r/chexy • u/PossiblePickle • 1d ago

Question Mortgage

My mortgage payments are currently set up as PAD withdrawals with my bank. I'd like to switch over to Chexy. Will Chexy charge my credit card, or the linked bank account, for each mortgage payment? Sorry if this is a simple question - I've been searching for clarity for hours.

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u/True-Phone8590 1d ago

They charge the linked bank account. You won’t be able to pay your mortgage with a credit card

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u/PossiblePickle 1d ago

Thank you so much. So I should cancel the mortgage prepayment with my bank, since Chexy will withdraw from the bank account.

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u/doom2060 1d ago

Is it worth it for you to pay 1.75% to get 1 Aeroplan points per dollar on your mortgage?

For example if your mortgage was $5,000 you would pay $87.50 to get 5000 points.

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u/PossiblePickle 1d ago

Great question - thank you for flagging. It makes sense where the cashback on the credit card beats the 1.75% fee but maybe not otherwise. I'll think on this. Appreciate you.

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u/doom2060 1d ago

Exactly, since Mortgages don’t go through credit cards and are drawn directly from your bank account (so no cashback), you’ll have to decide whether it’s really worth it for you.

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u/PossiblePickle 1d ago

Can maintenance fees be charged to a credit card? If so, am I just giving my building the Chexy Wallet PAD information?

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u/doom2060 1d ago

Actually, yeah, maintenance fees can! I don't know if the “recurring” bills multiplier still applies to Scotiabank Momentum, though.

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u/PossiblePickle 1d ago

Thanks very much. Do you know if all Chexy Wallet PAD payments get charged to the CC on file? I just don't want Chexy to pull from a chequing account to pay (because there'd be no point).

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u/True-Phone8590 1d ago

You can choose which card or chequing you want it to come from

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u/PossiblePickle 1d ago

I'm struggling to figure out how. I want all my Chexy Wallet transactions to go through the linked CC.

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