After sitting down and calculating the fees incurred in keeping our registered accounts at TDDI, I started looking into other brokers. Must be a broker affiliated bmo investments phone number a large financial institution.
Must have easy transfer of funds between TD Canada Trust bank accounts and brokerage accounts. Must have segregation of US Dollar securities in registered accounts. Must have easy, automatic Norbert Gambitting across all accounts. Must refund transfer out fees that will be charged by TD Direct Investing. Nice to have HISAs to park cash. Nice to have DRIPs for REITs. 250 and 250 free trades for a 90-day period.
1,000 in total cash back plus free trades. The Catch As with any offer, you have to pay attention to the fine print. 100,000 in net new assets in the account for a six-month period to receive the cash back. 150,000 in total value of stock and cash on the day of the transfer. You will need your Driver’s License, Social Insurance Number card, a void cheque and your TD Direct Investing account statements and be prepared to spend at least a couple of hours in preparing the paperwork. I’ve always filled out all the paperwork online and then taken it to a branch for them to check IDs and forward it.
I’ve learned that health cards are no good for ID in Ontario, and they really want postal codes on all the obscure address they ask for. I’ve also had trouble with one branch that would fax in the ID photocopies and then Investorline says they’re not clear enough. Once when sending in paperwork on two accounts, the ID photocopies got switched between the two accounts. That took a while to straighten out. It can easily take an extra week or two after you think you’re done. And you might have to explicitly ask for 5-star status on any account that you attach to your unbrella ID.
2 hours opening my accounts and still found a couple of mistakes. It’s true that all brokers want postal codes. Yes, it would indeed by annoying to have new accounts frozen. It looks like the rep set mine up correctly but I will know for sure when the holdings get transferred over from TDDI and I actually make a trade. 250 and BMO will in addition cover my transfer out fees?