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  • Jun 2nd, 2017 8:23 pm
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[OP]
Sr. Member
Sep 9, 2008
613 posts
121 upvotes
Mississauga

Pay PCF LOC from TD

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.
12 replies
Deal Fanatic
Nov 22, 2015
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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
Deal Fanatic
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Jan 31, 2006
6904 posts
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Toronto
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.
Deal Fanatic
Jul 1, 2007
8459 posts
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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.
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Fanatic
Nov 22, 2015
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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.
Jr. Member
Aug 2, 2011
114 posts
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Vancouver
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.
Member
Mar 16, 2011
413 posts
207 upvotes
I've been paying my TD LOC from my Scotia online account for a year. No problem.
Deal Guru
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Aug 8, 2012
10198 posts
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BC
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 :D
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.
Last edited by ace604 on Jun 2nd, 2017 12:19 am, edited 3 times in total.
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Deal Fanatic
Jul 1, 2007
8459 posts
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Well okay, there's exceptions. But banks are still purposefully making our lives harder! Angry Face
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Guru
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Aug 8, 2012
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BC
Thalo wrote: Well okay, there's exceptions. But banks are still purposefully making our lives harder! Angry Face
+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) :D
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...)
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Jul 17, 2008
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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
[OP]
Sr. Member
Sep 9, 2008
613 posts
121 upvotes
Mississauga
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.
Member
Mar 16, 2011
413 posts
207 upvotes
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

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