Category Archives: Money Tips

How to Set Up a Bill Payment Using BMO Online Banking

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OK, so far I’ve tested paying bills from Tangerine and PC Financial. In both cases, somewhat to my surprise, it all went well. Now I’m going to try to set up a bill and pay it from our BMO Online Banking program: wish me luck!

As usual, I will do my test with our Bell telephone bill. That’s because although I share nothing (else) in common with the woman in Fifty Shades of Grey I do like the threat of suffering endlessly while trying to straighten out a billing error with Ma Bell. OK, maybe it’s because I can see the results of a bill payment online on my Bell account fairly quickly. Or maybe it’s because I like to play for high stakes. I dunno. But here goes anyway.

How to Create a New Account to Pay Using BMO Online Banking

  1. Sign in to your BMO Online Banking program and take a second to review your recent transactions looking for any computer fraud: Phew. No problems.
  2. Click on the tab called Payments and Transfers.
  3. There’s a long list of links down the left side of the screen. Under the heading My Payments and Transfers, click on: Add a Payee

The Add a Payee: Enter Details Page

  1. From the drop-down list for Payee Province, select the province the bill is coming from. For example, since I live in Ontario, I selected Ontario.
  2. In the Payee Name field, start typing the name of the bill. For Bell telephone, I tried Bell. The system will present you with a list of possible matches. From the list, remembering the hassles elsewhere, I selected Bell One Bill.
  3. In the Account Number field, the system prompted me to enter a 14 digit alphanumeric account number. So I did. I got the number from a recent Bell bill where It was listed and described as the “14-digits number for online/telebanking.” It’s not actually my account number.
  4. In the Nickname field, type a name to help you identify what company you will pay if you choose this number from a list in the future.
  5. I typed the service at Bell for which I am paying.
    (No, I did not just type #*$*%&% although it was tempting.)
  6. Click on the Verify Payee button.

The Add a Payee: Verify Details Page

Review the info you submitted. If it looks ok, click on the Add Payee button.

The Add a Payee: Complete Page

Review the confirmation message.

Now to try actually paying Bell a buck or two to see if it gets credited to my account.

How to Pay a Bill Using BMO Online Banking

From the list of links down the left side of the screen, click on Make a Payment.

The Make a Payment: Enter Details Page

  1. From the drop-down list for the From field, select the bank account from which you wish to pay the bill. As warned, be sure there will be enough money in the account before setting up a payment, especially for the future.
  2. From the drop-down list for the To field, select which bill you wish to pay. I chose my nicknamed Bell account.
  3. In the amount field, type the amount you want to pay.
  4. You can then either accept the date proposed or click on the calendar to select a future date to pay the bill. I accepted today’s date. (Watch out if you are paying bills after hours, on weekends or on holidays: the bill will not be paid immediately!)
  5. Click on the Verify Payment button.

The Make a Payment: Verify Request Page

Review the details of your proposed bill payment.

If it all looks good, click on the Submit Transaction button.

The Make a Payment: Complete Page

Review the details of your bill payment including the reference number.

You may want to cut and paste the confirmation information into a document and save it to a secure storage device such as a USB stick. The confirmation has your bank transit number and bank account number and your bill’s account number so you don’t want to leave this information unguarded.

Now I’ll have to watch my payment history at Bell and see if and when the payment arrives.

I went back to the My Accounts tab and clicked on my bank account. I can see the money has been deducted from my bank account with a note saying it has been sent to Bell. So it looks good so far.

UPDATE: The amount was credited on my Bell account the second morning after I made the payment. Phew!

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How to Buy a RRSP GIC from Peoples Trust

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Peoples Trust is offering one of the best interest rates for RRSP GICs this year. You can buy a GIC for your RRSP from Peoples Trust website and mail in your cheque to pay for it but if you want to claim it on your 2014 tax return, you have to place your order by the end of February 28.

These instructions assume you do NOT already have an account with Peoples Trust. It’s shorter and faster if you already have an investment with them.

Buying a GIC Online from Peoples Trust for Your RRSP

Go to their website at http://www.peoplestrust.com/high-interest-accounts/rrsp-accounts/rrsp-gic/

Click on the link called Click here to open your account now.

Step 1 The Product Information Page

  1. From the drop-down list click to select the answer to Are you an existing Peoples Trust client?
    I selected No.
  2. From the drop-down list, choose the product you wish to buy.
    I selected RRSP.
  3. From the drop-down list, choose how long you want to invest your money in the GIC. NOTE: It can not be cashed before the end of the term.
    I selected 1 year.
    The Rate box will show you the rate for that choice.
  4. In the Amount box, type how much you want to invest in the GIC. The minimum is $1000.
  5. Click on the Next button.

Step 2 The Contact Information Page

  1. Click to select the button beside the title you prefer such as Mr. or Dr.
  2. Type to fill in the following fields:
    • First Name
    • Initial
    • Last Name
    • Street Address
    • Suite
    • City
    • Postal Code
    • Home Telephone
    • Business Telephone
    • Email Address
    • Social Insurance Number
    • Occupation
  3. And from the drop-down lists select the appropriate answer for
    • Province
    • Date of Birth
    • Gender

Designating Your RRSP Beneficiary

  1. Click to select the option “Yes, I would like to designate a beneficiary to this plan.
  2. Type in the appropriate information in the text fields for
    • Beneficiary First Name
    • Beneficiary Middle Name
    • Beneficiary Last Name
    • Relationship to Account Holder
  3. Then read and if acceptable, click to select the box beside the message:
    “I hereby designate the above as my elected Beneficiary to the said Plan, whereby the Beneficiary will be entitled to all payments and benefits payable hereof in the event of my death. I hereby revoke any previous Beneficiary designated by me and shall ensure this designation is legal and binding pursuant to the applicable Provincial Territories and Federal Laws of Canada, while reserving the right to cancel this designation under the terms and conditions governing the plan.”
  4. ONLY if the contribution is for a Spousal RRSP, click to select “Yes, please include my spouse in my contribution plan.”
  5. Click on the Next button.

Step 3 The Legal Verification Page

The Citizenship and Residency Section

  1. Click to confirm you reside in Canada, the US or Other as appropriate.
  2. If you live in the US please provide your TIN by typing it in the field.
  3. Click to select Yes or No to answer the question Are you a U.S. citizen.

The Third Party Information Section

From the drop-down list, select to confirm whether or not anyone else will benefit from this RRSP contribution.

Note: they are worried about some person hiring or forcing you to “launder” money from illegal activities. Most people will be answering No to this question. It doesn’t mean will your spouse be happy, etc.

The Politically Exposed Person Section
Answer the Yes No question about how important you and your family are in the government, politics and military.

The Intended Use of Account Section

Click to select Retirement.

The Identification Verification Section
Click if you agree to permit Peoples Trust to check your id and credit rating.

Click on the Next button.

  1. Step 4 The Payment Information Page
    You can pay for your RRSP GIC by cheque or by transferring money from another RRSP at another institution.
  2. Click to select your method of payment.
  3. Click on the icon beside Terms and Conditions to review the terms and conditions.
    If they are acceptable, click on the box beside: I agree to Terms & Conditions
  4. Type the Captcha code in the text field.
  5. Click on the Preview button.
  6. If it all looks ok, click on the Finish button.
  7. Write down your deposit confirmation number.

You’ll now need to mail in your cheque or your RRSP transfer form to fund the purchase of the GIC.

The instructions say to make the cheque payable to yourself. I was surprised by that, but the Peoples Trust service representative confirmed it’s correct when I phoned and asked.

Write your deposit confirmation number on the front of your cheque to make it faster.

Mail the cheque to the address provided on the screen. On February 27 2015 this was:

Peoples Trust Company
1400-888 Dunsmuir Street
Vancouver, BC V6C 3K4

Disclaimer: I have not personally purchased a GIC from Peoples Trust, yet.

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Do you use Peoples Trust for your TFSA or RRSP GICs? Please share your experiences with a comment.