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Email this12:39 pm
April 11, 2020
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I just talked the a CIBC rep. She explained me I can do a withdrawal from a CIBC account to another bank by adding the external bank as a "payee" each time in a transfer?
... maybe I misunderstood?
Could I pull funds in the same way (from the CIBC side)?
Finally, does linking from Tangerine or EQ working fine with CIBC accounts?
Thank you for sharing you experience.
1:09 pm
October 27, 2013
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AFAIK, you cannot add an external 'bank account' as a Bill Payee from any of the big banks. You can add third party brokerage accounts as a Bill Payee and you can, of course, pay off credit card balances that way.
Perhaps the rep was talking about Interac e-transfers?
3:07 pm
April 6, 2013
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An external bank account is not a biller that can receive bill payment remittances. There is a process to set up such a biller, to have other financial institutions agree to accept payments for the biller, and to route the payments to particular bank accounts.
That process is for business banking clients, not for personal banking clients.
BMO InvestorLine offers something close. One can bill pay the BMO InvestorLine brokerage account. Overnight, the net cash balance of the brokerage account is swept to the associated BMO AccountLink chequing account.
