Hi all, I'm wondering if anybody else has encountered this situation:
I'm looking to set up a new account (HELOC) at TD and was inquiring about linking my account to my other non-TD bank account so that I can transfer funds to either A) take funds from the HELOC or B) pay off the HELOC. However, the TD rep I'm dealing with has said that this is not possible for any Canadian banks see his explanation below:
Banks in Canada can take money from each other, but not transfer to each other. (I know it seems weird)
For example, if you had a savings account at TD, you could set up a PTS (pre-authorized transfer) to take x amount of dollars from the non TD account to the TD account on a pre-determined basis (weekly, month, quarterly, etc) and for a pre-determined amount. We cannot do EFT’s to and from other banks. Just the aforementioned way in the form of a pre-authorized transfer.
You don’t have to open up a TD account; however the only way to use the account would be through a debit card (free) or by writing cheques (also free). To make a payment though, you would have two options (without a td account). 1st option would be to come into a branch and make a payment by the 21st of every month. 2nd option would be use a TD debit card and deposit a cheque/cash at a TD atm before the 21st of each month.
I've been able to transfer money between different banks accounts for years for example to and from ING, but this rep is insistent that I won't be able to do so with any TD account, can this be something new???
I'm looking to set up a new account (HELOC) at TD and was inquiring about linking my account to my other non-TD bank account so that I can transfer funds to either A) take funds from the HELOC or B) pay off the HELOC. However, the TD rep I'm dealing with has said that this is not possible for any Canadian banks see his explanation below:
Banks in Canada can take money from each other, but not transfer to each other. (I know it seems weird)
For example, if you had a savings account at TD, you could set up a PTS (pre-authorized transfer) to take x amount of dollars from the non TD account to the TD account on a pre-determined basis (weekly, month, quarterly, etc) and for a pre-determined amount. We cannot do EFT’s to and from other banks. Just the aforementioned way in the form of a pre-authorized transfer.
You don’t have to open up a TD account; however the only way to use the account would be through a debit card (free) or by writing cheques (also free). To make a payment though, you would have two options (without a td account). 1st option would be to come into a branch and make a payment by the 21st of every month. 2nd option would be use a TD debit card and deposit a cheque/cash at a TD atm before the 21st of each month.
I've been able to transfer money between different banks accounts for years for example to and from ING, but this rep is insistent that I won't be able to do so with any TD account, can this be something new???