Hello,
I was hoping to get some info from BMO InvestorLine clients that I cannot find online and could not understand from a brief conversation with a BMO consultant.
First I'm trying to determine whether there is a way to EFT (Electronic funds transfer) money to and from a BMO InvestorLine cash account to another Canadian banking institution. Is this possible? (Similar to what Scotia iTrade is marketing as Easy Transfer)
It appears to me that I'm forced to open a bank account with BMO by way of the AccountLink service if I open a BMO InvestorLine account. Is that true? I don't really want to have a BMO bank account but it appears there is no choice. I assume cash is held in the InvestorLine cash account and one chooses when to move money into the AccountLink account. Is that correct? or does cash automatically get parked into the AccountLink account?
It appears that the option to get money out is to put money in your AccountLink account and then Interac Email Money Transfer to yourself to put in another account at another banking institution.
I had basically decided I would open an InvestorLine account but I don't need a bank account with BMO and it seems a little excessive if I have to move cash into AccountLink account and then email it to myself (which may incur a charge depending on the institution it goes to). I'd rather just have a broker that I can EFT money back and forth with to a Canadian banking institution of my choosing.
Thanks for any insights into the workings of BMO InvestorLine and if my concerns are unjust.
Cheers
Sdust
I was hoping to get some info from BMO InvestorLine clients that I cannot find online and could not understand from a brief conversation with a BMO consultant.
First I'm trying to determine whether there is a way to EFT (Electronic funds transfer) money to and from a BMO InvestorLine cash account to another Canadian banking institution. Is this possible? (Similar to what Scotia iTrade is marketing as Easy Transfer)
It appears to me that I'm forced to open a bank account with BMO by way of the AccountLink service if I open a BMO InvestorLine account. Is that true? I don't really want to have a BMO bank account but it appears there is no choice. I assume cash is held in the InvestorLine cash account and one chooses when to move money into the AccountLink account. Is that correct? or does cash automatically get parked into the AccountLink account?
It appears that the option to get money out is to put money in your AccountLink account and then Interac Email Money Transfer to yourself to put in another account at another banking institution.
I had basically decided I would open an InvestorLine account but I don't need a bank account with BMO and it seems a little excessive if I have to move cash into AccountLink account and then email it to myself (which may incur a charge depending on the institution it goes to). I'd rather just have a broker that I can EFT money back and forth with to a Canadian banking institution of my choosing.
Thanks for any insights into the workings of BMO InvestorLine and if my concerns are unjust.
Cheers
Sdust