Personal Finance

Automate transfer between wife and husband's chequing account

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  • Sep 5th, 2021 7:08 am
[OP]
Deal Addict
Jul 24, 2003
2160 posts
1085 upvotes

Automate transfer between wife and husband's chequing account

I want to be able to automate moving money from my account to my wife's account at every pay day to pay a mortgage in her name. What is the best way to do this?

I have a Simplii chequing.
She has a CIBC chequing and Tangerine chequing. The mortgage comes out of her CIBC account.

Can I simply open a joint Simplii account, push money from my Simplii to the joint Simplii, then push again to her CIBC account?

Any joint account from other financial institutions would allow this?

Or is there any free e-transfer accounts from other FI that allows pre-set sending a fixed amount bi-weekly (i have no issue with leaving Simplii if needs be).
15 replies
Deal Addict
Aug 15, 2009
2390 posts
1974 upvotes
Montreal
I have my personal checking account at Tangerine. My gf and I have a joint account at Desjardins. Added the joint account in Tangerine and do every 2 weeks automate transfers.

You should be able to do the same with Simplii.
Member
Dec 5, 2017
265 posts
241 upvotes
With Simplii you can transfer (automated or 1 time) money between Simplii accounts or other banks. I bank with Simplii and do automated transfers between Simplii accounts and also to a TD account.
Sr. Member
Feb 28, 2014
964 posts
1141 upvotes
To me, it'll make more sense to open that Simplii joint account and have the mortgage pull from there instead. Both you & your SO contribute their half to that Simplii account automatically and then the mortgage pulls from there. Joint accounts makes sense for joint expenses.

She'll need to open her own Simplii profile for the joint Simplii account anyways. So if you're going to all this work, for me it makes sense to just have the mortgage pull from there. Alternatively, if you're more open to making new profiles than she is, you can make a joint Tangerine account and then have it linked to your Simplii account to do the same thing.
Deal Addict
User avatar
Jun 23, 2017
1452 posts
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Toronto, ON
Spiritwalker2222 wrote: With Simplii you can transfer (automated or 1 time) money between Simplii accounts or other banks. I bank with Simplii and do automated transfers between Simplii accounts and also to a TD account.
This! ......... automate from your Simplii into her CIBC ... easy!
[OP]
Deal Addict
Jul 24, 2003
2160 posts
1085 upvotes
Spiritwalker2222 wrote: With Simplii you can transfer (automated or 1 time) money between Simplii accounts or other banks. I bank with Simplii and do automated transfers between Simplii accounts and also to a TD account.
So set an external link with her CIBC account? I'm allowed to set external link to other accounts that isn't my name (I thought this was not allowed)?
Member
Dec 5, 2017
265 posts
241 upvotes
manho wrote: So set an external link with her CIBC account? I'm allowed to set external link to other accounts that isn't my name (I thought this was not allowed)?
I don't see why it wouldn't be allowed. But my transfer does go to another account of mine. I would call and ask.
[OP]
Deal Addict
Jul 24, 2003
2160 posts
1085 upvotes
Spiritwalker2222 wrote: I don't see why it wouldn't be allowed. But my transfer does go to another account of mine. I would call and ask.
it's on the disclaimers when you try to add an account in Simplii.
Conditions for adding an account:
You must send in a void cheque or a customized account confirmation form to complete this request. The address will follow.
The cheque or customized account confirmation form must have your name preprinted on it.
The name on your account with the other financial institution must match your name on your Simplii Financial accounts.
Only personal accounts will be accepted. Business accounts cannot be added.
Accounts which require multiple signatures to transfer cannot be added.
Accounts must be with a Canadian financial institution and funded in Canadian dollars.
[OP]
Deal Addict
Jul 24, 2003
2160 posts
1085 upvotes
Spiritwalker2222 wrote: Can you make that account a joint account with you?
We could always open a joint account. I'm just trying to see if there's any data point on this (i.e. opening joint account and linking individual accounts) before I actually open the joint (to potentially find it unable to achieve what I want to achieve)
Deal Addict
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Apr 2, 2010
2795 posts
2512 upvotes
GTA
manho wrote: So set an external link with her CIBC account? I'm allowed to set external link to other accounts that isn't my name (I thought this was not allowed)?
I have a similar situation, here's what I would do.

Assumptions
a) Both people have EQ banks setup with their own profiles
b) have each other setup with EQ connections (internal money transfer option available between EQ customers)
c) Define a transfer schedule
d) setup payroll (I would not recommend) or keep some money in EQ bank earning decent interest relative to whats out there.

So how would it work:
-Send savings to EQ bank (or some amount of money) each payroll.
-Setup EQ connections and define a transfer on a repeated scheduled (e.g. every Wednesday, send money to person B)
-Either setup the mortgage to pull from EQ bank or setup a scheduled transfer (e.g. every Thursday) from Person A to the bank account that will have the pull (e.g. Person A's CIBC/Simplii).

Hope that makes sense and helps, I have this all automated doing exactly this for a while and it works for what I need.
Member
Feb 26, 2017
267 posts
124 upvotes
I am in a similar scenario that I need to move some money from one account to another for mortgage payment. I am currently using etransfer from CIBC to TD but it has a $3000 limit and $1.50 fee. I want to transfer among CIBC, TD and RBC for both mine and my wife's accounts but haven't found a good way yet. I used cheque in the past but it took a week clear. I have been looking for an easy online way to move money around without going into the branch or use etransfer.
Deal Addict
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Apr 2, 2010
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I forgot to add another tip to my EQ Bank suggestion above, its to use an LOC as the place where the Mortgage PAD gets setup.
The point being, if you are a day late or something, the LOC buffers the gap, saving you NSF fees and other problems, you just pay a few cents in interest I guess (and you can manually top it up).

CIBC Line of credit works well, (Its what I use), you get a regular appearing cheque which you can use to setup the PAD with the mortgage (it will look like any other chequing account to them).

So EQ Bank manages the funds while you earn interest, merges the funds in Person A's account (as explained above), then Person A pushes the funds to the CIBC LOC and the mortgage company does a Preauth debit from the LOC.
[OP]
Deal Addict
Jul 24, 2003
2160 posts
1085 upvotes
manho wrote: I have a Simplii chequing.
She has a CIBC chequing and Tangerine chequing. The mortgage comes out of her CIBC account.

Can I simply open a joint Simplii account, push money from my Simplii to the joint Simplii, then push again to her CIBC account?
Just an update in case anyone who comes across this from Google in future...

So she also opened a Simplii account, and we opened a joint account over the phone (technically, I opened a new chequing account and added her to my account), she linked her CIBC to her Simplii. So I automated transfer to the joint account, and she automated the push from the joint to her CIBC.
Deal Fanatic
User avatar
Jan 31, 2006
8003 posts
2339 upvotes
Toronto
905P4N6 wrote: This! ......... automate from your Simplii into her CIBC ... easy!
But if your Simplii account have insufficient funds then you will get charge a fee and an added headache.
Deal Addict
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Sep 14, 2012
2372 posts
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Montreal, QC
cgtlky wrote: But if your Simplii account have insufficient funds then you will get charge a fee and an added headache.
That's true but I do a similar thing with Tangerine where every week, money is moved from my Tangerine chequing account to my TD Canada Trust chequing account since my TD Canada Trust chequing account has 2 pre-authorized payments which are taken out of it (one is bi-weekly and the other is once a month) and I've never had this problem since I keep my Tangerine chequing account topped up. I do the same thing with my Tangerine chequing account to my RBC account since I have a pre-authorized investment that happens once a month.

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