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Link Bank Account to TD HELOC Revolving Portion

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  • May 21st, 2020 6:50 pm
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May 20th, 2020 4:26 pm
forbetterlife [OP]
Newbie
Apr 27, 2020
24 posts

May 20th, 2020 4:26 pm

Link Bank Account to TD HELOC Revolving Portion

Does anybody have experience in linking HELOC of TD to a Chequing Account of another Bank, let's say, CIBC? so that the borrowed money can be deposited to and the LOC interest can be paid through another bank? So far, the TD agents told me that chequing account has to be from TD, which is unreasonable, because right now I can pay the mortgage from my CIBC account, why the HELOC cannot? Are they trying to get a sale for their checking account? I would appreciate if anyone could share your experience or thoughts.
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May 21st, 2020 1:19 am
BIGSMILESg
Newbie
Aug 26, 2013
72 posts
31 upvotes
Oakville

May 21st, 2020 1:19 am

Use the HELOC as your chequing account too... That's the best thing about a TD HELOC... I've been using mine as my bank/chequing account now for almost 20 years, and have never paid monthly bank service fees, etc... A very up-front, honest, detail-oriented bank teller and manager explained this to me almost 20 years ago, and I've never had a traditional "bank account" since... I have 2x HELOCs and 1x PULOC, but NO traditional "bank account"... Then I have HISAs with "B" Banks - NO Fees - For day-to-day banking, deposits and bill payments, oh and EMTs too - FREE... Just sayin'... BIG SMILES... /G
May 21st, 2020 2:21 pm
forbetterlife [OP]
Newbie
Apr 27, 2020
24 posts

May 21st, 2020 2:21 pm

Thank you for sharing your experience. One question, how can we transfer money from another bank to HELOC? TD agents told me if no TD chequing account linked to HELOC, I have to go to branches to pay the interest, which is very inconvenient. thank you.
BIGSMILESg wrote: ↑ Use the HELOC as your chequing account too... That's the best thing about a TD HELOC... I've been using mine as my bank/chequing account now for almost 20 years, and have never paid monthly bank service fees, etc... A very up-front, honest, detail-oriented bank teller and manager explained this to me almost 20 years ago, and I've never had a traditional "bank account" since... I have 2x HELOCs and 1x PULOC, but NO traditional "bank account"... Then I have HISAs with "B" Banks - NO Fees - For day-to-day banking, deposits and bill payments, oh and EMTs too - FREE... Just sayin'... BIG SMILES... /G
May 21st, 2020 5:33 pm
BIGSMILESg
Newbie
Aug 26, 2013
72 posts
31 upvotes
Oakville

May 21st, 2020 5:33 pm

You're WELCOME - My pleasure assisting people SAVE $$$... And - Being 100% HONEST - Your TD Agents are WRONG...
A TD HELOC or PULOC is a Bill - You ADD a Payee to your CIBC Online Banking Profile - AND pay the interest, or however much you want, whenever you want...
But because it's been YEARS since I set things up, I just logged into My Dad's 2 different Online Banks and attempted setting up my HELOC as a Payee, and it worked as I remembered it...
Payee Name: TD Canada Trust Line of Credit (or LOC) - Payee Account Number: Your HELOC Account Number...
Then try paying a small amount - Say $2.00 - Just to make sure everything works OK - After a day or two, this $2.00 Payment should be reflected on your TD HELOC Account - Check via Online Access - - - And voila - Do as you wish, when you wish - - - But remember, your CIBC Account might charge you for payments - I dunno what plan you have with them - And to be honest again, I'm not really a CIBC Fan - But that's just "My Opinion"...
Anyway - I'm retired now - But for years, I ran and funded my National Corporation moving money back and forth like this... AND YES - All legally, with the proper paper-trail - LOL...
But I do suggest that you OPEN a HISA, with say Alterna Bank (user Online Interface and App, very simple and somewhat similar to TD) - - - Then it's even easier, as a Me-to-Me Transfer - TD to Alterna, and Alterna to TD, whenever you want... But enough for now - One step at a time, right...
Hope this helps...
Be SAFE - Be WELL - Be PATIENT - Better days will eventually be upon us... BIG SMILES... /G
+2
May 21st, 2020 6:50 pm
forbetterlife [OP]
Newbie
Apr 27, 2020
24 posts

May 21st, 2020 6:50 pm

Thank you very much!
BIGSMILESg wrote: ↑ You're WELCOME - My pleasure assisting people SAVE $$$... And - Being 100% HONEST - Your TD Agents are WRONG...
A TD HELOC or PULOC is a Bill - You ADD a Payee to your CIBC Online Banking Profile - AND pay the interest, or however much you want, whenever you want...
But because it's been YEARS since I set things up, I just logged into My Dad's 2 different Online Banks and attempted setting up my HELOC as a Payee, and it worked as I remembered it...
Payee Name: TD Canada Trust Line of Credit (or LOC) - Payee Account Number: Your HELOC Account Number...
Then try paying a small amount - Say $2.00 - Just to make sure everything works OK - After a day or two, this $2.00 Payment should be reflected on your TD HELOC Account - Check via Online Access - - - And voila - Do as you wish, when you wish - - - But remember, your CIBC Account might charge you for payments - I dunno what plan you have with them - And to be honest again, I'm not really a CIBC Fan - But that's just "My Opinion"...
Anyway - I'm retired now - But for years, I ran and funded my National Corporation moving money back and forth like this... AND YES - All legally, with the proper paper-trail - LOL...
But I do suggest that you OPEN a HISA, with say Alterna Bank (user Online Interface and App, very simple and somewhat similar to TD) - - - Then it's even easier, as a Me-to-Me Transfer - TD to Alterna, and Alterna to TD, whenever you want... But enough for now - One step at a time, right...
Hope this helps...
Be SAFE - Be WELL - Be PATIENT - Better days will eventually be upon us... BIG SMILES... /G

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