# Withdrawing TFSA money from TDDI?



## STech (Jun 7, 2016)

Let me start by saying, good Lord TD customer service has gone downhill in a major way. Their phone line is next to useless now. For 3 days straight I've been trying to get through for a very simple question. Monday and Tuesday phone would say they're having technical difficulties and can't connect me and hang up. Finally today after a 45 minute wait I got a rep, who was absolutely clueless. She transferred me to another department, but I gave up after a 30 minute wait. Awful service. 

Anyways, I'm sure I'll get better answers here. I want to withdraw some money from my TFSA that's in a money market fund. Can I do it online? Can i specify where to send the money? And how long does it take?

Thank you.


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## Spudd (Oct 11, 2011)

No offense, but I had no idea about the answer. So I logged into WebBroker and experimented (without actually clicking on confirm). Trying things doesn't hurt!

So anyways, it looks like you can only withdraw cash, so you'll have to sell the money market fund first and wait for it to settle. Then you can click on "Transfers" and transfer it out. I imagine that once you click on Confirm it will be more or less instant, but worst case scenario would be a 24 hour delay. Obviously, you can only transfer it to accounts that TDDI knows about - so for me, that would be my other investment accounts or TD bank account. I don't know if you can configure external accounts at other banks or not.


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## STech (Jun 7, 2016)

Spudd said:


> No offense, but I had no idea about the answer. So I logged into WebBroker and experimented (without actually clicking on confirm). Trying things doesn't hurt!
> 
> So anyways, it looks like you can only withdraw cash, so you'll have to sell the money market fund first and wait for it to settle. Then you can click on "Transfers" and transfer it out. I imagine that once you click on Confirm it will be more or less instant, but worst case scenario would be a 24 hour delay. Obviously, you can only transfer it to accounts that TDDI knows about - so for me, that would be my other investment accounts or TD bank account. I don't know if you can configure external accounts at other banks or not.


Thank you and no offense taken. I'm away from home and using the phone app. It does have a transfer function, but its only between TD accounts. My daily banking is with Simplii. I'm aware I'll have to cash out the money market first, which is no biggie. But how do i get the cash back into Simplii?


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## Spudd (Oct 11, 2011)

That, I do not know! Do you have a TD account you could transfer it to, or you only bank with Simplii?


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## OnlyMyOpinion (Sep 1, 2013)

As far as I know, online with WebBroker you can only transfer from a TDDI account to a TDCT acc (TD Canada Trust bank). Then, I've found it easiest within EasyWeb (online banking) to send an Interac e-transfer from myself to myself, then open the email and accept into the account of the other bank (otherwise I guess you could also go to a green machine, w/d and then deposit at simplii). 

Also no offense intended, but people need to remember that TDDI is a discount brokerage, not a full service broker. In theory, we save on fees but have do DIY for many things. 
I'm not defending TD, I called last Friday to transfer an large, over-limits sum into my chq account from TDDI and initially got 2 different people I could hardly understand, both who tried to 'sell' me something. I realized I was on the bank end, called again and quickly got someone at TDDI who could affect the transfer for me (and be understood).


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## tombiosis (Dec 18, 2010)

I linked my simplii account to my Investor's edge account,,,just like adding a payee for paying bills.
I have transfered money IN to my TFSA, but have never tried it transfering OUT...hope I won't need to do that for quite a while ;-)


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## STech (Jun 7, 2016)

tombiosis said:


> I linked my simplii account to my Investor's edge account,,,just like adding a payee for paying bills.
> I have transfered money IN to my TFSA, but have never tried it transfering OUT...hope I won't need to do that for quite a while ;-)


I have no problem transferring into TDDI-TFSA, I just "pay a bill in Simplii, and money shoes up 2 days later. Seems liķe transferring out might be a hassle. If it turns out to be a pain, I might just use my HELOC. I found a nice vehicle to buy, and need the cash for 2-3 weeks, so maybe paying a bit of interest is probably the way to go.


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## tombiosis (Dec 18, 2010)

STech said:


> I have no problem transferring into TDDI-TFSA, I just "pay a bill in Simplii, and money shoes up 2 days later. Seems liķe transferring out might be a hassle. If it turns out to be a pain, I might just use my HELOC. I found a nice vehicle to buy, and need the cash for 2-3 weeks, so maybe paying a bit of interest is probably the way to go.


When I am in CIBC IE and I click transfer, I can see my simplii account number, so I assume I can easily move money out of my tfsa into simplii account... just keep track because you can only put it back next year if you already contributed...should have taken it out a few weeks ago, then the room would be back now.


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## Oldroe (Sep 18, 2009)

I setup up a simple savings account at TD to transfer tfsa money to savings. Has $100 in it no fees I have a card so withdrawal easy. 

In your case you could direct Simplii to get money from your TD tfsa. Likely take 2 weeks to a month.


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## OnlyMyOpinion (Sep 1, 2013)

Here is what TDDI says when you click ? on the transfer screen:

_Select a 'To' Account
The 'To' Account you select will determine where the funds will be deposited. WebBroker will only display the eligible 'To' accounts based on the 'From' account selected. In WebBroker you can transfer funds TO your:
- TD Direct Investing $ CAD accounts
- TD Direct Investing $USD accounts
- TD Direct Investing Registered (TFSA, RSP, RESP, CPRSP, QSSP) accounts...To contribute to the $USD component of the TFSA and RSP, you must first contribute to the $CAD component and then do a transfer to the $USD component of the same TFSA and RSP
- TD Canada Trust RSP (Daily Interest RRSP accounts) and TFSA Accounts (Daily Interest TFSA accounts)
- TD Canada Trust $ CAD savings/chequing account
- TD Canada Trust line of credit/student line of credit
- TD Canada Trust $USD chequing account
Note: Only accounts where you are the beneficial owner will appear in the Transfers drop down menu. Any WebBroker sub-accounts where you have Trading Authority or Power of Attorney will not appear._


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## STech (Jun 7, 2016)

I decided to call back on my commute home. And an hour of awful music later, I got someone with the answer. 

I can link the accounts electronically, but it'll take over a week to set up. So the best option is, I get TDDI to write me a cheque and sent to the closet branch. It'll take 24 hours. 

The opening of a TD account is also a good solution, but I'm not really interested.


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## OnlyMyOpinion (Sep 1, 2013)

STech, interesting. 
So if I understand correctly, TDDI will set you up to allow WebBroker transfers to an account at another bank/institution, but it has to be done by them manually, and they take their time?


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## STech (Jun 7, 2016)

OnlyMyOpinion said:


> STech, interesting.
> So if I understand correctly, TDDI will set you up to allow WebBroker transfers to an account at another bank/institution, but it has to be done by them manually, and they take their time?


Correct. They emailed the form to fill out, and attach a void cheque to. He said it would take at least a week to setup. Crappy part Is, I just did this whole linking of accounts on my RRSP account, but they said they can't use that form because it's for preauhorized withdrawals only. 

I also asked if there was a fee for sending the cheque to a branch, but he said the $6 fee is now dropped.


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## humble_pie (Jun 7, 2009)

OnlyMyOpinion said:


> Here is what TDDI says when you click ? on the transfer screen:
> 
> _Select a 'To' Account ...
> 
> - TD Direct Investing Registered (TFSA, RSP, RESP, CPRSP, QSSP) accounts...To contribute to the $USD component of the TFSA and RSP, you must first contribute to the $CAD component and then do a transfer to the $USD component of the same TFSA and RSP._




interesting. The above instruction shows that TDDI is *still* insisting on charging their profitable broker rate FX fees on cash contributions to USD RRSPs & TFSAs.

those registered accounts need to be maintained in CAD for the CRA, so if the big green is applying their commercial FX spread rate to cash USD contributions, it's because this happens to be an easy & profitable way for them to establish the CAD equivalency which the CRA demands.

it's the somewhat concealed grabbing of FX profits - which most clients won't even notice - that i question.

at the other extreme, BMO is doing cash contributions & cash withdrawals into & out of registered accounts at spot rates. This is much more beneficial for the client. Of course, in their margin & cash accounts they are applying their broker spread rate; however the special spot rate treatment of cash transactions in retirement accounts is highly ethical on BMO's part.


* * * * * 


back to the OP's dilemma, since it appears he wants to transfer in CAD. He has already obtained a good solution, which he outlines in post No. 11 above. TDDI will write a cheque, send it overnight to nearest TD branch where he can pick it up, then re-deliver it himself to whichever recipient he would like.

for regular transfers to an outside bank account, the TD apparently still has the system where the recipient account can be registered with TDDI. Registration used to take at least a week; apparently still does.


.


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## randomthoughts (May 23, 2010)

Looking to withdraw money from TDW TFSA to an external account. (or link an account)
After trying the various methods listed in the forums, could not find any valid links to the forms (they've changed their website).

Called in, and was told I had to go into the branch with a void cheque and fill in the form there and that the forms are not online. PITA.


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## like_to_retire (Oct 9, 2016)

randomthoughts said:


> Looking to withdraw money from TDW TFSA to an external account. (or link an account)
> After trying the various methods listed in the forums, could not find any valid links to the forms (they've changed their website).
> 
> Called in, and was told I had to go into the branch with a void cheque and fill in the form there and that the forms are not online. PITA.


Huh, interesting. I always thought I could move cash from my TDDI TFSA to my TDDI non-registered cash or my TD chequing account as the recipient of the transfer.

I clicked through the Transfer button of my TDDI TFSA and it offered (as I expected) my TDDI non-registered cash or my TD chequing account.

I didn't click past that as I didn't want to actually initiate those transactions, but I'm surprised by your post that this isn't possible?

ltr


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## OnlyMyOpinion (Sep 1, 2013)

like_to_retire said:


> Huh, interesting. I always thought I could move cash from my TDDI TFSA to my TDDI non-registered cash or my TD chequing account as the recipient of the transfer.
> I clicked through the Transfer button of my TDDI TFSA and it offered (as I expected) my TDDI non-registered cash or my TD chequing account.
> I didn't click past that as I didn't want to actually initiate those transactions, but I'm surprised by your post that this isn't possible?
> ltr


Sounds like randomt is trying to transfer to an account outside of the TDDI/TDCT world, as the original OP was. 
I'm not sure how easy the other big banks make this, but I'm not surprised that its a pita. Clearly, having a TDCT account is the most seamless (and from it you could then e-transfer to yourself and deposit into your account at another institution, etc.).


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## randomthoughts (May 23, 2010)

OnlyMyOpinion said:


> Sounds like randomt is trying to transfer to an account outside of the TDDI/TDCT world, as the original OP was.
> I'm not sure how easy the other big banks make this, but I'm not surprised that its a pita. Clearly, having a TDCT account is the most seamless (and from it you could then e-transfer to yourself and deposit into your account at another institution, etc.).


Yep, sorry if that wasn't clear... I don't have a TD bank account. It seems they want to witness the signature. Although I've seen other posts that mention that when people went to the branch, the staff there had no idea what was required, so I'm not looking forward to this at all...


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## james4beach (Nov 15, 2012)

randomthoughts: I routinely do this, transfer money from TDDI to an external bank. I've found two ways to do it but both involved some setting up:

1. Electronic fund transfer. You have to fill some forms and file it with TDDI, to link an external account. Once the link is set up, you would phone into an agent and verbally ask them to do an EFT to your externally linked account. No fee.

2. Transfer to a standard TD bank account. I use a TD savings account since there is no fee for 1 withdrawal a month, so the account doesn't cost anything to keep. No fees involved here either, and then I use an external bank (e.g. Simplii or Tangerine) to pull the money out, in an EFT. Or you can just use TD's ATM.

If you're interacting with TDDI quite a bit, I think it's very useful to have a TD account as it will save you grief in the future.


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## STech (Jun 7, 2016)

james4beach said:


> 1. Electronic fund transfer. You have to fill some forms and file it with TDDI, to link an external account. Once the link is set up, you would phone into an agent and verbally ask them to do an EFT to your externally linked account. No fee.



This is what I ended up doing. It took over a week to setup, but thank God it's a one time deal.

You can also have TDDI mail a cheque to a branch in your name. If you ask nice enough, they'll drop the fee. But consider it takes 1-2 days to get the cheque, then your own bank will hold the funds for 5 days until it clears. Meanwhile, once setup, the EFT will be done the same day if you call TDDI before 10 or 11 am.


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## humble_pie (Jun 7, 2009)

randomthoughts said:


> Yep, sorry if that wasn't clear... I don't have a TD bank account. It seems they want to witness the signature. Although I've seen other posts that mention that when people went to the branch, the staff there had no idea what was required, so I'm not looking forward to this at all...



what TD calls EFT - electronic fund transfer directly from a TD broker account to a 3rd party bank account - works great at the big green.

although i am not sure if they can set EFTs up for a registered account. Don't forget that reg'd accounts have elaborate record-keeping systems which have to be in accordance with Min of Finance regulations & withdrawal by wire transfer may not be one that the CRA recognizes. 

in any event, having a regular TDCT bank account could give randomT a useful network. He could migrate smaller amounts of cash (definition of smaller here would be $10k or less) to the TD bank account online & from there e-direct funds onwards to a multitude of 3rd party payees via Bill Payment.

as far as going to the branch to open a bank account, this should be straightforward. If randomT is banking elsewhere, at the TD he'd want to look for the simplest cheapest possible account, ideally one with zero fees. Jas4 appears to have a no-fee savings account, which might be OK except i don't know if it would offer online Bill Payment possibilities.

.


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## Eclectic12 (Oct 20, 2010)

Interesting that James is using a savings account as I seem to recall that way back when, the advice was that a chequing account was all that allowed the bill payments option. Maybe times have changed or James has a grandfathered account.

Not that this is a complete summary but the no fee savings account the high level summary page directs to the limit is one free transaction a month, with $3 a transaction thereafter.
The chequing account page says that where one maintains a $2K balance each day of the month, the $3.95 a month fee is waived. One gets twelve transactions (including two branch transactions), with additional transactions at $1.25 each. 

https://www.td.com/ca/en/personal-b...s/chequing-accounts/minimum-chequing-account/
https://www.td.com/ca/en/personal-b...s/savings-accounts/every-day-savings-account/


Both link to a detailed page that indicated for transactions over the limit that have will have charges, bill payments are an example. This suggests both account types have the option. It's a template that talks about "some accounts" so likely asking before setting up the account is best.


Cheers


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## james4beach (Nov 15, 2012)

I have the "TD Every Day Savings Account" which has no monthly fee, no minimum balance, but allows 1 free transaction per month.

I don't do a bill payment from TD and there are no cheques. Instead, I sent the information for this account (acct #, transit #, etc) to Simplii and I initiate the transfers at Simplii. First using Easyweb I downloaded the Direct deposit form (PDF) which you can find in the top right corner of your savings account. I took the form to the branch, had TD stamp it to validate its authenticity.

At Simplii, I used the online interface to link a new external account. They ask to see the void cheque, but they also recognize this official form from TD once it's stamped, in lieu of a void cheque. I mailed the TD form with stamp to Simplii.

Tangerine would likely do the same. Once Simplii is set up with the TD account details, I can now send or receive money from the Simplii side, not using bill payments but with transfers. If you do more than one a month, there will be a fee in the savings account. I don't do anything at the TD side for these transfers... not bill payment or anything.

I figured out all this last January when TD's phone lines got jammed during the pot stock & bitcoin mania. It occurred to me that I need a way to make large cash transfers without relying on a TD phone agent.

Today, I can transfer thousands of dollars without phoning anyone. Just by transferring the cash to TD Every Day Savings Account, then going to Simplii and transferring the cash in.


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## latebuyer (Nov 15, 2015)

Jamesforbeach can you clarify if you are charged a transaction fee for depositing the money from td direct investing to the everyday savings account and if that is considered a free transaction.


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## humble_pie (Jun 7, 2009)

james4beach said:


> Tangerine would likely do the same. Once Simplii is set up with the TD account details, I can now send or receive money from the Simplii side, not using bill payments but with transfers.



tangerine does do the same. A client can pull funds (ie deposit) in 6 figures into tangerine from a linked TD account, by working online within the citrus account.

client can also instruct the citrus online to push funds out (ie withdraw) to the linked TD account but the limits for such e-push are lower. At a certain threshhold (mighrt be something like 60k) the client has to phone a tangerine agent, most of whom have to get their manager's approval to manually execute a larger withdrawal.

the bill payment systems i know are capped at $10,000, although ii'm told that one can transfer out/bill pay 10k every day for as many days as one has funds to cover. For some accounts, bill payments would be included in the 1-transaction-per-month limit though.


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## james4beach (Nov 15, 2012)

latebuyer said:


> Jamesforbeach can you clarify if you are charged a transaction fee for depositing the money from td direct investing to the everyday savings account and if that is considered a free transaction.


From what I remember, deposits do not incur a fee. I think you can make as many deposits as you want.

It's the withdrawal transactions that are limited. You might want to double check this with TD but I don't recall ever seeing a fee due to deposits from TDDI into Everyday Savings.


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## Money172375 (Jun 29, 2018)

humble_pie said:


> interesting. The above instruction shows that TDDI is *still* insisting on charging their profitable broker rate FX fees on cash contributions to USD RRSPs & TFSAs.
> 
> those registered accounts need to be maintained in CAD for the CRA, so if the big green is applying their commercial FX spread rate to cash USD contributions, it's because this happens to be an easy & profitable way for them to establish the CAD equivalency which the CRA demands.
> 
> ...


The actual process is for TDDI to send an email to the branch for them to prepare the draft and contact the customer. So you’re at the mercy of the branch to 1. Open the email and respond to it. 2. Assign the task to a CEA. 3. Contact the customer. If done properly, it could be done in 2 hours or less.


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