Personal Finance

Bill payment and HELOC interest question

  • Last Updated:
  • Mar 18th, 2017 5:55 pm
Newbie
User avatar
Jan 7, 2015
53 posts
16 upvotes
Edmonton, AB

Bill payment and HELOC interest question

Hi all,

Long story but I needed a bank draft for $17K, so I used Bill Payment to transfer $ from Tangerine to my Scotialine (HELOC) so that I can go to Scotiabank in person to order the bank draft and hopefully avoid any interest (I have no balance on my HELOC, so it will show a $17K credit once the transfer go through).

My question is, how long does it take for the fund to show up on the Scotialine Visa? I should also say, I looked online but it is unclear because it is a bill payment, not a EFT. It is technically a VISA but on a secured line of credit.
2 replies
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4028 upvotes
BC
abwlml wrote: Hi all,

Long story but I needed a bank draft for $17K, so I used Bill Payment to transfer $ from Tangerine to my Scotialine (HELOC) so that I can go to Scotiabank in person to order the bank draft and hopefully avoid any interest (I have no balance on my HELOC, so it will show a $17K credit once the transfer go through).

My question is, how long does it take for the fund to show up on the Scotialine Visa? I should also say, I looked online but it is unclear because it is a bill payment, not a EFT. It is technically a VISA but on a secured line of credit.
What is your HELOC rate? Prime + 0.5%? 3.2% interest on $17k for 1 day is $1.49.

Even if it takes 2 days, that's < $3 interest. If you need the draft a certain date, just get the draft when you need it and don't worry about the $0, $1.49, or $2.98 interest.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Newbie
User avatar
Jan 7, 2015
53 posts
16 upvotes
Edmonton, AB
ace604 wrote: What is your HELOC rate? Prime + 0.5%? 3.2% interest on $17k for 1 day is $1.49.

Even if it takes 2 days, that's < $3 interest. If you need the draft a certain date, just get the draft when you need it and don't worry about the $0, $1.49, or $2.98 interest.
Yeah, was thinking of the same thing, my rate is only at 2.85%!

Top