Pay PCF LOC from TD

Szharkov wrote: ↑ Trying to figure out how to add a PCF LOC as either an external account or bill payee @ TD EasyWeb. I'd like to setup automatic payments to the PCF LOC wihout resorting to e-transfer.

Tried searching President Choice, Canadian Imperial Bank of Commerce as payees but nothing is available.

You can't.

You could set up a bank-to-bank transfer by providing a void cheque from TD that would allow you to do transfers online. I'm not sure if you need to have a chequing account to use this feature but just sign into your PCF online banking -> Transfers -> Add Account

superfresh89 wrote: ↑ You can't.

You could set up a bank-to-bank transfer by providing a void cheque from TD that would allow you to do transfers online. I'm not sure if you need to have a chequing account to use this feature but just sign into your PCF online banking -> Transfers -> Add Account

As far as I know you should have a PCF chequing account, Link up TD account via giving PCF void cheque. Once it got link up then transfer money from TD to PCF chequing. Then PCF chequing to PCF LOC.

The big 5 banks purposefully keep each other's LOCs, as well as some competing ones like PCF's, off their bill payment list to make it more difficult for you to have a LOC elsewhere. They want that business.

PCF I know has all the major banks' LOCs as bill payment options.

Thalo wrote: ↑ The big 5 banks purposefully keep each other's LOCs, as well as some competing ones like PCF's, off their bill payment list to make it more difficult for you to have a LOC elsewhere. They want that business.

PCF I know has all the major banks' LOCs as bill payment options.

Not necessarily. PCF cannot add CIBC PLC as a bill payment.

It depends on how the FI sets up the account. For example, CIBC PLCs work just like a cheuqing account with a large overdraft and cannot accept bill payments.

Thalo wrote: ↑ The big 5 banks purposefully keep each other's LOCs, as well as some competing ones like PCF's, off their bill payment list to make it more difficult for you to have a LOC elsewhere. They want that business.

PCF I know has all the major banks' LOCs as bill payment options.

I know for a fact that both BMO and TD can bill pay a Scotia LOC.

I've been paying my TD LOC from my Scotia online account for a year. No problem.

Thalo wrote: ↑The big 5 banks purposefully keep each other's LOCs, as well as some competing ones like PCF's, off their bill payment list to make it more difficult for you to have a LOC elsewhere. They want that business.

PCF I know has all the major banks' LOCs as bill payment options.

Hmm... that doesn't seem right, see:

superfresh89 wrote: ↑
Not necessarily. PCF cannot add CIBC PLC as a bill payment.

It depends on how the FI sets up the account. For example, CIBC PLCs work just like a cheuqing account with a large overdraft and cannot accept bill payments.

benj1701 wrote: ↑
I know for a fact that both BMO and TD can bill pay a Scotia LOC.

chopperE wrote: ↑ I've been paying my TD LOC from my Scotia online account for a year. No problem.

Not all LOCs are setup as bill payment payable.

At EQ Bank for example I see:

1. Scotia Bank Scotia Line Of Credit
2. Td Canada Trust Loc Line Of Credit

(No BMO, RBC, CIBC, or PCF).

From BMO's online banking I see:

1. Scotiabank Scotialine
2. TD Canada Trust Line of Credit

From CIBC's online banking I see:

1. SCOTIABANK - SCOTIALINE
2. TD CANADA TRUST LINE OF CREDIT

From RBC's online banking I see:

1. SCOTIABANK-SCOTIALINE& STUDENT LOAN
2. TD CANADA TRUST LINE OF CREDIT

From TD's online banking I still see:

1. SCOTIABANK SCOTIALINE
2. TD CANADA TRUST LINE OF CREDIT

Scotia ... whoa man, Scotia is horrible. I'm surprised if you can find anything there. I did find:

1. SCOTIALINE
2. TD CAN.TRUST LOC STUDENT LOC

... under "Credit cards" but the search is horrible though.
If you enter "TD CAN" it gives zero hits even though "TD CAN.TRUST LOC" is there.

So this tells me that Scotia and TD have setup their LOCs as bill payees eligible to be paid this way through the Canadian bill payment system regardless of which bank you pay from.
The fact that BMO/RBC/CIBC/PCF are missing has nothing to do with, say, TD not listing them in their list, but has to do with say BMO not registering their LOC as a bill payee product.


*Note: I don't have bank accounts at all these banks ... but I just so happen to have online logins at them all now
CIBC just for credit cards (had a chequing for promo but closed it).
Scotia just for credit cards.
RBC just for USD account.
BMO I have the Bank Unlimited Plan, so I have an account ... but I mainly got it just for the free WE credit card
TD ... well you know... promo + credit card, LOL.

It's kinda funny because ~12 months ago I was not a customer of any big 5 bank except CIBC via Citbank Petro-Points MC that got bought out by them.

Well okay, there's exceptions. But banks are still purposefully making our lives harder!

Thalo wrote: ↑ Well okay, there's exceptions. But banks are still purposefully making our lives harder!

+1 on that.

I was busy editing while you posted ... there are no big-5 exceptions for excluding the two known-to-work-bill-payee-LOCs (Scotia and TD)

What ace said. Some banks allow it some don't. I know Scotia does allow to setup their LOC as bill payments. Guess TD too, but I never had a LOC with them

Yes looks like I will send a void cheque to PCF and link it that way. Wish they did like Tangerine where you just confirm the $ transfer amount and voila it's linked.

Side question, does anyone use their LOC as a daily chequing account? I like the idea especially since I have a negative balance on it now.

Szharkov wrote: ↑ Yes looks like I will send a void cheque to PCF and link it that way. Wish they did like Tangerine where you just confirm the $ transfer amount and voila it's linked.

Side question, does anyone use their LOC as a daily chequing account? I like the idea especially since I have a negative balance on it now.

My ScotiaLIne has a VISAdebit card with it. I've been using it as a VISA card for some daily purchases or online and then pay it from my other ScotiaOne account, which registers right away. I don't think the Bank likes me doing that though ha