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Wednesday, September 22, 2021

My experience switching broker from TD Direct to National Bank Direct Brokerage

I notice that my TFSA account was no longer with TD Direct, but it wasn't either way yet arrived in my National Bank Direct Brokerage. However, I check again at the opening, and there it was, my TFSA - but only my TFSA account - was now inside my National Bank Direct Brokerage! Immediately, I check if my number of stocks for each investment was correct, which it is. I also check on my average cost per share, as well as my book cost info. All of those were ok. 

However, I am missing one single investment inside my new National Bank Direct Brokerage TFSA account. One specific investment that I had inside my TD Direct TFSA account hasn't been transferred over my TFSA account that I now have with the National Bank Direct Brokerage. And the fact is, that missing investment is no longer from my TFSA account with TD Direct because my TFSA with TD Direct does no longer exists. So I guess that my missing investment must be somewhere, behind a rock or something lol.

And I am also missing a part of the cash I had inside my TFSA. It wasn't a big amount, but still. To fix this out I called National Bank Direct Brokerage. I was told that I had to wait 48 hours. If after 48 hours I still have elements that are missing from my TFSA portfolio, I need to call NBDB.

So far, only my TFSA account had been transferred, other accounts haven't been transferred yet, which is normal. It took National Bank Direct Brokerage a little while to open my non-registered portfolios margin accounts. I guess that the next account I should receive from TD is my RRSP.

I spent over 41 minutes over the phone trying to talk to a broker with National Bank Direct Brokerage. Customer service is quicker with TD Direct, but I am willing to wait several minutes over the phone to get 0$ commission fee broker account. It sucks to wait, but I put my cell on speakerphone and voilà. I left it on my desk as that and... wait. I guess that people at National Bank Direct Brokerage might be quite busy with all those new clients like myself who just love the idea to trade at a $0 commission fee. It's too much of a hot deal not to take benefit of it.

The funniest thing ever is that I received an email from National Bank Direct Brokerage saying that my first transaction had been done. Not exactly... Transfer only. Before doing any trading, I want all of my stuff to be completely transfer, so sorry National Bank Direct Brokerage.

I think everything will get done by next week. Once that I talked to a National Bank Direct Brokerage broker, I was told that TD Direct was among to faster to complete transfers like those.

I will wait and see.


Anonymous said...

Sunny days :):)!!

Anonymous said...

it's was not necessary, though, to close the previous TFSA account. I find that stressful so you're quite a bit more zen than me

Sunny said...

I didn't decide to close my TFSA account with TD Direct, they automatically close it as soon as they proceed with the transfer over National Bank.

I now had received the missing investment from my TFSA yesterday. It really take 48 hours after receiving the stuff in the new account to have everything perfect and back to normal.

There's nothing to fear about doing such transfer. Your stocks are yours and belong to no one else.

Jerry said...

I believe finally the transformation will all be set. Maybe because you hold so many stuffs. A suggestion, Canadian oil stock SU is deep under value. Worth to take a look! J

Jerry said...

Canadian oil stock SU.TO is worth taking a look at. Very good cash flow under current oil price. Good luck!

Anonymous said...

> There's nothing to fear about doing such transfer. Your stocks are yours and belong to no one else.

Whether to close the account or leave it open after a full transfer is a flag on the transfer forms. I've annually transferred everything between RRSP/TFSA account at TD or manulife to another broker. There are occasionally things that mess up, like a drip or a dividend that ends up in the old account after the transfer and you can't tell it messed up if you no longer have access to your account at the previous broker. The brokers do not try to help you, the stuff will just get lost between the couch cussions if you don't take care of your own stuff.

Also, in many cases if you closed your account, you can't access the tax forms in
the future. It's really annoying. You might get the forms on paper instead, or you might not. It's best to keep the accounts around for a couple of years to make sure you don't need anything

Sunny said...

I am sorry for your trouble.
Personally, so far, everything went smoothly.

However, I still have 2 account pending, my Canadian margin and US one are waiting to be transfer over National Bank. The margin account take longer to be transfer because at first, the new broker need to do a credit check.

I have save all of my statements and tax papers of the past couple years and I do a print screen of my 2 portfolios who are still pending every day.

For the DRIP, I will call to have it set up back with National Bank once all my accounts will be transfer.

Once you proceed with such transfer, TD close automatically all the accounts. I guess it might be better that way because nothing can go into the old broker accounts.

National Bank broker are really well rank, they had received prices. I had been well served. Brokers are there to do their job. The ones I talked to, they care and sincerely, at both TD and National Bank, I always been well served by brokers.

You need to take one problem at a time. Be polite with the broker, describe your situation. Write down what's wrong, the time and date you call your broker, and broker ID, and you'll see problems will get fix.

Following the transfer, I will follow my dividend income more closely, which I haven't done in a long time, but I should be doing.


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