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How do i set up a monthly automatic transfer amount from my checking to savings account without going to a TD Bank location? 

+15 votes
Once I read online that the best way to save money for future bad times is to stuff away some money each month automatically to a TFSA savings account, so that we would not see the money being transferred automatically. Otherwise, if we have to do it manually ourselves, we would be tempted not to save the money and instead spend it on something else.

Sometimes it is not about the interest that I could possibly earn by putting a certain amount of money in my TFSA savings account, but rather it is saving for tough times. At this present economic condition of Canada, jobs can be hard to find and job pay can be ridiculously low and not enough to survive on with one family income. We need to have at least two people with full time jobs in order to pay for mortgages and all other house expenses.

I know that if I go to a TD bank branch location, I could possibly authorized the automatic transfer of money funds from my checking account to my TFSA account, but I do not like to line up at TD bank. If I could do it online, I could be saving a lot of time. Saves me a trip to the TD Bank.
asked in Goose Bay by Brandon Mclean (140 points)

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1 Answer

0 votes
1. Login into your TD Bank account online.

2. On the left hand side you will see section called "Transfers". Click on it.

3. Then click on "Set up pre-authorised transfer service".

4. Select the account you want to transfer money from and select the account you want the money to transfer to.

5. Select the Frequency (How often you want to transfer your money).

6. Enter the Amount of money.

7. Choose a start date and also an end date for the automatic transfer of money. (If you do not choose an end date, the automatic transfer will continue until at a later time, if you modify the options or cancel the automatic transfer)

8. Click on "Next" and follow the remaining instructions to complete your automatic transfer of money to your desired bank account.

Please note that you can only setup this service for the accounts you hold in the same Bank. If you want to transfer money regularly from one bank account to another bank account, you will need to personally visit the customer service representative at the TD Bank Branches to setup this type of services.
answered by Steve Weber (118 points)

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