Many Canadian homeowners have mortgages with Scotiabank but do their day-to-day banking with TD Bank. This leads to the common question – can I pay my Scotiabank mortgage with my TD Bank account? The short answer is yes, you can pay your Scotiabank mortgage using your TD Bank account. However, it requires a few simple steps to set up.
Paying your mortgage from an external bank account offers convenience and flexibility. You don’t have to open a Scotiabank account or transfer funds between banks to make payments. This article will walk through the process of setting up Scotiabank mortgage payments through TD Bank. We’ll cover eligibility, payment options, fees, and tips for a smooth set-up.
How To Pay Scotia Mortgage With TD Bank
There are a couple of ways TD Bank account holders can pay a Scotiabank mortgage:
Set Up As Bill Payment
The easiest way is to set up the mortgage payment as a bill in TD’s EasyWeb online banking. Here are the steps:
- Log into EasyWeb and select “Pay Bills” from the menu.
- Choose “Add Payee” to set up the mortgage as a new payee.
- Search for “Scotiabank Mortgage” and select it from the list of payees.
- Enter your Scotiabank mortgage account number as the account number.
- Pick the Scotiabank mortgage payment amount and frequency.
- Review and submit the information.
Once set up, you can make one-time or recurring Scotiabank mortgage payments from TD Bank. The money will automatically transfer from your TD account to Scotia on the due date.
Use Online or Mobile Banking
You can also pay the mortgage directly from TD’s online or mobile banking app:
- Go to Move Money > Pay Bills.
- Choose Add Payee and search for Scotiabank Mortgage.
- Enter the mortgage details and account number.
- Schedule one-time or recurring payments on your due date.
The money will transfer electronically just like with bill payments. The steps are essentially the same either way.
Eligibility For Paying Scotia Mortgage With TD
To pay a Scotiabank mortgage from TD Bank, you need:
- An active TD Bank chequing or savings account
- Online and mobile banking access
- Your Scotiabank mortgage account number
- Sufficient funds in your TD account to cover payments
As long as you have those basics covered, you should be able to set up Scotiabank mortgage payments via your TD Bank account.
Scotiabank allows mortgage payments from any Canadian financial institution. You don’t need to have an account with them. The money can transfer directly from TD using electronic funds transfer.
Joint Mortgage Accounts
For joint Scotiabank mortgage accounts, only one borrower needs to have a TD Bank account. However, both borrowers will need to provide authorization to schedule recurring payments from TD.
So if you have a joint mortgage with your spouse but separate bank accounts, you can still pay the mortgage from your TD account. Your spouse will just need to approve it.
Payment Options and Timing
TD Bank offers a few choices for making Scotiabank mortgage payments:
- One-time – Make a single, sporadic payment anytime.
- Recurring – Set up automatic payments on a fixed schedule.
- Weekly – Pay a portion of your mortgage weekly.
- Bi-weekly – Pay half your monthly amount every two weeks.
- Semi-monthly – Pay half on the 1st and 15th of each month.
- Monthly – Pay the full monthly amount on a set date.
When setting up recurring payments, pick a payment date at least 3-5 business days before your Scotiabank due date. This ensures the money has time to transfer between the banks.
If your mortgage comes due on the 10th, you may want to schedule recurring TD payments for the 5th, for example.
Timing and Processing
Keep the following timing and processing notes in mind:
- Payments go through electronically using EFT (electronic funds transfer).
- Payments may take 2-3 business days to process and reach Scotiabank.
- TD Bank does not charge a fee but Scotiabank may, depending on your mortgage terms.
- Late payments or insufficient funds can still result in penalties/fees.
As long as you initiate the payment well before your Scotiabank due date, it should process smoothly. But be sure to verify funds availability and account for processing time.
Mortgage Payment Fees
Paying your Scotiabank mortgage from a TD Bank account does not incur any fees from TD. However, Scotiabank may charge certain fees depending on your mortgage terms.
Here are some scenarios where Scotiabank may charge fees:
- If you exceed your allowed limit of prepayments per year.
- If you pay more than your regular extra payment allowance per month.
- If you make additional lump sum payments.
The amount and rules around these fees depend on the specifics of your mortgage. Some mortgages at Scotia allow unlimited prepayments with no penalties.
To avoid surprise charges, understand the prepayment terms in your mortgage agreement. Also, confirm any applicable fees with Scotiabank when setting up payments from TD Bank.
Tips For Paying Your Mortgage From TD Bank
Here are some tips to ensure your Scotiabank mortgage payments go smoothly when made from TD Bank:
- Check your Scotiabank due date and set up TD payments 3-5 days before.
- Pick a recurring payment date that works with your pay schedule.
- If funds are tight, schedule payments right after your TD paycheck is deposited.
- Opt for bi-weekly payments to save interest and pay off your mortgage faster.
- Monitor both accounts to ensure payments go through on time.
- Notify Scotiabank if you need to change or cancel recurring TD payments.
Automating your mortgage payment through your daily bank account can make life easier. Just be sure to sync the timing appropriately between the two banks.
Can I Pay Scotiabank Credit Line From TD?
Many of the above details also apply to paying a Scotiabank credit line or HELOC from your TD Bank account.
The same abilities for one-time payments, recurring transfers, and bill payments exist. You will need your Scotiabank credit account number to set it up through TD Bank’s online/mobile banking.
The key considerations are:
- Set up payments 3-5 days before your Scotiabank due date.
- Pick a payment date that aligns with your deposit schedule.
- Be aware of any Scotiabank fees for additional lump sums or early repayment.
- Confirm TD payment details and changes with Scotiabank.
Alternatives To Pay Your Mortgage
Paying your Scotiabank mortgage or credit line from a TD Bank account is convenient. But it is not the only option. Here are a few other ways to make mortgage payments if needed:
- Open a Scotiabank account – You can open a chequing or savings account at Scotiabank for free payments. But you may have to maintain a minimum balance.
- Use Scotiabank credit card – Make mortgage payments directly on your Scotiabank credit card for rewards. You need an available credit limit.
- Line of Credit – If approved, use a Scotiabank line of credit or HELOC to pay your mortgage, investment property mortgage, or refinance.
- Overdraft – Set up overdraft protection on your Scotiabank account in case of a low balance. Fees apply so use carefully.
- In-person – Visit a Scotiabank branch to make cash, cheque, or debit payments. Good backup if you need help.
- By mail – Mail in a cheque payment to your mortgage processing center as a last resort. Allow 5 business days.
The Bottom Line
Paying your Scotiabank mortgage or HELOC from your TD Bank account is definitely doable. The online banking and bill payment capabilities make it easy to automate transfers.
Just be aware of timing, fees, and payment options when you set it up. As long as you account for processing time and pick the right dates, your Scotiabank mortgage payments can transfer seamlessly from your TD Bank account.
Get Accurate Monthly Payment Estimates for Your Dream Home with TD’s New Calculator
