What banks let you pay their PLOC/HELOC directly from an independant institution?

Isn't it the law that every bank must allow this?
https://www.canada.ca/en/financial-cons ... lling.html
I've never seen a LOC or HELOC that did not allow paying from an outside account.

bubak wrote: ↑ Isn't it the law that every bank must allow this?
https://www.canada.ca/en/financial-cons ... lling.html
I've never seen a LOC or HELOC that did not allow paying from an outside account.

I don't think that applies. It isn't coercive selling because I can always pay in person. What I want to avoid is being forced to go to the bank to make payments. For example, right now I deal with Scotia for my mortgage, and they make me go in person to make additional payments and they will not take my debit card when I'm there. I want to avoid the same conditions with a LOC. I want to be able to pay any LOC I get either online or by telephone banking.

The two I know of are TD and Scotia. They accept bill payments from other banks to pay them.

BMO

cibc (,and yes you can have both simplii and cibc loc)
for cibc you would not use bill pay but etransfer OR link accounts

cibc works same way as simpii where it can have positive balance

NBC LOC/HELOC is a chequing account so it accepts direct deposits (e.g. from payroll, Tangerine, Simplii) and Interac e-transfers.

In the olden days we used to mail cheques to make payments instead of going into a branch.

Tangerine LOC forces you to setup an automatic PAP that can be from any bank. Extra payments require a Tangerine chequing account but that's free to get online.

I don't think this is really a question of what the bank supports.

It's more a question of whether the payee (bank) and payor (FI in question) are on the same bill payment network. Does anyone know what that network is called?

There is only one bill payment network, provided by Payments Canada. It's up to the bank that holds the LOC whether they make it payable using the bill payment mechanism or not.

bryceton wrote: ↑ cibc (,and yes you can have both simplii and cibc loc)
for cibc you would not use bill pay but etransfer OR link accounts

cibc works same way as simpii where it can have positive balance

Can you clarify the situation above. Is this based on having a bank account at CIBC or at Simplii (because I have a Simplii account and LOC right now)? So you would do an etransfer between "insitutions" or is that just how CIBC is paid?

Also, why would I want it to have a positive balance?

Thank you.

CouponBaron wrote: ↑ Can you clarify the situation above. Is this based on having a bank account at CIBC or at Simplii (because I have a Simplii account and LOC right now)? So you would do an etransfer between "insitutions" or is that just how CIBC is paid?

Also, why would I want it to have a positive balance?

Thank you.

Because CIBC PLC is basically a free unlimited chequing account with no regular fees and a huge overdraft attached

CouponBaron wrote: ↑ I don't think that applies. It isn't coercive selling because I can always pay in person. What I want to avoid is being forced to go to the bank to make payments. For example, right now I deal with Scotia for my mortgage, and they make me go in person to make additional payments and they will not take my debit card when I'm there. I want to avoid the same conditions with a LOC. I want to be able to pay any LOC I get either online or by telephone banking.

Why would they take your debit card from another bank? There are no FIs that accept payments through the Interac network (debit card)

Every FI that I know of accepts online bill pay/eTransfer for PLC payments though

bubak wrote: ↑ NBC LOC/HELOC is a chequing account so it accepts direct deposits (e.g. from payroll, Tangerine, Simplii) and Interac e-transfers.

In the olden days we used to mail cheques to make payments instead of going into a branch.

Tangerine LOC forces you to setup an automatic PAP that can be from any bank. Extra payments require a Tangerine chequing account but that's free to get online.

Yeah, LOL. I'm spoiled now - don't even want to walk in . Not every bank is within walking distance of me either (I have no car, and would rather avoid buses due to OCD).

I looked into the NBC one you mentioned, but it seems to me to do the integrated/chequing one, you need to have a $28.95/mo chequing account to get less than $5k which makes it a hassle. And isn't that just "overdraft" at that point? The regular $5000+ LOC says you have to go in person to a branch and there's no branch in my city, so NBC is no dice.

Can you explain the PAP for Tang a bit more though? Is it a specific amount? Like X minimum balance or something? Or is it more like an instalment amount you set? I do have a Tang chequing account (that I never use lol), and a cc with them. If I wanted I could just e-transfer my money to my Tang chequing and use that to pay it though, right?

KanataKG wrote: ↑ Because CIBC PLC is basically a free unlimited chequing account with no regular fees and a huge overdraft attached

Wow! That's interesting. So can that handle pre-auth payments and deposits too? (I'm thinking tax refund deposits and mortgage payments)

CouponBaron wrote: ↑ Wow! That's interesting. So can that handle pre-auth payments and deposits too? (I'm thinking tax refund deposits and mortgage payments)

Yes, but CIBC won't let you set it up for pre-auth payments for their own loans & mortgages.