canaccord accounts which were joint, CCD moved the money from joint to individual before sending it electronically to TDDI.

This does not explain the missing money, but perhaps the rejected electronic transaction.
For the fun of it...Keith
BRIAN5000
Veteran Contributor
Veteran Contributor
Posts: 9063
Joined: 08 Jun 2007 23:27

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by BRIAN5000 »

The first level manager just called and hasn't even got as far as the front line Reps yet if they do find a solution I will post it and it may help
"thegoodlife" find his money too. He's going to pull the tapes of my conversations with the two Reps that said the bill payment was rejected, I have their names and time I talked to them.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
thegoodlife
Contributor
Contributor
Posts: 26
Joined: 09 May 2012 17:50

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by thegoodlife »

kcowan, thanks for feedback on this issue too.

Brian5000, I also suspect that it is TDDI screwing things up. BNS tell me that they would have no reason to reject the returned funds and I tend to believe them. I agree there should be some compensation for the lost returns as well as pain and suffering dealing with this ridiculous situation. As I told the Team Manager, this is no way to treat long term President's Account clients. They just passed the buck and said it's BNS's problem and they have done all they can to "help". If it is taking over three weeks to resolve this, with daily phone calls to multiple banks, I can't imagine how long the funds would be in limbo without our efforts. Thanks for keeping me in the loop. I will report back as soon as I hear further too.
thegoodlife
Contributor
Contributor
Posts: 26
Joined: 09 May 2012 17:50

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by thegoodlife »

Great news! TDDI managed to cancel the refund process with BNS and the TFSA contribution is now in my husband's account. As I understand it, the transaction was delayed with the BNS since January 5 but TDDI found a way to cancel the refund process today and apply the funds to the TDDI TFSA. Now that TDDI have the copy of the void cheque for our BNS joint account this problem won't occur next year. I am happy with this resolution and very relieved to have the $5,500 contribution applied.

BRIAN5000, thanks for your help with this. Hope that your issue gets resolved soon as well.
BRIAN5000
Veteran Contributor
Veteran Contributor
Posts: 9063
Joined: 08 Jun 2007 23:27

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by BRIAN5000 »

Great news! TDDI managed to cancel the refund process with BNS and the TFSA contribution is now in my husband's account.
:thumbsup: One down one to go they said this option was not available in my situation :cry:
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
BRIAN5000
Veteran Contributor
Veteran Contributor
Posts: 9063
Joined: 08 Jun 2007 23:27

Re: Moving money between accounts with different names at different institutions (bill payment, Interac email transfer,

Post by BRIAN5000 »

BRIAN5000 wrote:Wow your story is so close to mine it's scary only the names are changed.

I spent an hour and 13 minutes on the phone with TDDI just yesterday alone and that was the third long call plus three trips to BNS and no results yet. I suspect that it's TDDI screwing things up besides finding the money what should the remuneration be?
Still no resolution to this problem $5500 has been gone from my account from Jan 3 2017 till Feb 6 2017 with no resolution in sight.
TDDI says they have sent email and fax and BNS said they have not received them. Second level management working on it can't get it fixed.

One manager admitted the software that reads the names on the accounts only does a partial read.(not my case)

EG xxx & YYY is a joint account it may only read xxx and if it was going into YYY's account it would be rejected because software couldn't see that it was a joint account.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Post Reply