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Switching from TDDI to Scotia iTrade - step by step advice?

  • Last Updated:
  • Feb 22nd, 2022 1:12 pm
[OP]
Sr. Member
Feb 1, 2018
973 posts
1114 upvotes
Montréal

Switching from TDDI to Scotia iTrade - step by step advice?

For a variety of reasons, I want to migrate my investment account from TD Direct Investing to Scotia iTrade. Looking for some practical advice on how to do this to minimize fees and headaches.

Specific questions:
  1. Will iTrade cover the transfer out fees that TD will charge? I see in the fine print that they will for assets over $25,000, but can anyone confirm?
  2. I'm also finding it remarkably difficult to actually figure out what TD will charge in transfer-out fees.
  3. With the new Scotia
  4. My holdings with TD are a mix of ETFs and TD eSeries funds right now. I know that, since the recent changes to the eSeries funds came into effect, they can now be held elsewhere than TD, so theoretically I could hold onto these in my iTrade account, right? I realize this is largely a matter of opinion, but what are the pros/cons to holding onto them (transfer in kind) versus cashing out prior to transfer and investing in ETFs instead once I migrate to iTrade to lower MERs?
  5. With the new Scotia Ultimate chequing package, it looks like I get "10 free equity trades at Scotia iTRADE in your first year (approximately $100 value) and 5 free equity trades every year after".
  6. Any ongoing deals for opening a new iTrade account? I saw the one for a $50 credit; is that the best welcome bonus on right now?
  7. Can anyone confirm the best order (step by step) to actually go about the transfer? Is it worth going in person to a branch, or can I complete everything online?
11 replies
Deal Addict
Jun 28, 2018
1031 posts
788 upvotes
Toronto
#1,3,4,5,6: For Scotia iTrade deals you probably should ask Scotia iTrade for the most up to date. Can you provide a link as to where you saw the $25k transfer-in promo? I don't really see promos like that for the big bank brokerages only one I recall is Questrade and it is up to a certain amount with taxes included.

#2: TD DI's fee schedule is under "Our Rates & Fees brochure". More specifically the section "Transfer Fees".
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
[OP]
Sr. Member
Feb 1, 2018
973 posts
1114 upvotes
Montréal
johnnychi wrote: Can you provide a link as to where you saw the $25k transfer-in promo? I don't really see promos like that for the big bank brokerages only one I recall is Questrade and it is up to a certain amount with taxes included.
It's in the legal terms and conditions / fine print on this page:
https://www.scotiaitrade.com/en/direct- ... -cash.html


TERMS AND CONDITIONS
*

Offer valid for the new Scotia iTRADE® accounts, excluding Cash Optimizer Investment accounts. If you did not have a Scotia iTRADE account as of July 31, 2019 and you (i) open one or more NEW Scotia iTRADE account(s) (each, a “New Account”) by October 15, 2019 and fund the New Account(s) by October 31, 2019 with at least CAD $2,500 in cash or in Net Equity (cheque deposit, electronic funds transfer or transfer of assets) ("Minimum Amount"), from an account that is not held at Scotia iTRADE; and (ii) then maintain a Minimum Amount in assets that you deposited in your New Account(s) between October 31, 2019 and December 31, 2019, (1) $50 cash will be deposited directly into your New Account by January 31, 2020; (2) you will be automatically enrolled to qualify for commissions of $6.99 flat per Canadian or U.S. equities/ ETF trade and $6.99 + $1.25/contract for each options trade in your New Account(s) until March 1, 2020. New qualification status will be effective on the earlier of August 19, August 26, September 2, September 9, September 16, September 23, September 30, October 7, October 14, October 21, October 28 and November 1 after you satisfy all the eligibility requirements for this offer. If you transfer at least $25,000 into your New Account(s), the amount of the transfer-in fee charged by another Canadian broker will be credited to your New Account(s) by January 31, 2020 (up to $150 per client) subject to Scotia iTRADE’s receipt of the documentation evidencing such transfer-in fee. Fees for U.S. transactions are charged in U.S. dollars. If you qualify for the commission of $4.99 per trade, your entitlement will not be affected by this offer. To qualify for this offer, you must be eligible to open a Scotia iTRADE account, maintain all of your accounts at Scotia iTRADE in good standing, not be in a disallowed debit position and not have any outstanding margin calls due. This offer has no cash redemption. This offer cannot be transferred or combined with any other promotional offer (excluding Refer-A-Friend). Limited to one offer per client. In case of joint account only one account holder will be entitled to receive $6.99 pricing and cash back. Scotia iTRADE reserves the right to modify and/or cancel this offer at any time without notice in its sole discretion.
Deal Fanatic
Mar 24, 2008
6275 posts
2747 upvotes
Toronto
^ Can anyone confirm that they'll only reimburse $150 per client, i.e., even if you transfer multiple accounts, you will only get up to $150 back? Or is it $150 per client per account transferred? I'll call them during a weekday but wondering if anyone knows this.
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Deal Fanatic
Mar 24, 2008
6275 posts
2747 upvotes
Toronto
iTrade confirmed that they only reimburse transfer out fees for just 1 account. If you transfer 3 accounts with > 25,000 in assets, they will only reimburse one transfer out fee. Looks like i'll have to wait for one of those promotions before transferring my 4 accounts. :)
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[OP]
Sr. Member
Feb 1, 2018
973 posts
1114 upvotes
Montréal
Update: My experience doing this was relatively painless. I submitted the transfer forms October 10th (I had to snail mail them, that was the only real hassle -- no electronic way to submit). They confirmed the initiation of the transfer on October 18 via email. The transfer completed November 1st without incident, all assets (including TD eSeries) transferred in kind with no problems. I called in today to request reimbursement of my TD transfer out fee, and have been told to expect it within 1-2 business days. The $50 promo credit is on file to be applied in January assuming I maintain minimum balance. Plus, I've started taking advantage of my 10 free trades through the ultimate package.

tl;dr So far, so good.
Deal Fanatic
Oct 7, 2007
9271 posts
5096 upvotes
seriesofcontradictions wrote: Update: My experience doing this was relatively painless. I submitted the transfer forms October 10th (I had to snail mail them, that was the only real hassle -- no electronic way to submit). They confirmed the initiation of the transfer on October 18 via email. The transfer completed November 1st without incident, all assets (including TD eSeries) transferred in kind with no problems. I called in today to request reimbursement of my TD transfer out fee, and have been told to expect it within 1-2 business days. The $50 promo credit is on file to be applied in January assuming I maintain minimum balance. Plus, I've started taking advantage of my 10 free trades through the ultimate package.

tl;dr So far, so good.
Just curious what motivated you to make the switch from TDDI to itrade?
[OP]
Sr. Member
Feb 1, 2018
973 posts
1114 upvotes
Montréal
choclover wrote: Just curious what motivated you to make the switch from TDDI to itrade?

Was moving most of my banking and finances over anyway, as TD basically lost me with a last straw (long story). More convenient to have it in one place. But also to save money on trades -- lower commissions at Scotia, plus a number of free trades per year as an Ultimate Package customer.
Deal Fanatic
Feb 15, 2006
9087 posts
3697 upvotes
Toronto
iTrade has a more mature, consistent, stable platform than TD DI. iTrade also have much more experienced people when you call with issues/questions, TD DI has some decent reps, but far too many reps who don't know and either fake it or screw up. Maybe in a few years TD will catch up.
ksgill wrote: iTrade confirmed that they only reimburse transfer out fees for just 1 account. If you transfer 3 accounts with > 25,000 in assets, they will only reimburse one transfer out fee. Looks like i'll have to wait for one of those promotions before transferring my 4 accounts. :)
I had transferred multiple accounts from TD DI to iTrade. Each account was reimbursed the transfer fee. It is per account, not per client.
Deal Fanatic
Mar 24, 2008
6275 posts
2747 upvotes
Toronto
Arrgh wrote: iTrade has a more mature, consistent, stable platform than TD DI. iTrade also have much more experienced people when you call with issues/questions, TD DI has some decent reps, but far too many reps who don't know and either fake it or screw up. Maybe in a few years TD will catch up.

I had transferred multiple accounts from TD DI to iTrade. Each account was reimbursed the transfer fee. It is per account, not per client.
How long ago did you make these transfers? Their policy states:
the amount of the transfer-in fee charged by another Canadian broker will be credited to your New Account (up to $150 per client) subject to Scotia iTRADE's receipt of the documentation evidencing such transfer-in fee.
I called again and the rep confirmed that the maximum amount reimbursed is $150 unless you bring in a very large amount to get special consideration. He advised me to wait for one of their transfer in promotions so I don't have to pay transfer fees.
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Deal Fanatic
Feb 15, 2006
9087 posts
3697 upvotes
Toronto
ksgill wrote: How long ago did you make these transfers? Their policy states:

I called again and the rep confirmed that the maximum amount reimbursed is $150 unless you bring in a very large amount to get special consideration. He advised me to wait for one of their transfer in promotions so I don't have to pay transfer fees.
Transfered several accounts two years ago. Then more accounts last year. Each time they had some promotions. Even if there's no promotion advertised, if you want to transfer enough money, you can call and see what they might offer.
Newbie
Jan 6, 2013
50 posts
2 upvotes
RICHMOND HILL
Looking at doing the same. Doesn’t look like there’s a promo currently 👎🏼

Did you open a new account then process the transfer into that account? Did you have to sell everything in your TD account then transfer cash or were you able to transfer in-kind?

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