Personal Finance

Issue: Questrade taking forever to withdraw funds, mortgage downpayment due soon

  • Last Updated:
  • Dec 9th, 2020 9:21 pm
[OP]
Newbie
Sep 24, 2010
53 posts
15 upvotes
Ottawa

Issue: Questrade taking forever to withdraw funds, mortgage downpayment due soon

Hi, so I need a small amount of money I was holding in my Questrade. I know, it should be in a HISA usually but I was killing it in the stock market and nearly doubled my money. Anyways now I need around 38k and I submitted the request on December 3rd. I had to complain quite a bit for the uploaded documents to be approved and they finally did that today.

Now it says pending approval and following this it takes 4-6 days for it to be processed (I hope this includes it showing up in my bank account). I thought I'd budget for 6-10 business days seeing as i'd need the money in my account for December 18th but at this rate, I won't even have the money by then.

What can I do to expedite this process? I can't see myself sticking around with QT, their customer service is horrendous. It's always around 2hrs (or 99+ people in queue) waiting time.
5 replies
Deal Addict
User avatar
May 11, 2014
4599 posts
5430 upvotes
Iqaluit, NU
All brokerages have been hammered with large number of customers calling in so your customer service issue of long phone lines would be the same with BMO/TD/CIBC etc that have been reported on RFD Investing. Not necessarily excusing Questrade here mind you. Try pinging them here. They have a presence on RFD. To make the money get in your account sooner, you can request bank wire, but that costs money.

@Questrade
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Sr. Member
User avatar
Jun 27, 2007
578 posts
110 upvotes
Toronto
Yass.Attack wrote: Hi, so I need a small amount of money I was holding in my Questrade. I know, it should be in a HISA usually but I was killing it in the stock market and nearly doubled my money. Anyways now I need around 38k and I submitted the request on December 3rd. I had to complain quite a bit for the uploaded documents to be approved and they finally did that today.

Now it says pending approval and following this it takes 4-6 days for it to be processed (I hope this includes it showing up in my bank account). I thought I'd budget for 6-10 business days seeing as i'd need the money in my account for December 18th but at this rate, I won't even have the money by then.

What can I do to expedite this process? I can't see myself sticking around with QT, their customer service is horrendous. It's always around 2hrs (or 99+ people in queue) waiting time.
Hi there! We understand your urgent need for the funds and want to help you get the process completed asap. Please send us a DM with your phone number on file and we'll have our team reach out to help. Thanks.
Sr. Member
Jun 9, 2006
824 posts
170 upvotes
Yass.Attack wrote: Anyways now I need around 38k ... for the uploaded documents to be approved and they finally did that today.
The mistake was not having the ETF setup earlier.

I would advise anyone to set up your EFT information/banking info, right NOW.
Do NOT wait until you actually need the money....

When you have the EFT setup, it's self-serve online, you send the request and you get your funds into your bank account in less than 48 hours.
Jr. Member
Dec 5, 2017
194 posts
154 upvotes
intelmic wrote: The mistake was not having the ETF setup earlier.

I would advise anyone to set up your EFT information/banking info, right NOW.
Do NOT wait until you actually need the money....

When you have the EFT setup, it's self-serve online, you send the request and you get your funds into your bank account in less than 48 hours.
That makes sense. I was going to say, I use TDDI and it's a simple request to move the money over and takes minutes (online).
Jr. Member
Mar 18, 2006
156 posts
103 upvotes
intelmic wrote: The mistake was not having the ETF setup earlier.

I would advise anyone to set up your EFT information/banking info, right NOW.
Do NOT wait until you actually need the money....

When you have the EFT setup, it's self-serve online, you send the request and you get your funds into your bank account in less than 48 hours.
I will be having an RESP withdrawal next month. In anticipation of that, I uploaded by void cheque in Oct. Once the status didn't change from new to accepted for a week, I initiated a chat request. This is where it got bizarre.

I was informed that the void cheque I uploaded was only for times when I want to put money into Questrade. So my uploaded void cheque was fine.

If I want to make a withdrawal from Questrade, I would have to follow the same process of uploading a void cheque (even if the same account as before), and it would have to be done for each withdrawal request. This doesn't make sense. Why not have one void cheque for deposits or withdrawal - and not request the same document every time.

Anyone that has done withdrawals from Questrade - is this what you have experienced?

@Questrade

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