Personal Finance

Direct transfers to and from TD/TD Direct Investing?

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  • Aug 21st, 2020 9:05 am
[OP]
Deal Fanatic
Jan 21, 2018
5272 posts
5434 upvotes
Vancouver

Direct transfers to and from TD/TD Direct Investing?

Normally if I need to transfer money to or from TD Direct Investing, I do it via my TD chequing account using a direct push/pull from another bank like Hubert or Tangerine that have links set up by bank/branch/account number to my TD account.

My mother asked me if she can do that too, but she only has a TD Savings account. I'm not sure if direct push/pull transfers from another bank can be done with a TD savings account, or for that matter directly with her TD Direct Investing cash account, which I think I have heard is possible. I tried asking TD, but their agent doesn't know - they only know how to set up inter-bank links at the TD end.

Has anyone set this up and done it successfully with either a TD savings account or the cash account at TD Direct Investing?
40 replies
Deal Addict
Oct 4, 2009
2800 posts
1693 upvotes
Montreal
You can transfer to TDDI using bill pay even at banks that have no push/pull capabilities such as big 5 chequing accounts.

You should be able to link TD savings accounts at outside institutions that don’t require cheques and do verification deposits.
[OP]
Deal Fanatic
Jan 21, 2018
5272 posts
5434 upvotes
Vancouver
S5 wrote: You can transfer to TDDI using bill pay even at banks that have no push/pull capabilities such as big 5 chequing accounts.

You should be able to link TD savings accounts at outside institutions that don’t require cheques and do verification deposits.
Bill pay would be limited to small amounts though, not much use for investment-sized amounts.

I agree that she should be able to link to her TD savings account, but with the convoluted Canadian banking system, should doesn't always equal can. Maybe TD doesn't allow such transactions on her savings account. Can't look it up because they don't offer that type of account any more, and the TD agents don't know.
Deal Addict
Oct 4, 2009
2800 posts
1693 upvotes
Montreal
Don’t recall running into bill pay max issues but don’t remember the amounts I’ve done on family accounts with similar setups, too long ago.

The biggest question to me is whether she requires movement in both directions. Will she need disbursements from the TDDI account?

In either case, what’s the issue with just trying the savings account link? Seems like no risk and only takes a couple days. I’ve never heard of a TDDI cash account link, doesn’t mean it’s not possible but savings account much more likely and easier to try.
Sr. Member
May 24, 2018
528 posts
331 upvotes
Ontario
It can be done from either TD bank (Easyweb) or TDDI (WebBroker). Yes, I've done it from TDDI to TD savings.

(WebBroker) Accounts >> Self Service >> Cash transfer and foreign exchange
(EasyWeb) My Accounts >> Transfer

Your accounts should be listed in the drop-down.

Hope this helps.
However, I am not sure how money flow from another FI to a TD savings.
Deal Fanatic
Jan 21, 2014
5886 posts
3285 upvotes
Setup it up from Tangerine to your TD savings account. Two micro deposits will appear on your TD account and once you confirm, the 2 accounts will be linked (from Tangerine side). You can push or pull money from Tangerine. Transaction between TD & Tangerine always happens on the same day. i.e. you push money to TD today, your account at Tangerine gets deducted tomorrow morning, by 5pm or 6pm, it will appear on your TD account, then you can go in and transfer it over to TDDI. If you pull money from TD to Tangerine today. Tomorrow morning, your Tangerine will show the new money, but it will be on hold for 5 days, by 5 or 6pm, your TD account will have the money deducted. BTW, after it set up, test pushing money over to TD with a small amount to see if it works and the timing of the transaction, before starting with a big amount
[OP]
Deal Fanatic
Jan 21, 2018
5272 posts
5434 upvotes
Vancouver
mkl38s wrote: Setup it up from Tangerine to your TD savings account. Two micro deposits will appear on your TD account and once you confirm, the 2 accounts will be linked (from Tangerine side). You can push or pull money from Tangerine. Transaction between TD & Tangerine always happens on the same day. i.e. you push money to TD today, your account at Tangerine gets deducted tomorrow morning, by 5pm or 6pm, it will appear on your TD account, then you can go in and transfer it over to TDDI. If you pull money from TD to Tangerine today. Tomorrow morning, your Tangerine will show the new money, but it will be on hold for 5 days, by 5 or 6pm, your TD account will have the money deducted. BTW, after it set up, test pushing money over to TD with a small amount to see if it works and the timing of the transaction, before starting with a big amount
That's the information I'm looking for. What type of TD savings account did you try this with?

At the moment she wants to transfer money out of TD, but she may want to transfer money back the other way in future, so interested in making both directions work.

I know it's not an issue moving money between TDDI and a TD savings account - that's something you can do online fairly quickly. I only wondered about the direct link with TDDI because I've heard that TDDI actually has its own branch/hank/account number combo that you can specify for direct transfers.
Deal Addict
May 28, 2007
1295 posts
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Scote64 wrote: That's the information I'm looking for. What type of TD savings account did you try this with?

At the moment she wants to transfer money out of TD, but she may want to transfer money back the other way in future, so interested in making both directions work.

I know it's not an issue moving money between TDDI and a TD savings account - that's something you can do online fairly quickly. I only wondered about the direct link with TDDI because I've heard that TDDI actually has its own branch/hank/account number combo that you can specify for direct transfers.
So did you call up TDDI to ask them if they have their own " branch/bank/account number combo"?
Deal Fanatic
Jan 21, 2014
5886 posts
3285 upvotes
Scote64 wrote: That's the information I'm looking for. What type of TD savings account did you try this with?

At the moment she wants to transfer money out of TD, but she may want to transfer money back the other way in future, so interested in making both directions work.

I know it's not an issue moving money between TDDI and a TD savings account - that's something you can do online fairly quickly. I only wondered about the direct link with TDDI because I've heard that TDDI actually has its own branch/hank/account number combo that you can specify for direct transfers.
I have chequing but I think Tangerine can link with either chequing or savings. You set it up and see if the 2 micro deposits appear. Then do both push & pull for a few bucks to confirm it works before trying big amount
Deal Fanatic
Jan 21, 2014
5886 posts
3285 upvotes
RCML27 wrote: So did you call up TDDI to ask them if they have their own " branch/bank/account number combo"?
Years ago (in 2000) where TD provided me a bunch of checkbooks for both USD & CAD TD trading accounts (called MoneyLink I think) that I could write cheques for my investment account. But last I checked with them, no one I talked to knew what that was and it's almost 20 years, they think it wouldn't work anymore. So I tossed all the cheques. Otherwise, I could have looked at the transit and account number and tried to link with Tangerine. Although now is not bad. I knew it takes the same day, I usually transfer my money from HELOC to trading first and later on in the day, when money arrives, I transfer it back into HELOC.
[OP]
Deal Fanatic
Jan 21, 2018
5272 posts
5434 upvotes
Vancouver
RCML27 wrote: So did you call up TDDI to ask them if they have their own " branch/bank/account number combo"?
Yes. The agent I got was pretty clueless and didn't understand the question.
[OP]
Deal Fanatic
Jan 21, 2018
5272 posts
5434 upvotes
Vancouver
mkl38s wrote: Years ago (in 2000) where TD provided me a bunch of checkbooks for both USD & CAD TD trading accounts (called MoneyLink I think) that I could write cheques for my investment account. But last I checked with them, no one I talked to knew what that was and it's almost 20 years, they think it wouldn't work anymore. So I tossed all the cheques. Otherwise, I could have looked at the transit and account number and tried to link with Tangerine. Although now is not bad. I knew it takes the same day, I usually transfer my money from HELOC to trading first and later on in the day, when money arrives, I transfer it back into HELOC.
Hmmm, I do have some of those old Moneylink cheques. They say that the bank number is 004 (which is TD), and the branch number is 16682. The account number starts with 1668 and then a 7-digit number which is not related to any other number I recognize. That combo is listed here: http://canada-banks-info.com/routing-nu ... 16682-004/

No idea if they are still valid though. And I would have no idea what account number to use for my mother since she never had any of these cheques AFAIK.
[OP]
Deal Fanatic
Jan 21, 2018
5272 posts
5434 upvotes
Vancouver
hwyc2007 wrote: TD Waterhouse routing number

Hope this helps
Since it says that it's the Moneylink branch, and it doesn't match mine, which also says that it's the Moneylink branch, I guess we're nowhere on this.
Sr. Member
May 24, 2018
528 posts
331 upvotes
Ontario
The link I provide points to Montreal TD Waterhouse Canada Money Link Bran. Yours is Toronto. ... sorry for the confusion
[OP]
Deal Fanatic
Jan 21, 2018
5272 posts
5434 upvotes
Vancouver
hwyc2007 wrote: The link I provide points to Montreal TD Waterhouse Canada Money Link Bran. Yours is Toronto. ... sorry for the confusion
Which raises the question, are there only two? One for Quebec and one for the rest of the country? And are they still valid even though nobody at TD seems to know anything about Moneylink any more?

And how would you figure out the account number to try for someone that never had Moneylink cheques?

Update: TD Bank customer service responded to a message enquiry as well, but again it was a nothing useful. We asked whether we could initiate direct withdrawals and deposits to the TD savings account from another bank, and they responded that we could transfer money directly between the savings account and TD Direct Investing C$ cash account, or between banks using Interac e-transfers. They didn't address the question we asked at all, which was the common pattern for all 3 enquiries to TD. It's like dealing with an AI with a limited knowledge base - they pick a key word or phrase from your query and respond to that with something from the knowledge base, unable to go beyond that.
Sr. Member
May 24, 2018
528 posts
331 upvotes
Ontario
S5 wrote: You can transfer to TDDI using bill pay even at banks that have no push/pull capabilities such as big 5 chequing accounts.

...
This is cool! Though one direction only, I added my TDDI account as payee to Tangerine, pushed funds arrive at TDDI in 2 days.
Deal Addict
Dec 28, 2007
1031 posts
562 upvotes
I understand that you can fill out some EFT authorization form with TDDI to link an external account. You can then call in to transfer money to or from TDDI.

I haven't done that though; I typically use the bill payment function to transfer money into TDDI, and I have a TD LOC that gets used to transfer money out. I either pull money into Tangerine from the LOC, or just pay bills directly from there.
Deal Fanatic
Oct 7, 2007
8763 posts
4637 upvotes
The bill payment function is an excellent way to transfer money into and out of brokerage accounts.
Sr. Member
May 24, 2018
528 posts
331 upvotes
Ontario
choclover wrote: The bill payment function is an excellent way to transfer money into and out of brokerage accounts.
Can you really transfer out of brokerage accounts using the bill payment function ? Please elaborate how ... would like to try as well

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