# How to Get Money into a TD e-Series - Bill Payment?



## Maj34 (Oct 7, 2011)

Hi. I've been contributing to my e-Series now for 6 months and I think I may have been doing it the hard way. I've been withdrawing cash (or writing myself a cheque) from my President's Choice Chequings account and going to the TD ATM once a month with my hard earned money to make a deposit.

I recently read, in the comments section of a blog article about the TD e-Series, that it is possible to transfer money into an e-Series account by adding your TD account as a bill in your other institution's online banking page (in my case PCF).

The commenter didn't leave a lot of details though. 

Does anyone use this method, or any other no-cost electronic method, to transfer funds from a non TD account into an e-Series?

If you use the bill payment method whereby you add your TD account as a bill in your other bank, are you using the account number of your RSP? If so, to which index fund will get deposited? I'm assuming there must be a way of setting up a default fund - OR does it go into a money market fund? Or do you just transfer into a TD savings account from which you can purchase index funds?

Thanks.
M.


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## brad (May 22, 2009)

The way I did it was I just linked my bank account with my TD e-series account, and then I bought shares through the TD e-series web interface. They took care of transferring it from my bank account, although it always took a week or two to show up as a withdrawal in my bank account. The bank account I was using was not TD, by the way, it was Banque Nationale (National Bank), so they shuld have no trouble doing it with PCF.


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## CanadianCapitalist (Mar 31, 2009)

When I first opened a TD Mutual Fund account, I only had a RBC Chequing Account. I provided TD with a void cheque and the TD Mutual Fund Account was set up to pull money from the chequing account whenever a "Purchase Mutual Funds" transaction was made through EasyWeb. 

TD Mutual Funds should be able to set up your account the exact same way. My advice: give them a call and ask them to set it up for you.


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## FrugalTrader (Oct 13, 2008)

I have the same setup as CC, except it's with a TD chequing account. Basically, it auto withdraws from the chequing account whenever a mutual or money market fund is purchased.


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## mrPPincer (Nov 21, 2011)

I do the same thing but I use a high interest savings account that pays 2% interest.
Once the bank account is linked to your td investments account, when you buy or sell, you transfer in or out on the same day providing you do so before 3 pm EST.
In that way it's more convenient than using a TDW account.


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## Maj34 (Oct 7, 2011)

Thanks for the suggestions everyone - I will definitely call TD and get this set up. I had no idea I could link accounts in this way.

The idea of "bill transfers" is intriguing to me still. I've been doing monthly Interac E-Transfers for almost 4 years now. My old landlord requested that I pay rent that way and I agreed, perhaps foolishly since I absorbed the $1.50 fee each month. Now I live with my girlfriend and we transfer cash back and forth this way each month to balance our bill contributions.

I'm wondering if it's possible to set up another persons Chequings account as a bill and transfer money by paying a bill; it'd be even better if one could pay using (your favourite points) credit card. I will definitely ask the TD rep if this is possible and will report back!


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## orange (Oct 23, 2011)

I don't think you can set up another persons account as a bill payment, but if you really like to use interac transfers, the ING chequing account provides them for free. Or, use a PC cheqing account and write each other free cheques.


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## Potato (Apr 3, 2009)

I don't know if you can do it with chequing accounts or TDMF accounts, but you can send bill payments to TD Waterhouse accounts. Very easy to set up: in PCF just look for TD Waterhouse and the account number is your Canadian Cash account number (including the -A suffix).


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## realist (Apr 8, 2011)

You can definitely link the PC account to the TD e-series account, that is what I do as well. 

If she also uses PCF, set up a new joint chequing account with your girlfriend that you can both access. That's how my wife and I manage joint expenses separately from our individual banking.


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## 44545 (Feb 14, 2012)

Late to the party but I thought I'd add my 2-cents since I was facing exactly the issue as Maj34.

I have a PC Financial Chequing account and a TD Waterhouse brokerage account (specifically, cash trading account and TFSA) I do NOT have any other TD Canada Trust accounts at this time.

First things first, write down the account number for the TD Waterhouse account you wish to transfer funds to. (typically the cash account as transferring directly to the TFSA or RRSP has tax implications - you can do that separately).

Log in to PC Financial and set up a new Bill Payee. You'll be presented with a "search" function - enter "TD Waterhouse" in that field and confirm that is the payee when prompted.

Enter the account number when prompted and save this as a payee.

That's it, you're done.

TEST that it's working before sending large sums of money. I do this by making a "$0.01" payment (yes, ONE CENT).
Wait a few business days and check your TD Waterhouse account for the arrival of the cent. (that sounds funny, doesn't it?)

If it doesn't arrive in a week, something went wrong and you'll need to figure out what. (wrong account number?)
If it does arrive, you're good to go - transfer whatever you want via bill payment. You can even set up advance, recurring payments on the PC Banking site.

OPTION 2 - I haven't tried this but it was suggested by a TD Waterhouse phone rep: set up a TD Canada Trust SAVINGS account. No fees associated therewith if you don't exceed the monthly transaction limit. (one debit transaction, one or two other transactions). Worth noting: without some other form of TD account, there doesn't appear to be an easy (or any?) way of getting money OUT of TD Waterhouse. (cheque request perhaps? with a fee) 

I'm seriously considering opening the TD Canada Trust savings account to give me the added flexibility.


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## yupislyr (Nov 16, 2009)

CJOttawa said:


> Worth noting: without some other form of TD account, there doesn't appear to be an easy (or any?) way of getting money OUT of TD Waterhouse. (cheque request perhaps? with a fee)


Simply do the reverse of how you got the money in there, do an EFT to your account wherever. It's free. You still have to call in and request the transfer each time though since it appears that TDW still doesn't have any way of doing it online. There's talk though that they might finally add this feature online in the near future. 

The EFT can be setup using this form: http://www.tdwaterhouse.ca/discountbrokerage/forms/forms.jsp?id=596574


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## runeash (Dec 28, 2010)

*Tranferring out*

I wonder if anyone has experience transferring out of e-series for registered accounts. I wanted to transfer my RRSP from e-series into questrade so when I called I given suggestion of switching the fund to Money Market because redeeming would cause it get De-registered. And when my request to transfer all in cash comes in they will liquidate it and transfer cash without incurring transfer fees. I do not know how much of it is true or if it is the best way


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## Maj34 (Oct 7, 2011)

CJOttawa said:


> Late to the party but I thought I'd add my 2-cents since I was facing exactly the issue as Maj34.
> 
> I have a PC Financial Chequing account and a TD Waterhouse brokerage account (specifically, cash trading account and TFSA) I do NOT have any other TD Canada Trust accounts at this time.


Well, I just have the e-Series. I'm not sure if that's the same as TD Waterhouse. Isn't it all one big company? Can't they just call themselves TD!? 



CJOttawa said:


> First things first, write down the account number for the TD Waterhouse account you wish to transfer funds to. (typically the cash account as transferring directly to the TFSA or RRSP has tax implications - you can do that separately).


Hmm.. I'm curious what you mean here by "tax implications". Transferring to an RRSP would have the implication that I'd get back more taxes when tax time rolls around - right? 

I'm curious if or why there would be tax implications for transferring to a TFSA though. 

Also, wouldn't the tax implications of transferring from Chequings account direct to RRSP be the same as withdrawing from the chequings account, depositing to a TD Savings account, and then buying RRSPs from the savings?? I'm very confused if there is a difference here... 



CJOttawa said:


> Log in to PC Financial and set up a new Bill Payee. You'll be presented with a "search" function - enter "TD Waterhouse" in that field and confirm that is the payee when prompted.
> 
> Enter the account number when prompted and save this as a payee.
> 
> ...


Ok. I just tested it out. Here's the details for those who are wondering about the same: 
1) Searched for a new Payee. The only relevant one I found was "TD WATERHOUSE INVESTOR SERVICE".
2) PC's website asks for a 7 digit account number.
3) I went to TD Easy Web and used the last 7 digits of my Savings account; they show up separated by spaces from the other numbers so it looks right.
4) Transferred, by paying a bill, $0.01 to the TD Waterhouse "bill".

I will let you know in the next week whether or not it worked.


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## Barwelle (Feb 23, 2011)

Maj: TD Canada Trust is the plain old banking part of TD, while TD Waterhouse is their investment arm. You can buy some investments with a TDCT account (mutual funds, GICs) but Waterhouse is a brokerage, which means if you have an account there, you can go beyond that (i.e. buy individual stocks, options, etc.) 

My guess is that you have an account with the bank, not Waterhouse, since you say you log in to EasyWeb. You would log in to WebBroker if you had a Waterhouse account. You can actually buy e-series funds no matter which account type you have, but with EasyWeb it is easier to set up automatic purchases of the funds. So you're OK. But, this means that the $0.01 that you sent to Waterhouse, even though you used your account number, will likely not get there.

Now, to buy e-Series funds: just like the first few posts say, you will have to give TD your banking info. When I signed up, I gave them a void cheque. So when funds are bought, it pulls the money (electronically, with no fees) from the chequing account at my bank. Do you remember doing this, or giving them some other banking info?

If you can't remember, maybe the best thing to do is to call them and get them to tell you if you linked your bank account or not.

If you did link your bank account (or, once you do that), log in to EasyWeb and go into your investment (e-series) account. On the left-hand side, click on "Pre-Authorized Purchase Plans." Hit the brown "Add New PPP" button. Fill out the form (make sure you select the fund that has the -e suffix so you get the e-series version of the fund!), hit next. On this screen, your bank account should show up. If correct, hit finish, then you are done! It will automatically buy funds for you without you having to lift a finger every month or week or whatever.

If you are unsure if your bank account is linked, you could try this now and see what happens.

You could add a TD Savings Account, as CJOttawa suggests. I had considered it too. But then I figured, all it adds up to is more complication. Then you would have to transfer money to that savings account, then also transfer money to the mutual funds. It's one less transaction (and one less account to keep track of) if you go directly from your regular bank to the mutual fund.


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## mrPPincer (Nov 21, 2011)

Maj34 I think your account is with TD Investment Services, not TDWaterhouse (because you said EasyWeb and not WebBroker)
TDW is a brokerage service and moving money in or out there is not as simple and easy as with TD investment services.

If you have a simple online account it's actually better than TDW if all you're buying is TD e-funds.
You don't need to do bill payment.

It's no problem to change the bank account that is linked to your e-Series account by getting an appointment at your local branch and having them change it to your PC account, or whatever account you want.
Then, whenever you make a purchase or a sale, the money automatically comes from, or goes to that account on the same day.


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## mrPPincer (Nov 21, 2011)

Doh Barwelle beat me to it. I must type too slow.



Barwelle said:


> But, this means that the $0.01 that you sent to Waterhouse, even though you used your account number, will likely not get there


Some lucky random investor could be 1 cent wealthier


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## Potato (Apr 3, 2009)

Maj34 said:


> Well, I just have the e-Series. I'm not sure if that's the same as TD Waterhouse. Isn't it all one big company? Can't they just call themselves TD!?


No, unfortunately they are separate companies. So there is not "just e-series", so if you don't have a TD Waterhouse account, you likely have an e-series TD Mutual Funds account (yet another separate part under the TD umbrella).




> Hmm.. I'm curious what you mean here by "tax implications".
> [...]
> Also, wouldn't the tax implications of transferring from Chequings account direct to RRSP be the same as withdrawing from the chequings account, depositing to a TD Savings account, and then buying RRSPs from the savings?? I'm very confused if there is a difference here...


Yes, it would be the same to go chequing --> RRSP as chequing -> non-registered -> RRSP. But it's NOT the same to go chequing -> RRSP -> non-registered as it is to go straight from chequing -> non-registered: that would be a contribution and withdrawal rather than just moving money. So if you set up your transfer to go directly into a TFSA or RRSP, that's fine if you want to transfer directly into one of those accounts, which you may want to do right now. But if later in the year (or even several years from now) you have more money to invest and just want to put it in your non-registered account (e.g.: if you've maxed out your RRSP/TFSA contribution room), you'll have to remember to change your bill payment set-up. You're less likely to make a mistake if you set the bill payment/transfer up now to deposit into the non-registered account, then later move it into the registered account (RRSP/TFSA) once it's at TD.



> 2) PC's website asks for a 7 digit account number.
> 3) I went to TD Easy Web and used the last 7 digits of my Savings account; they show up separated by spaces from the other numbers so it looks right.


I'm pretty sure that's wrong, since it doesn't sound like you have a TD Waterhouse account. Your payment will probably bounce in ~5 days. If you want to stick with TDMF rather than moving to TDW, you'll have to use the method Canadian Capitalist mentioned above (bringing in a void cheque, etc).





runesh said:


> when I called I given suggestion of switching the fund to Money Market


Yes, you'll have to do the "switch" to a money market fund yourself before trying to transfer out (or getting the reps to help you with HBP or LLP withdrawals).


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## Barwelle (Feb 23, 2011)

mrPPincer said:


> Doh Barwelle beat me to it. I must type too slow.


Funny, while I was typing that response, I was doing other things at the time, so by the time I sent it, I thought... bah, somebody probably already replied and I'll just be repeating their words haha. Glad Potato replied too, though, we didn't cover the tax part.



mrPPincer said:


> Some lucky random investor could be 1 cent wealthier


Shucks... maybe I should open a TDW account for all the one-cents that could be sent my way!


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## 44545 (Feb 14, 2012)

Potato said:


> ...
> 2) PC's website asks for a 7 digit account number.
> 3) I went to TD Easy Web and used the last 7 digits of my Savings account; they show up separated by spaces from the other numbers so it looks right.
> 
> I'm pretty sure that's wrong, since it doesn't sound like you have a TD Waterhouse account. Your payment will probably bounce in ~5 days. If you want to stick with TDMF rather than moving to TDW, you'll have to use the method Canadian Capitalist mentioned above (bringing in a void cheque, etc).


I spoke with a TD Waterhouse representative over the phone and they indicated the last seven digits are indeed the account number; all are preceded by a four digit prefix which can be ignored.

For what it's worth, I do have a TD Waterhouse account and can log in to either EasyWeb or WebBroker. Both show my accounts.

The $0.01 posted to the TD Investment account about three business days after initiating the bill payment from my daily chequing account at another institution.


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## 44545 (Feb 14, 2012)

Maj34: do let us know if the transfer works. My payment took three business days to show up.

If this doesn't work with a straight TD Canada Trust account, you could open a TD Waterhouse discount brokerage account - it's seamless and the TFSA and cash accounts are free if you go paperless.


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## Maj34 (Oct 7, 2011)

CJOttawa said:


> Maj34: do let us know if the transfer works. My payment took three business days to show up.
> 
> If this doesn't work with a straight TD Canada Trust account, you could open a TD Waterhouse discount brokerage account - it's seamless and the TFSA and cash accounts are free if you go paperless.


It didn't work; 5-6 business days and it didn't make it to my savings or any of my e-Series funds. 

I wonder what happens to money that gets transferred to non-existing accounts? Free money for the bank? Or does it just evaporate? Glad it was only $0.01!


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## Maj34 (Oct 7, 2011)

It got transferred back to my account a few days later; I guess it isn't just a free grab for the bank!


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## Barwelle (Feb 23, 2011)

This reminds me of Office Space, when they attempt to get rich by skimming the fractions of a cent off the company's transactions.


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## CerialWill (May 25, 2012)

Quick question for you guys.

I worked at a church office as an intern this past year and was just hired full time. They don't have their own group RRSP plan but told me to setup my own RRSP account and they'll direct deposit money into it once a month (5% matching program). I did some research and setup an e-series account with TD Mutual Funds. The account is setup and good to go but the only problem is I'm not sure how I can get the church to direct deposit into the account. The RRSP is currently linked to my PC chequings account.

If I provide the church with my 6 digit account number would they be able to deposit directly into my RRSP?

Any help/advice on this is appreciated. Thanks!


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## Barwelle (Feb 23, 2011)

I think that, to do that, you'd have to get the church group to send TD a void cheque, so that their account would show up in EasyWeb as an account you can withdraw from. Then you would have to set up the automatic deposits or make the transaction yourself each period. Since your account is with TD Mutual Funds and not TD Waterhouse, I don't think they can do a "bill payment" to your account (meaning, they can't send the money... you have to take it.)

They might want to set it up so that they send the 5% to your chequing account and trust that you'll actually put it towards your RRSP investments, instead of giving you the power to directly withdraw money from their account into your personal account.

Make sure you talk to TD and see if there is something you could do, though, they might know something that I don't know.


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