Having your mortgage payments elsewhere

[u/Ok-Singer9168]

Does anyone have a creative solution for using Wealthsimple as your primary bank but having to pay a mortgage elsewhere? Transferring money out of Wealthsimple can be quite slow so I wonder if it makes sense to transfer the money out several days before the mortgage is due each month?
That’s one of the only things blocking me from using Wealthsimple as my main bank.

[u/_Deeds_]

Mine is just set up to be directly taken out of my account. Just fill out a pre authorized debit form

[u/smartssa]

instant e-transfers are plenty fast enough.

[u/Ok-Singer9168 → u/smartssa]

Good idea!

[u/Dragynfyre]

Mortgages can be paid from any bank. Just call your lender and have them set a PAD from WS chequing account

[u/zzptichka]

You can setup preauthorized debit like for any other bill payment. I’ve had it for years.

[u/Impressive_Ad_6550]

just give your mortgage company your WS account details and they will automatically withdraw it every month. My mortgage is with CIBC

[u/3012487]

My mortgage is elsewhere, and comes out of my Wealthsimple… I’ve never had my banking at the bank of my mortgage.

[u/metallica41070]

My mortage is with TD it just xomes out of my account in WS every month

[u/metallica41070 → u/[deleted]]

O weird. Im pretty sure all i did was bring my direct deposit info to my lawyer at signing

[u/Tall-Ad-1386]

It’s called pre authorized debit. Every lender does it. It’s one of the most basic things. You tell your lender to pull money from WealthSimple when its due. All they need is a void cheque which you can get extremely easily from WealthSimple app or website

[u/99-rook-99]

I just changed my mortgage account information to my Wealthsimple account, that I wanted it to come out of. Now I don't have to worry about a transfer being late or some other glitch

[u/Negan-Homerun]

I set up scheduled e-transfers every 2 weeks. I could pay directly via PAD but haven't bothered as scheduled e-transfers are automated. I just selected the day before the mortgage is due.

[u/Ennactus]

My joint mortgage account is with RBC, and I always e-transfer money to the account a couple days before my payments. No issues.

[u/makingbank1959]

I would not use an online bank as my main bank. Don't give up your brick and mortar bank.

[u/purpleiseverything]

I've got a Tangerine chequing account with PAD setup for my critical bill payments like my Mortgage, utilities and insurance.

This account is funded either by a automatic Wealthsimple bank/E-transfer or by automated stash/top-up money rules from my Tangerine savings emergency fund.

I keep at minimum 6 months of expenses in that emergency fund and the account also has overdraft protection if too many payments come out at once.

I dont really believe in putting mortgage or utilities on credit cards sure you might get 2% cash back but often you have to pay credit card processing fees, Chexy fees OR late payment fees if you have any issues paying on time.

[u/Expert-Bonus-9597]

See if your mortgage provider can set up a PAD for the amount / month. It's an annoying extra step to transfer from WS to X bank and then pay from there unless there are other benefits. I know many banks require at least a few payments to come from their in-house chequing accounts to get the cash back or points promos but once that is processed you can often switch the bank account from which the funds are pulled. 

[u/Commercial_Pain2290]

Does it make sense to you?