Personal Finance

Sending money via direct deposit?

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[OP]
Jr. Member
Dec 31, 2009
131 posts
22 upvotes

Sending money via direct deposit?

Hopefully this is okay to be posted here!

My building just changed management, so one of the ways they accept rent is via direct deposit; they gave me their institution, transit, and account number. If I choose to use this route, how would I go about doing this?

Searched online, but seems hard to get a definite answer. I am with Tangerine. Thanks!
8 replies
Deal Fanatic
User avatar
Nov 23, 2005
8851 posts
5334 upvotes
Generally speaking, you can't just do a DD to someone from a personal account. DD is an option on biz accounts and it costs money to do it.

If your new management banks with the same institution as you, you could likely set them up as a payee or be able to transfer it via phone to their account. I know with TD, as long as both parties have accounts with them, it can be done.

Otherwise, you'd have to go to their bank to deposit cash into their account.
Deal Fanatic
Jun 24, 2015
6432 posts
2016 upvotes
0 downvotes
you can deposit it into their account via your online banking. when they said direct deposit maybe meant something else? just use your online banking and make a deposit into the account number they provided you ,also print the reciept incase they come back and tell you they didnt get it.
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Deal Fanatic
Jun 24, 2015
6432 posts
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what im trying to say is maybe they mean transfer into the account and said "direct deposit" as a mistake and meant to say direct transfer. either way do it the new way or old way its totally up to you
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[OP]
Jr. Member
Dec 31, 2009
131 posts
22 upvotes
Thanks all, this has put me in the right direction, though on Tangerine, when I am trying to add an external account, it says "I confirm that the information provided above is for a personal bank account in my name," as they will then put a couple of tiny deposits less than $1 that I have to confirm what they are.

Is there another method I am missing perhaps (aside from email transfers nowadays)?

Edit to say I just called them and the customer service person said external accounts we don't own aren't 'supported'.
Sr. Member
Dec 12, 2005
767 posts
210 upvotes
Richmond
What about the reverse? Instead of auto deposit, auto withdrawal on your account. Ask if they can do it.
[OP]
Jr. Member
Dec 31, 2009
131 posts
22 upvotes
Thanks!
They do have pre-authorized payment as an option, I was hoping to avoid this, as this seems to put trust in their hands, but they seem to be a professional company that manages many buildings, and looks like "Stop Payment – Pre-Authorized Payments" are free with Tangerine (in case I get another method figured out). Though, I also did read it only takes changing their company name by a letter for example to be able to use my information again. Again, trust issue (never know if someone could go rogue, ie: better safe than sorry), maybe that is not too likely though?

Pretty sure I have never done a pre-authorised payment directly through my bank.

And to add, the other method is via a third party building management site that seems reputable (trying to get this figured out).
Deal Fanatic
Jul 23, 2002
5085 posts
1486 upvotes
clamsoop wrote: Searched online, but seems hard to get a definite answer. I am with Tangerine. Thanks!
It might be this process:

1) Write a check to the building management in the amount of your rent.
2) Go to the building management's bank
3) Talk to the teller saying that you want to deposit the check as a third-party to the management's account

I recall doing this with BMO a number of years ago.

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