What is a preferred bank?

A preferred bank is the primary financial institution a user selects for managing the majority of their financial transactions, such as TD, BMO and other banks. Some payment methods are exclusive to specific banks. For instance bill payment service is available only through certain banks. If you select a preferred bank, you can still use other banks; however, some payment methods might not be available.

You can easily select or change it as per your needs. Follow these simple steps:

1. During a Transaction:

When making a money transfer or currency exchange, you can select your preferred bank account at the time of the transaction. When you reach the “Select Payment Method” screen, locate and click on your current bank icon, which is typically found in the top right corner.

2 .Payment Preferences Settings:

• Go to the "Payment Preferences" settings in your account.

• Click on "Change" and select your desired bank from the list.