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Email this9:57 am
December 16, 2020
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Looking for feedback on best way to move money into and out of a flexible trading account that also offers interest on balances.
Have TD Webbroker cash, TFSA and RIF accounts - getting 2.85% on money sitting currently not invested (but do not have a regular TD chequing account and don't want one). I want to push and pull money in and out but no-can-do until I get a TD chequeing account it seems (big banks love fees . . . grrrr)
I tried pushing Tang money directly to a Webbroker Trading account - won't work. EQ and Hubert I'm guessing the same but have not yet tried.
Need the flexibility of buying ETF's, trading stocks and getting some interest on balances when not invested. Does anyone have a more flexible push-pull-push capacity with their trading accounts than TD?
10:06 am
September 11, 2013
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TD Direct Investing is a separate operation from TD Bank. External links need to be with banks, far as I know, though I stand to be corrected.
10:10 am
April 21, 2022
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ExtraSauce said
Looking for feedback on best way to move money into and out of a flexible trading account that also offers interest on balances.Have TD Webbroker cash, TFSA and RIF accounts - getting 2.75% on money sitting currently not invested (but do not have a regular TD chequing account and don't want one). I want to push and pull money in and out but no-can-do until I get a TD chequeing account it seems (big banks love fees . . . grrrr)
I tried pushing Tang money directly to a Webbroker Trading account - won't work. EQ and Hubert I'm guessing the same but have not yet tried.
Need the flexibility of buying ETF's, trading stocks and getting some interest on balances when not invested. Does anyone have a more flexible push-pull-push capacity with their trading accounts than TD?
Open a TD Everyday Savings account and dump all your funds into it. It's a free account with 1 free transaction per month, otherwise additional transactions are $5.00. Use the account number details to create a link at another bank that offers linking to external accounts such as Tangerine, EQ, etc,. Do one pull for all the funds in the TD savings account.
10:12 am
October 27, 2013
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It is a common problem with many of the big bank brokerages. Some have a form that can be filled out to enable EFTs from a brokerage account to/from at least some third party bank accounts, or at least to move money out of the brokerage accounts. Money can be moved into the brokerage accounts using the Bill Payment option from third party bank accounts.
The above is feasible for at least brokerage cash accounts. There may be restrictions for moving money into/out of registered accounts that I am not aware of, but if they are, the easiest solution may be to first use the brokerage cash account as the intermediary for the registered accounts.
FWIW, I rarely move money in/out of brokerage accounts. I use the in-house
ISAs (as posted elsewhere) to get interest on spare cash. For TD, that would be TDB8150 for CAD. https://mrthrifty.ca/investment-savings-accounts-maximize-interest-in-your-brokerage-account/ TDB8150 is now paying 2.85% after the BoC increase this week. It is not worth the effort to seek higher interest elsewhere.
10:30 am
December 16, 2020
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JohnnyCash said
Open a TD Everyday Savings account and dump all your funds into it. It's a free account with 1 free transaction per month, otherwise additional transactions are $5.00. Use the account number details to create a link at another bank that offers linking to external accounts such as Tangerine, EQ, etc,. Do one pull for all the funds in the TD savings account.
Ya thanks, I've looked at that but haven't quite got my head aorund it yet. What about pulling funds into the TD Everday account from Tang or EQ or Hubert then into my Webbroker Account ? Will that be an issue? Some money now at Tang will be used for ETF's once into my trading accounts, and then need to setup auto pay divvy and interest to an external account.
10:32 am
December 16, 2020
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AltaRed said
It is a common problem with many of the big bank brokerages. Some have a form that can be filled out to enable EFTs from a brokerage account to/from at least some third party bank accounts, or at least to move money out of the brokerage accounts. Money can be moved into the brokerage accounts using the Bill Payment option from third party bank accounts.The above is feasible for at least brokerage cash accounts. There may be restrictions for moving money into/out of registered accounts that I am not aware of, but if they are, the easiest solution may be to first use the brokerage cash account as the intermediary for the registered accounts.
FWIW, I rarely move money in/out of brokerage accounts. I use the in-house
ISAs (as posted elsewhere) to get interest on spare cash. For TD, that would be TDB8150 for CAD. https://mrthrifty.ca/investment-savings-accounts-maximize-interest-in-your-brokerage-account/ TDB8150 is now paying 2.85% after the BoC increase this week. It is not worth the effort to seek higher interest elsewhere.
Thanks, the TD bill payment feature is capped at $3000 which won't work for me.
I mis-typed my original post and am getting 2.85% at TD now via TDB8150.
10:46 am
April 21, 2022
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ExtraSauce said
Ya thanks, I've looked at that but haven't quite got my head aorund it yet. What about pulling funds into the TD Everday account from Tang or EQ or Hubert then into my Webbroker Account ? Will that be an issue? Some money now at Tang will be used for ETF's once into my trading accounts, and then need to setup auto pay divvy and interest to an external account.
You can push as much and as many times as you want into the TD Everyday account from external banks that are linked to it. From there, you could transfer the funds to your WebBroker account. I don't know if an internal TD transfer to WebBroker counts as a transaction on the Everyday account, I suspect it might?
10:56 am
February 7, 2019
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JohnnyCash said
Open a TD Everyday Savings account and dump all your funds into it. It's a free account with 1 free transaction per month, otherwise additional transactions are $5.00. Use the account number details to create a link at another bank that offers linking to external accounts such as Tangerine, EQ, etc,. Do one pull for all the funds in the TD savings account.
Depending on how often you might transact through it, they also have a "TD Minimum Chequing Account" for $3.95/mo with 12 free transactions/mo (https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/minimum-chequing-account/) ...
| CGO |
11:19 am
October 27, 2013
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ExtraSauce said
Thanks, the TD bill payment feature is capped at $3000 which won't work for me.
I mis-typed my original post and am getting 2.85% at TD now via TDB8150.
I have never heard of Bill Payment being capped at $3000. That is generally a daily or weekly e-transfer limit, but not a Bill Payment limit. Bill Payment limits need to be much higher to pay credit card bills, CRA installments, down payments for autos, etc. I've paid $25k bills via Bill Payment in the past (though not from TD).
Failing that, I think JohnnyCash's suggestion is a good one.
11:20 am
February 7, 2019
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JohnnyCash said
You can push as much and as many times as you want into the TD Everyday account from external banks that are linked to it. From there, you could transfer the funds to your WebBroker account. I don't know if an internal TD transfer to WebBroker counts as a transaction on the Everyday account, I suspect it might?
TD is my "Home Bank". All income and expenses come thru there. I've been there for years. I always have the minimum required to pay no checking fees for unlimited transactions and free Cash Back Premium Visa CC's for my wife and I. Surplus cash is pulled from other FI's for HISA's and GIC's.
My TD Checking and Savings are all accessible via TD EasyWeb.
From TD EasyWeb, I can switch to TD WebBroker. And vice versa.
From TD Easy Web or TD Web Broker I can freely move $ between WebBroker Cash Accounts and TD Bank Accounts.
| CGO |
11:25 am
February 7, 2019
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cgouimet said
TD is my "Home Bank". All income and expenses come thru there. I've been there for years. I always have the minimum required to pay no checking fees for unlimited transactions and free Cash Back Premium Visa CC's for my wife and I. Surplus cash is pulled from other FI's for HISA's and GIC's.
My TD Checking and Savings are all accessible via TD EasyWeb.
From TD EasyWeb, I can switch to TD WebBroker. And vice versa.
From TD Easy Web or TD Web Broker I can freely move $ between WebBroker Cash Accounts and TD Bank Accounts.
And ... I have never in at least 20 years encountered any limits on Bill Payments. A cap of $3k or $3k/transaction wouldn't work for me either as I easily exceed that at least every month ...
| CGO |
11:47 am
February 7, 2019
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cgouimet said
And ... I have never in at least 20 years encountered any limits on Bill Payments. A cap of $3k or $3k/transaction wouldn't work for me either as I easily exceed that at least every month ...
And ... And ... If you want to move $ to/from one of the Big Five, you do it from the other FI's like Tangerine, Hubert EQ, DUCA, Oaken, Meridian, etc !
| CGO |
11:50 am
December 16, 2020
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cgouimet said
And ... I have never in at least 20 years encountered any limits on Bill Payments. A cap of $3k or $3k/transaction wouldn't work for me either as I easily exceed that at least every month ...
My error, just checked and it is e-transfer through Webbroker that is capped at $3000.
I appreciate all the feedback here and may have to start a TD savings account to facilitate moving money in-out of webbroker.
The older I get the more I see why many still pay exhorbinate fees for mutual funds if for nothing else, simplicity.
I've had TD Webbroker since I stopped aggresive trading in 2010 and long term relationship with 2 local CU's, plus Scotia CC and Tang CC, EQ, Hubert and more - lol - your daily driver of TD makes sense but I'm too invested locally to switch everything at this stage. May just have to add account at TD.
7:27 pm
April 6, 2013
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You may be able to fund the TD Direct Investing account using bill pay from another financial institution to the biller "TD Waterhouse Canada Inc" or "TD Waterhouse Investor Services".
The "Electronic Funds Transfer Service Form" in their forms library suggests an ability to "transfer funds from your TD [Waterhouse] non-registered account directly into your Bank account at any financial institution in Canada."
8:02 pm
December 16, 2020
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Norman1 said
You may be able to fund the TD Direct Investing account using bill pay from another financial institution to the biller "TD Waterhouse Canada Inc" or "TD Waterhouse Investor Services".The "Electronic Funds Transfer Service Form" in their forms library suggests an ability to "transfer funds from your TD [Waterhouse] non-registered account directly into your Bank account at any financial institution in Canada."
I'm not sure about your first suggestion (I'll call them Monday), but the latter definitely seems to cover transfering funds out. Thank you,
Cheers!
8:57 pm
April 6, 2013
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Let us know what you find on Monday.
Under "Cash Deposits" of the "Funding Your Account" tab of TD Direct Investing: Managing Your Money, there is mention of bringing funds in by using online bill pay:
Cash
Move your money from your TD Canada Trust account or any financial institution with the [Interac e-Transfer] funds transfer [request feature] or online bill payment feature.
RedFlagDeals: Funding tddi with tangerine (May 2020) discusses using the bill payment payee "TD Waterhouse" at Tangerine Bank to push funds into TD Direct Investing accounts.
If bill payment could be used, the limit at EQ Bank is $25,000 per payment.
5:00 am
September 11, 2013
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TD Waterhouse is the full service broker, wouldn't that be a separate biller from a TD Direct Investing account?
7:52 am
April 6, 2013
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According to TD Bank Group - Legal Notices and Disclaimer of Liability, TD Direct Investing is just one of the names used by TD Waterhouse:
Wealth (Canada) businesses
TD Direct Investing, TD Wealth Financial Planning and TD Wealth Private Investment Advice are divisions of TD Waterhouse Canada Inc. TD Waterhouse Canada Inc. – Member of the Canadian Investor Protection Fund.
…
TD Waterhouse Canada may have decided to not register a separate biller for their TD Direct Investing branded accounts.
7:49 pm
April 6, 2019
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ExtraSauce said
Looking for feedback on best way to move money into and out of a flexible trading account that also offers interest on balances.Have TD Webbroker cash, TFSA and RIF accounts - getting 2.85% on money sitting currently not invested (but do not have a regular TD chequing account and don't want one). I want to push and pull money in and out but no-can-do until I get a TD chequeing account it seems (big banks love fees . . . grrrr)
I tried pushing Tang money directly to a Webbroker Trading account - won't work. EQ and Hubert I'm guessing the same but have not yet tried.
Need the flexibility of buying ETF's, trading stocks and getting some interest on balances when not invested. Does anyone have a more flexible push-pull-push capacity with their trading accounts than TD?
I have a TD Line of Credit that's linked to my other Financial Institution accounts. Push and pull funds into/out of the TD Line of Credit (it allows to be in an "overpaid" position). Then transfer to TD Waterhouse accounts through EasyWeb. No fees. It operates just like a chequing account.
Just be careful in transferring out amounts in the TD Line of Credit account that you don't wind up in a net borrowing position otherwise daily interest will be charged on the borrowed funds at the end of the month.
12:31 pm
December 16, 2020
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harbottle said
I have a TD Line of Credit that's linked to my other Financial Institution accounts. Push and pull funds into/out of the TD Line of Credit (it allows to be in an "overpaid" position). Then transfer to TD Waterhouse accounts through EasyWeb. No fees. It operates just like a chequing account.
Just be careful in transferring out amounts in the TD Line of Credit account that you don't wind up in a net borrowing position otherwise daily interest will be charged on the borrowed funds at the end of the month.
Hmmm ... I'll have to think on this a bit. LOC, even if never used, is not really for me. I'm trying to simplify a bit.
Here's the skinny from TD this morning:
- E-TRANSFER is maxed at $3,000 (won't work for me)
- BILL PAY from external Bank is only limited in dollar amount by the specific sending institution. I haven't asked Tang yet if they can wave their current 25K max also for Bill Pay as they can for bank to bank transfer.
e.g. Sending money from Tangerine to TD Webbroker Account:
Login to Tang and select 'Bill Pay' or whatever they call it.
FROM: Choose desired tang account
TO: 7digit Webbroker account + "Direct Investing"
i.e. TO: 1234567 Direct Investing
I think the safest plan is to do a small trial Bill Pay before sending anything of signifance.
I may still setup a TD savings account to add a little more comfort. Sending significant cash with Bill Pay alone feels a little shaky to me.
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