Personal Finance

RBC Line of Credit as PAP Account?

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  • Jul 2nd, 2021 4:09 pm
[OP]
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Jan 7, 2019
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RBC Line of Credit as PAP Account?

I'm sure this has been asked before but my search yielded no results...


Has anyone set up their line of credit or homeline plan line of credit as a pre-authorized payment account? I tried setting it up on Toronto Hydro with my line of credit account number + Transit + bank code and it was accepted but am not sure it'll actually work on the day of...

Thanks!
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Deal Addict
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Jan 16, 2007
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The RBC line of credit doesn't work like this, such a transaction will fail. You need an RBC bank account to use with it.
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[OP]
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I tried calling telephone banking and they said it should go through but wasn't able to confirm. They said if I were to set up a fixed payment option through pay bills, I could use my line of credit and that would work.

Guess i'll have to wait until the bill gets proceed to see if it works...
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Yes, you can do bill payments inside RBC from the line of credit to a bill payee. You can't do pre-authorized debit of an LOC, or pre-authorized credit, or pay the line of credit from outside.
🏦 Banking: Alterna Bank (2.0%, No fees), Motive Financial (3%, No fees)
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Mar 18, 2006
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BrokeMillennial wrote: Guess i'll have to wait until the bill gets proceed to see if it works...
joshnet wrote: Yes, you can do bill payments inside RBC from the line of credit to a bill payee. You can't do pre-authorized debit of an LOC, or pre-authorized credit, or pay the line of credit from outside.
joshnet is correct in all his statements. You can't even make a payment to their LOC from their own ATM (you have to pay the LOC at the teller).

I suspect your payment will not go through even though you were able to set it up. RBC will reject it when requested by the other institution (on behalf of Toronto Hydro).

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