Moving money between accounts with different names at different institutions (bill payment, Interac email transfer, etc.)
Moving money between accounts with different names at different institutions (bill payment, Interac email transfer, etc.)
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.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: TD Direct Investing (was Waterhouse) Service
You can make a bill payment from your BNS non-reg chequing account to my own TDDI account, just PM me for the account #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.
Seriously, BNS does not know or care about your accounts at TDDI and vice-versa.
finiki, the Canadian financial wiki
“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
Re: TD Direct Investing (was Waterhouse) Service
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.adrian2 wrote:You can make a bill payment from your BNS non-reg chequing account to my own TDDI account, just PM me for the account #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.
Seriously, BNS does not know or care about your accounts at TDDI and vice-versa.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: TD Direct Investing (was Waterhouse) Service
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.
I haven't tried it from BNS, but I do make payments from TD to a BNS LoC.
Peter
Patrick Hutber: Improvement means deterioration
Patrick Hutber: Improvement means deterioration
Re: TD Direct Investing (was Waterhouse) Service
I'm not sure what PFT is?BRIAN5000 wrote: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.adrian2 wrote:You can make a bill payment from your BNS non-reg chequing account to my own TDDI account, just PM me for the account #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.
Seriously, BNS does not know or care about your accounts at TDDI and vice-versa.
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.
finiki, the Canadian financial wiki
“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
Re: TD Direct Investing (was Waterhouse) Service
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.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?
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?
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
- Peculiar_Investor
- Administrator
- Posts: 13271
- Joined: 01 Mar 2005 14:52
- Location: Calgary
- Contact:
Re: TD Direct Investing (was Waterhouse) Service
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'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.
finiki, 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
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
Re: TD Direct Investing (was Waterhouse) Service
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.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.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
- Peculiar_Investor
- Administrator
- Posts: 13271
- Joined: 01 Mar 2005 14:52
- Location: Calgary
- Contact:
Re: TD Direct Investing (was Waterhouse) Service
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.BRIAN5000 wrote: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.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.
finiki, 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
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
Re: TD Direct Investing (was Waterhouse) Service
TD limits e-transfers to $3000/day and $7000/week. Has anyone found work-arounds? Transfer of larger amounts to CCs seems excessive?
For the fun of it...Keith
Re: TD Direct Investing (was Waterhouse) Service
I haven't found a workaround for the Interact e-transfer limits. Note the e-transfer limit is $10,000/week.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?
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.
Re: TD Direct Investing (was Waterhouse) Service
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?BRIAN5000 wrote: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.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?
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?
Re: TD Direct Investing (was Waterhouse) Service
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.BRIAN5000 wrote: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.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.
A regular cheque from Company A deposited into the TDDI account of company B. Funds available the next day.
Re: TD Direct Investing (was Waterhouse) Service
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.
Peter
Patrick Hutber: Improvement means deterioration
Patrick Hutber: Improvement means deterioration
Re: TD Direct Investing (was Waterhouse) Service
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..
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: TD Direct Investing (was Waterhouse) Service
Thanks. Where did you see this announcement. It was $7000 in December.Arby wrote:kcowan wrote:Note the e-transfer limit is $10,000/week.
For the fun of it...Keith
- northbynorthwest
- Contributor
- Posts: 165
- Joined: 19 Jan 2007 01:07
- Location: Vancouver
Re: TD Direct Investing (was Waterhouse) Service
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.
https://youtu.be/0B61_5sRoB
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.
https://youtu.be/0B61_5sRoB
Re: TD Direct Investing (was Waterhouse) Service
From the FAQs on TD's website:kcowan wrote:Where did you see this announcement. It was $7000 in December.
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*: $50,000
* Rolling Limits (in CAD$)
Re: TD Direct Investing (was Waterhouse) Service
Never contemplated using e-transfers for "internal" payments. With those limits, I'll stick with LoC bill payments.
Peter
Patrick Hutber: Improvement means deterioration
Patrick Hutber: Improvement means deterioration
Re: TD Direct Investing (was Waterhouse) Service
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.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: TD Direct Investing (was Waterhouse) Service
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.
Re: TD Direct Investing (was Waterhouse) Service
Likewise. Cleaning ladies, snow plow guy, etc very easy and convenient. For some reason I've been getting it for free.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.
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?
Re: TD Direct Investing (was Waterhouse) Service
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.
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.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: TD Direct Investing (was Waterhouse) Service
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.
Re: TD Direct Investing (was Waterhouse) Service
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.BRIAN5000 wrote:So how am I supposed to pay my wife's TFSA contribution, give her the money then she puts it in.
finiki, the Canadian financial wiki: a knowledge base of financial subjects written from a Canadian perspective