Transferring from one brokerage to another

Biff88 wrote: ↑ Oh oh sounds like a recipe for trouble, trying to help a nit picky person with a process thats known to be especially problematic.

First of all why do they want to leave TDDI? Especially when you might steer them to another big bank brokerage, TDDI is usually rated above the other big bank brokerages. If its for cheaper commissions I would understand. I wouldn’t be too worried about having to send in forms via regular mail, I usually send in forms via registered mail(requiring a signature) and they get there next day. Pretty quick here in the GTA actually.
TDDI does account transfers electronically without having to mail forms/cheques so it should be less problematic, maybe 2 weeks or so.
Some other institutions don’t do account transfers electronically and it can take 5-6 weeks.

faken wrote: ↑ I went from BMO to Questrade last year. I'M WAY happier. 1/2 the cost for trades.. Free ETF's... the best of all.. Customer service. Do all your calling right when they open and you'll get an answer within 5-10 mins max. I've called them 10 times over the last 4 months. No outages on their platform since I've been using them.

ipxxx wrote: ↑ +1 for Questrade. I have helped other RFDers setup recently. In this thread here I posted some information: wealthsimple-trade-vs-questrade-vs-2441030/
I recently posted the transfer process I went through and some tips as well in that thread. However, it may not tick all your boxes so do your DD

georvu wrote: ↑ Thank you.

Were you able to transfer from BMO to Questrade entirely online or had to mail in documents?

To get cash out is it simply an EFT to your bank account of choice that linked to when opened accounts? If yes, does it take 2-3 days for funds to transfer from Q to bank account [whether it be BMO acct or Simplii acct or whichever acct]?

faken wrote: ↑ all online. it did however take like 1 month for me tho lmao. Saved me because I was gonna buy a stock and it tanked LOL.. saved me a couple thousand dollars..

georvu wrote: ↑ Were you able to link bank accounts [CAD and USD] to transfer money to/from Questrade? It does not seem they have that. Kind of like now when can use Simplii/Tangerine to push/pull funds from TD bank [after getting from TDDI].

From my reading it seems they prefer bill pay but that is CAD only and what if want to take cash out of Questrade, especially USD?

sprinter wrote: ↑ I haven't been able to get my head around their withdrawals process.

For deposits, I have tried Interac Online and bill payment. No issues! Have not tried USD deposits of any kind (use Norbit's Gambit to convert).
For withdrawals, I uploaded a void cheque thinking to set it up for when I need it. Boy, was that a race we went around in circles then.

First, my uploaded void cheque stayed "new" for more than 3 business days.
Then got a hold of chat, and it got really confusing. They said my void cheque has been accepted, but they will still ask for a withdrawal account detail when I want to withdraw (WFT?).
I got on the phone, and rep confirmed the same thing. They couldn't tell me if I can just upload the void cheque now, they verify the account, set-it-and-forget-it for all future withdrawals. Not the case, I'm told.

I really do not want any issues or delays when I do want the withdrawal in the future. I did, however, just complete the first RESP withdrawal. That went fine, when I contacted them after uploading the documents and waiting 5 business days. Then it took another 3 days to see the funds in the account.