Personal Finance

TFSA taking a long time from PCF->TD waterhouse, normal?

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  • Feb 19th, 2015 3:34 pm
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Deal Guru
Sep 2, 2008
12614 posts
2318 upvotes

TFSA taking a long time from PCF->TD waterhouse, normal?

I initiated transfer on Feb 5 and its still not shown up in my TD TFSA account. I called TD waterhouse and they said that some banks aren't in the "system" and require a manual transfer that takes 4-6 weeks.

They suggested I could call PCF and try to get them to push it faster, but they didn't know if that would work "but it can't hurt".

EDIT: Called in to PCF and found out they already sent the draft, and they suggest to wait 10 business days for the other institution to receive it. I guess my case is within normal timeframes, I just expected it faster so thought something was wrong.

Thanks
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Nov 1, 2014
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Toronto, ON
TD is correct... you need to contact PCF to see what's going on and status.

all TD can tell you is they haven't received it yet from PCF
Deal Fanatic
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Mar 30, 2004
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Durham Region
Unfortunately, registered account transfers tend to take a long time. The institution making the transfer essentially has no incentive to do it in a timely manner.

Too late now, but the easiest way to do this would have been to cash out your PCF account on December 31st and re-deposit the funds to TD Waterhouse on January 1st.
Deal Guru
Sep 2, 2008
12614 posts
2318 upvotes
CorSter wrote: Too late now, but the easiest way to do this would have been to cash out your PCF account on December 31st and re-deposit the funds to TD Waterhouse on January 1st.
Yeah I realize that now!

Earlier I asked them at the branch, and I asked on the phone with TDDI, and boht told me it would take about 5 business days.
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Nov 1, 2014
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slowtyper wrote: Yeah I realize that now!

Earlier I asked them at the branch, and I asked on the phone with TDDI, and boht told me it would take about 5 business days.
TD can only quote you time it takes for them to process once PCF actually has done their part which is step 1. TD can't do anything if PCF doesnt'
Sr. Member
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Mar 13, 2012
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Planet Earth
FWIW: It took 1 month when I did it last year.
If at first you don't succeed, destroy all evidence that you even tried.

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