Investing

Those who use BMO Investorline and have a bank account with BMO...

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  • Aug 27th, 2021 11:52 am
[OP]
Sr. Member
Dec 14, 2017
550 posts
559 upvotes

Those who use BMO Investorline and have a bank account with BMO...

I am wondering if the cash transfers between the BMO Investorline and BMO bank accounts (HISA or whatever) or instantaneous?

I am preparing to setup a Smith Maneouver and considering BMO Investorline. It would be advantageous for me to be able to take dividends from the Investorline portfolio and immediately deposit it into a BMO bank account and (bonus point here) put money against the principal of my mortgage which would then open up my BMO HELOC immediately.

Maybe this is a pipe dream, but I'd appreciate some users' experiences!

Thanks
10 replies
Deal Expert
Jan 27, 2006
20508 posts
13892 upvotes
Vancouver, BC
The transfers are instantaneous.
Member
Jul 17, 2011
280 posts
121 upvotes
TORONTO
Just a clarification: Any dividends/interest/settlements paid on Fridays or days before holidays are not reflected in your BMO linked account (used to make transfers between BMO and BMOIL) until the next BUSINESS day. Therefore you cannot transfer money from BMOIL to BMO until then. Also transfers into BMOIL are not reflected in your BMOIL balance available until the next business day. I have been complaining about these two things for ages.
[OP]
Sr. Member
Dec 14, 2017
550 posts
559 upvotes
Okay, then I'm confused, because I think that's what I am wondering about (@BigRFDfan).

If dividends are in my BMOIL account on Monday morning, and I want to have it in my BMO bank account Monday, is that possible? To go further, can those dividends go from BMOIL > BMO Bank > BMO Mortgage same day (bonus points if you can tell if the readvanceable loan (HELOC) reflects this same day too))
Deal Addict
Feb 4, 2003
3285 posts
1598 upvotes
7865875 wrote: Okay, then I'm confused, because I think that's what I am wondering about (@BigRFDfan).

If dividends are in my BMOIL account on Monday morning, and I want to have it in my BMO bank account Monday, is that possible? To go further, can those dividends go from BMOIL > BMO Bank > BMO Mortgage same day (bonus points if you can tell if the readvanceable loan (HELOC) reflects this same day too))
If the dividend is posted on your bmoil then it will show up on the bmoil cash account on your bmo online banking. You can move it out and use it right away.
Deal Addict
User avatar
Nov 18, 2007
3529 posts
635 upvotes
Corktown
Not instantaneous.

Balance changes in Investorline account will take at least one day to be reflected in linked BMO account.

For example, if a dividend is posted overnight into the Investorline account, the linked BMO account will not reflect the new balance until the next next morning, if lucky.
Deal Expert
Jan 27, 2006
20508 posts
13892 upvotes
Vancouver, BC
fastlayne wrote: Not instantaneous.

Balance changes in Investorline account will take at least one day to be reflected in linked BMO account.

For example, if a dividend is posted overnight into the Investorline account, the linked BMO account will not reflect the new balance until the next next morning, if lucky.
Really?

I literally just transferred $300 from my Investorline account to my linked BMO account after I read your post and the balances were updated instantly which to me is instantaneous.
Newbie
Mar 1, 2019
51 posts
39 upvotes
When I bill pay money into my Investorline account it can first be seen/used in Investorline, and then not until a business day or two later does the new money also become reflected and usable in the linked chequing account.

Conversely when I transfer money from an external bank account (eTransfer or EFT) into the linked chequing account the money isn't reflected in Investorline until a day or two after it has reached my chequing account.

But it might be possible to, once the dividends can be seen in the Investorline account, to use the "Move Money" feature in Investorline to instantly move the money into a different BMO account, before the dividends become reflected in the balance you see in the linked chequing account through the online banking interface.
Deal Addict
Oct 1, 2006
2519 posts
2864 upvotes
Montreal
My spouse banks with BMO and has an BMO Investorline account. I always got annoyed that her transfer BMO-->BMOIL (RRSP) took longer than my transfer from BMO --> TD Direct. Maybe things changed and transfer are now instant.
Member
Jul 17, 2011
280 posts
121 upvotes
TORONTO
7865875 wrote: Okay, then I'm confused, because I think that's what I am wondering about (@BigRFDfan).

If dividends are in my BMOIL account on Monday morning, and I want to have it in my BMO bank account Monday, is that possible? To go further, can those dividends go from BMOIL > BMO Bank > BMO Mortgage same day (bonus points if you can tell if the readvanceable loan (HELOC) reflects this same day too))
You can transfer whatever the balance in your Linked BMOIL account is into your BMO bank account instantaneously. The issue is the Linked BMOIL account is not updated for that day's activity until the next business day. So if you've received some cash in your BMOIL account on a Friday, you won't be able to transfer it until the following Monday. I'm afraid I don't have any mortgage/HELOC products so I can't answer the rest of your question.
[OP]
Sr. Member
Dec 14, 2017
550 posts
559 upvotes
Okay, well thanks everyone. I'm not 100% confident on anything, but the experiences are good info for me... Smiling Face With Open Mouth And Smiling Eyes

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