National Bank Direct Brokerage (NBDB) - any experience or view? | General comparisons | Discussion forum

I know of no possibility of linking brokerage accounts of one FI to brokerage accounts of another FI. It is typically brokerage ---> bank, or bank ----> brokerage.

AltaRed said
I know of no possibility of linking brokerage accounts of one FI to brokerage accounts of another FI. It is typically brokerage ---> bank, or bank ----> brokerage.  

I actually think NBDB does allow linking to non national bk accounts, that’s the only way they can compete with other bank owned brokerage. They operate more like a Wealthsimple from that perspective.
TD , CIBC only allows links to their own bank. The other big bank own brokerage probably similar.

Its tax documents are terrible: basically you have to calculate gain and loss by yourself if you trade in a non-registered account.

A number of responses above have not read posts #1 or#3 and #4. The original question was moving funds from brokerage (NBDB) ----> brokerage (such as iTrade), not brokerage ----> bank like a number of reponses have assumed. As posts #3 and #4 have said, brokerage to brokerage is not possible because neither are banks.

A number of brokerages will allow links to third party bank accounts via EFT (Electronic Funds Transfer). It often involves filling in an online or PDF form.

NBDB's virtual assistant provided this response to linking a bank account to the brokerage account:

You can link your bank accounts to National Bank Direct Brokerage to make deposits and withdrawals.

If you have a bank account with National Bank

Sign in to your online brokerage platform and write to us using the secure Message Centre, or by email at directbrokerage@nbc.ca. You can also contact one of our representatives at 1-800-363-3511. It takes 48 hours for the new brokerage account to be available online.

If you have an account with another financial institution

• For your first bank account: Email a copy of your personalized specimen cheque (name and address) or equivalent document from your financial institution's secure site to directbrokerage@nbc.ca or by mail.
   
  You can also link your bank account to the Flinks app. However, some financial institutions may not offer this service.
• For an additional bank account: Send us a $25 cheque by mail, payable to National Bank Direct Brokerage. In the notes section of the cheque, indicate "Index account to profile" along with the account number where the cheque should be deposited (do not deposit this cheque at a branch). The cheque will be cleared by the bank within 10 business days and the account number will be added to your profile on the 11th day.
• If you do not have cheque linked to your account: Send us a bank certificate at directbrokerage@nbc.ca, or by mail. A bank certificate is a letter with an official letterhead and the branch seal confirming the banking information.

According to How do I link my … account to my NBDB profile?, only one bank account per currency can be linked:

• During your online process of opening an account online, you can link your bank account using the Flinks application. Some financial institutions may not offer this service.
• Note that only one bank account per currency can be added to a client’s profile.
• Requests to add a bank account in USD or for modifications to an already linked account will be analyzed by the NBDB team. Contact a member of our team through the secure Message Centre or by calling us at 1-800-363-3511 to find out the required documents.

Fritz23 said
KESA are they offering HISA F-Series from BMO, Scotia, TD, RBC?  

no, just series A (at least that’s the case in January, 2024, I haven’t inquired since then)

savemoresaveoften said

TD , CIBC only allows links to their own bank. The other big bank own brokerage probably similar.  

You can use this form

https://www.td.com/content/dam/wealth/document/pdf/direct-investing/596574-v1-en.pdf

to push funds from TDDI to an external bank account.

AFAIK, all major brokerages should have a provision to fill out a EFT form for this purpose. I know Scotia iTrade does as well because I used it long ago to send money from Scotia iTrade to a CIBC chequing account.