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I have TD Direct online account and recently activated the ACH capabilities for my business checking account. I seem to be able to make a single payment to a vendor (through the create a batch process) but I can't seem to figure out how to make this a repeating transfer. The payment is to my landlord for rent and I would like the money to be transferred each month automatically. Is there any way to do this?
November 19, 2015 02:43:42 PM
In reply to Gary, Avon
Thanks for connecting with us here at TD Helps, Gary. We would be happy to help!
Please note, at this time, we do not offer the ability to set up a recurring ACH via BusinessDirect. You have the option of setting up the payments prior to its due dates, however; you will need to access your account to release the payments. You do, however, have the option of setting up a recurring Bill payment.
As you are a TD Bank BusinessDirect user, after you've logged onto your online banking from here: http://bit.ly/1rvBmq8, please follow the steps below to schedule recurring payments:
1. Click on the “Bill Pay” tab located at the top of your screen.
2. Click on "Recurring Payment" which is located underneath Bill Pay tab.
3. Select Payee name
4. Select the Checking account you wish to funds be debited from
5. Enter the payment amount
6. Select first payment date
7. Select Payment Frequency
8. Select numbers of payment
If the last payment amount is different than other payment amounts, please enter the amount in the Last Payment Amount Box, and then click on Schedule Payments.
If you experience any difficulties or need assistance, we are available 24/7 at 800-493-7562, option 2. After our Small Business Specialists verify your account, they'd be happy to help. You may also wish to visit your local TD Store during lobby hours for additional help. To find hours and locations take a look at http://bit.ly/TDStores.
We hope this helps. Have a great day!
Yen D, Mount Laurel
November 19, 2015 02:44:31 PM
Thanks for responding so quickly. I would like to ask two followup questions.
If I follow the steps you suggested for "recurring Payments" will the amount be sent electronically directly to the vendors checking account or will a check be issued? The vendor insists on receiving an electronic transfer so a check is not acceptable.
Secondly, you mention that I can set up ACH payments in advance. This is exactly what I have done for the first payment to the landlord which is scheduled for Nov 30. However, you then say "you will need to access your account to release the payments". Can you please explain what you mean by this? Do I need to go back into the website on Nov 30 to "release" this payment even though I have already authorized the payment to be made with an effective date of Nov 30?
Thanks for your help
November 19, 2015 03:51:18 PM
Welcome back to TD Helps, Gary! We'll be glad to answer your follow-up questions for you today.
We'd like to begin by stating that we try to send bill payments out electronically but if your payee is not set up to receive electronic transmittal from financial institutions or if some information doesn't match ( account number or account-holder's name), we'll process a paper draft check and mail it directly to the biller. We recommend contacting the payee to arrange another payment method if the bill will be processed as a paper check.
You do have the option of setting up recurring payments rather than sending single payments to your landlord. Please take a look here: http://bit.ly/1gWIrp7 to view some additional information on Bill Pay; including our Bill Pay FAQs.
We hope this answers your questions, Gary and please give us a call 24/7 at 800-493-7562 if you should have any questions. Take care and have a great afternoon!
Katherine G, Mount Laurel
November 19, 2015 03:53:37 PM