Canadian Money Forum banner

1 - 6 of 6 Posts

·
Banned
Joined
·
23 Posts
Discussion Starter #1
I noticed a note on my LOC statement that says I should make a funds transfer as opposed to paying it as a bill payment.

Anyone have any idea what the reason might be fore this?
 

·
Registered
Joined
·
7,252 Posts
Another reason could be a funds transfer may not count as a debit on your account (if both the accounts are with the same institution), whereas a bill payment counts as a debit.
If you have a checking account that limits the number of free debit transactions, then it makes sense to minimize debits as much as you can.
 

·
Banned
Joined
·
2,508 Posts
I noticed a note on my LOC statement that says I should make a funds transfer as opposed to paying it as a bill payment.

Anyone have any idea what the reason might be fore this?
When you say transfer, I assume you are paying your LOC with a chequing account at the same bank?

Otherwise, if you are using another bank (say PCF) to pay a TD LOC, you would have to use the bill payment option.
 

·
Registered
Joined
·
6,983 Posts
Before TD had direct transfers to TDW, I had transfers set up as bill payments. It enabled posted-dated transfers to align with pending cheques. You sould still be able to set them up that way.
 
1 - 6 of 6 Posts
Top