Personal Finance

TD Waterhouse account structure

  • Last Updated:
  • Mar 4th, 2014 1:05 am
[OP]
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Apr 22, 2004
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North Vancouver

TD Waterhouse account structure

I have a question about TD Waterhouse account structure and thought I'd ask here since I've been given conflicting information from TD.

I have had some TD Waterhouse accounts for awhile and recently setup spousal accounts for my wife and I. My accounts had been setup in a format with account number, say 123456, then a letter to denote account type.

Eg.

123456A CDN Cash
123456B US Cash
123456J TFSA
123456X Basic RSP

So when I setup spousal accounts on the weekend, I got a new account #, eg. 567890S (SD RSP Spousal). Normally not a big deal but I prefer everything under the same portfolio where you can see the totals line up. I asked my branch if I can change the account no. from 567890S to 123456S and she said no. I called a TD Waterhouse CSR and she said for regular personal accounts a number change is no problem but she was unsure about spousal account, and that I should wait until contributions post before I make any changes anyways.

Does anyone know if this is possible?

Also, what happens if I want to have 2x SD RSP accounts under the same portfolio 123456, 1 personal and 1 for spousal contributions to me? Eg. Would one be 123456S and 123456S2 or some other format?

Thanks!
9 replies
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Nov 2, 2003
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da_hool wrote:
Mar 3rd, 2014 2:24 pm
So when I setup spousal accounts on the weekend, I got a new account #, eg. 567890S (SD RSP Spousal).
When you sign up for a new account, you're going to get a new account number.

You need to add to your existing account number to do what you want to do.

The same thing happened to me when i wanted to add margin to my account. they opened a new one. then i asked them to merge and they said can't. so i closed the new account. and redid the entire process and asked them to be careful which box they tick at the top of the form. not a new account but add to existing account.

having said all that i don't know how spousal accounts work.
[OP]
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Apr 22, 2004
1400 posts
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North Vancouver
Thanks for the info!

I wonder if reps fill a quota or get a commission on setting up new accounts and do this on purpose. Same thing happened when I asked to switch my TD Value account to a Select Service. They created a new account instead of changing my existing account over. That annoyed the heck out of me.

EDIT: Just remembered also when I asked to increase my TD LOC limit. Instead of increasing the limit on my existing LOC they created a new additional LOC account! WTF!

actng wrote:
Mar 3rd, 2014 6:56 pm
When you sign up for a new account, you're going to get a new account number.

You need to add to your existing account number to do what you want to do.

The same thing happened to me when i wanted to add margin to my account. they opened a new one. then i asked them to merge and they said can't. so i closed the new account. and redid the entire process and asked them to be careful which box they tick at the top of the form. not a new account but add to existing account.

having said all that i don't know how spousal accounts work.
Deal Expert
Nov 2, 2003
15548 posts
1522 upvotes
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da_hool wrote:
Mar 3rd, 2014 7:11 pm
Thanks for the info!

I wonder if reps fill a quota or get a commission on setting up new accounts and do this on purpose. Same thing happened when I asked to switch my TD Value account to a Select Service. They created a new account instead of changing my existing account over. That annoyed the heck out of me.

EDIT: Just remembered also when I asked to increase my TD LOC limit. Instead of increasing the limit on my existing LOC they created a new additional LOC account! WTF!
they do get credit... it's not like $ but more like a check mark. if you like your rep, keep the new account for 3 months. put like $10 in it.
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Mar 12, 2005
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Victoria
The first 6 digits are the same and the 7th specifies account type. You can't duplicate on the same account #. If you need two rrsps you will need a new account number for the second one (as the letter S will have already been used up). If you get a brand new account number for no reason (ie you didn't have that account type yet) you can call the 24hr line and they can put in a request to roll the account number over to match your existing account number.
Member
Dec 11, 2008
352 posts
81 upvotes
Ottawa
Huh, I didn't know the accounts were set up that way? I might be looking at the totally wrong thing here but it seems like my account #s are this format:

###A12
###A34
###A56

i.e. 6 characters in total, the first 3 are numbers (identical for all accounts), the 4th is a letter (identical for all accounts), and the last 2 digits are different numbers for each account. I guess it doesn't really matter, but I'm curious why this is?
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Apr 12, 2005
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da_hool wrote:
Mar 3rd, 2014 2:24 pm
I have a question about TD Waterhouse account structure and thought I'd ask here since I've been given conflicting information from TD.

I have had some TD Waterhouse accounts for awhile and recently setup spousal accounts for my wife and I. My accounts had been setup in a format with account number, say 123456, then a letter to denote account type.

Eg.

123456A CDN Cash
123456B US Cash
123456J TFSA
123456X Basic RSP

So when I setup spousal accounts on the weekend, I got a new account #, eg. 567890S (SD RSP Spousal). Normally not a big deal but I prefer everything under the same portfolio where you can see the totals line up. I asked my branch if I can change the account no. from 567890S to 123456S and she said no. I called a TD Waterhouse CSR and she said for regular personal accounts a number change is no problem but she was unsure about spousal account, and that I should wait until contributions post before I make any changes anyways.

Does anyone know if this is possible?

Also, what happens if I want to have 2x SD RSP accounts under the same portfolio 123456, 1 personal and 1 for spousal contributions to me? Eg. Would one be 123456S and 123456S2 or some other format?

Thanks!
Your wife's acct doesn't belong to you. Why would TDWH set up so you can access it?
[OP]
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Apr 22, 2004
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a_1_a wrote:
Mar 3rd, 2014 11:54 pm
Your wife's acct doesn't belong to you. Why would TDWH set up so you can access it?
Not sure how you got that from my post but anyways... In case you don't know about Spousal RRSP accounts, I setup a Spousal SDRSP account in my name/account, and Spousal SDRSP in her name/account. I can make contributions to her Spousal SDRSP account (that she owns) and she can make contributions to mine.

http://www.tdwaterhouse.ca/products-ser ... -plan-info
[OP]
Deal Addict
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Apr 22, 2004
1400 posts
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North Vancouver
I just used 123456 for the sake of brevity. From looking at my wifes account compared to mine, her first 6 digits have a different alpha numeric format. The 7th digit however should be alpha and denotes the account type.
mango_cake wrote:
Mar 3rd, 2014 10:20 pm
Huh, I didn't know the accounts were set up that way? I might be looking at the totally wrong thing here but it seems like my account #s are this format:

###A12
###A34
###A56

i.e. 6 characters in total, the first 3 are numbers (identical for all accounts), the 4th is a letter (identical for all accounts), and the last 2 digits are different numbers for each account. I guess it doesn't really matter, but I'm curious why this is?
Deal Fanatic
Jul 1, 2007
8313 posts
1279 upvotes
da_hool wrote:
Mar 4th, 2014 12:41 am
Not sure how you got that from my post but anyways... In case you don't know about Spousal RRSP accounts, I setup a Spousal SDRSP account in my name/account, and Spousal SDRSP in her name/account. I can make contributions to her Spousal SDRSP account (that she owns) and she can make contributions to mine.

http://www.tdwaterhouse.ca/products-ser ... -plan-info
Normally if the staff are opening the new account correctly it gets added as an additional letter on your root account, however it could be just because they're spousal RSPs or because you already have that basic RSP that a new root account number was generated. No, there is no quota for staff to create new root account numbers. When you open a TDW account at a bank branch the rep actually gets zilch for opening the account but then gets awarded "points" (as a previous poster mentioned) once you transfer money/assets into it.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.

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