Personal Finance

Banks that let you bill pay their mortgage?

  • Last Updated:
  • Aug 19th, 2019 9:11 am
Tags:
[OP]
Jr. Member
User avatar
Oct 25, 2016
167 posts
90 upvotes

Banks that let you bill pay their mortgage?

I am wondering if there are any banks that you can hold a mortgage through that would allow you to pay online monthly.

NOTE: I am not referring to a PAD agreement, where they pull the money out of your account monthly. Rather where I can send a payment to them monthly--typically with a 'bill pay' through my other bank account.
Member since Feb 19, 2008
33 replies
Penalty Box
User avatar
Mar 10, 2018
2769 posts
184 upvotes
ElliottGalt wrote:
Aug 14th, 2019 3:13 pm
I am wondering if there are any banks that you can hold a mortgage through that would allow you to pay online monthly.

NOTE: I am not referring to a PAD agreement, where they pull the money out of your account monthly. Rather where I can send a payment to them monthly--typically with a 'bill pay' through my other bank account.
http://forums.redflagdeals.com/quick-qu ... t-1441497/
I dont care about Ethics, morals, rules or laws. You guys seem trapped by the confines of your own ideologies.
(borrowed)Not enough bans and the howling monkeys start up about them promoting hate and whatever. howling monkeys or hall monitors?
Penalty Box
User avatar
Jun 24, 2015
2396 posts
505 upvotes
Woodbridge, ON
whats so special about bill pay mortgage? didnt know that was a thing
Hi
Sr. Member
Nov 9, 2017
547 posts
52 upvotes
Can you tell us how you are going to save or reap the benefits by bill pay? A birdie is telling me you are thinking of a way.
Deal Addict
User avatar
Dec 13, 2016
2966 posts
2357 upvotes
What bank would be idiot enough to do this?

[...] it doesn't make sense. What if you underpay or overpay your mortgage? What bank wants to deal with your nonsense?

God I really hate stupid questions :)
Last edited by Mars2012 on Aug 16th, 2019 11:05 pm, edited 1 time in total.
Reason: don't be rude
Deal Addict
User avatar
Nov 2, 2002
1471 posts
298 upvotes
Toronto
I have an actual user case for this. I have my mortgage with BNS and bank with another FI. I like to make regular additional prepayments, but the only way I can do this is by going to a branch and dropping off a cheque. I wish I could transfer via bill payment.
Celebrating 16+ years on RFD!
Newbie
Dec 10, 2016
37 posts
13 upvotes
Toronto
I guess it might make sense for contracting if you pay as bill reduce in your taxable income though I might get wrong what's originally OP might have thought about
Deal Addict
User avatar
Sep 19, 2013
1989 posts
660 upvotes
Winnipeg
wysiwyg wrote:
Aug 16th, 2019 4:45 am
I have an actual user case for this. I have my mortgage with BNS and bank with another FI. I like to make regular additional prepayments, but the only way I can do this is by going to a branch and dropping off a cheque. I wish I could transfer via bill payment.
What you said only works for fully open mortgages. If it has restrictions on prepayment, then the mortgage FI would want to track it separately.
In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move. -- Douglas Adams
Deal Addict
User avatar
Jan 2, 2012
3084 posts
950 upvotes
Toronto
wysiwyg wrote:
Aug 16th, 2019 4:45 am
I have an actual user case for this. I have my mortgage with BNS and bank with another FI. I like to make regular additional prepayments, but the only way I can do this is by going to a branch and dropping off a cheque. I wish I could transfer via bill payment.
For all the mortgage lenders I've ever been with (all with another bank for my main FI), to make pre-payments you can either:
- Call them and ask to make the $X pre-payment, which they will withdraw on the next scheduled PAD date
- Log into your mortgage account with them make the request online instead of calling

I've never heard of needing to drop off a physical cheque... perhaps many years ago but no lender should be requiring this today. If BNS is still insisting you do this they are still in the dark ages of banking I guess.
Deal Fanatic
User avatar
Jan 9, 2011
5193 posts
5085 upvotes
Vancouver
sumanpintoo wrote:
Aug 16th, 2019 5:06 am
I might get wrong what's originally OP might have thought about
Have a read through the prepaid credit cards thread. Most of the discussion there is about one particular prepaid card that has a very relevant feature. That's my guess what the motivation is.
18% = GTA residents as a proportion of Canada's total population
97% = chance that an RFDer lives in the GTA when he posts something location specific, without giving a location

Were you hit with surprise customs/import fees on an Amazon.ca purchase?
Penalty Box
User avatar
Jun 24, 2015
2396 posts
505 upvotes
Woodbridge, ON
And there you have it lady's and gentleman... THIS is why I chose my mortgage with an actual BANK instead of these third party lenders. With the bank they actually take them money out of my chequing account just like that. Who knows what you get with when you choose these relatively unknown third party lenders. you get what you pay for,
Hi
Sr. Member
May 16, 2017
680 posts
671 upvotes
GoodFellaz wrote:
Aug 16th, 2019 12:41 pm
And there you have it lady's and gentleman... THIS is why I chose my mortgage with an actual BANK instead of these third party lenders. With the bank they actually take them money out of my chequing account just like that. Who knows what you get with when you choose these relatively unknown third party lenders. you get what you pay for,
Since we haven't heard back from the OP I don't see how you can make a "there you have it" conclusion (whatever "it" is?) and where is there any reference to third-party lenders???
Deal Addict
Aug 25, 2005
4647 posts
1265 upvotes
GoodFellaz wrote:
Aug 16th, 2019 12:41 pm
And there you have it lady's and gentleman... THIS is why I chose my mortgage with an actual BANK instead of these third party lenders. With the bank they actually take them money out of my chequing account just like that. Who knows what you get with when you choose these relatively unknown third party lenders. you get what you pay for,
You get the exact same thing [...].
Last edited by Mars2012 on Aug 18th, 2019 8:30 am, edited 1 time in total.
Reason: reported/don't be rude

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)