Set Up Automatic Transfers
Automatic transfers help you build wealth consistently through systematic investing, taking the emotion and timing concerns out of investing.
Benefits of Automatic Transfers
- Dollar-Cost Averaging: Reduce impact of market volatility
- Disciplined Saving: Pay yourself first automatically
- Convenience: Set once and let it run
- Compound Growth: Regular investing maximizes time in market
Types of Automatic Transfers
Pre-Authorized Contributions (PAC)
- From your bank account to investment account
- Weekly, bi-weekly, or monthly options
- Ideal for regular savings plans
- Can align with pay schedule
Systematic Investment Plans (SIP)
- Automatic purchase of specific investments
- Combines transfer and investment in one step
- Great for mutual fund investing
- Minimum usually $50 per transaction
Automatic Rebalancing
- Maintains target asset allocation
- Quarterly or annual options
- Reduces emotional decision-making
Setting Up Your Automatic Transfer
1 Choose Transfer Type
- Contribution only
- Contribution + investment
- Between existing accounts
2 Select Frequency
- Weekly (every Monday)
- Bi-weekly (every other week)
- Monthly (specific date)
- Quarterly
3 Set Amount
- Fixed dollar amount
- Percentage of account balance
- Minimum: $50
4 Choose Start Date
- Allow 5 business days for setup
- Can set end date or ongoing
Online Setup Process
- Log into wealth management portal
- Navigate to "Transfers" → "Automatic Transfers"
- Click "Set Up New Transfer"
- Complete the form with your preferences
- Review and confirm details
- Receive confirmation email
Best Practices
Pro Tip: Time transfers for right after payday to ensure funds are available.
| Goal | Recommended Frequency | Strategy |
|---|---|---|
| Retirement Saving | Bi-weekly/Monthly | Match to pay schedule |
| Emergency Fund | Weekly | Small, consistent amounts |
| Education Saving | Monthly | Fixed amount to reach goal |
Managing Your Automatic Transfers
Modifications
- Change amount anytime (effective next cycle)
- Skip individual transfers when needed
- Adjust frequency with 5 days notice
- Add or remove investment instructions
Monitoring
- Email confirmation for each transfer
- View history in online portal
- Annual summary for tax purposes
- Alerts for failed transfers
Common Issues
NSF Prevention: Ensure adequate funds in source account to avoid fees.
What if there are insufficient funds?
The transfer will fail and you'll be notified. We'll attempt once more after 3 days. NSF fees may apply from your bank. Consider setting up overdraft protection.
Can I pause transfers temporarily?
Yes, you can pause for up to 6 months without cancelling the plan. Perfect for temporary financial constraints or vacations.
Do automatic transfers work for all account types?
Yes, but contribution limits apply for registered accounts (RRSP, TFSA). The system will warn you when approaching limits.
Start Today: Even small automatic transfers add up over time. Start with what you're comfortable with and increase as your income grows.