I have succeeded in transferring one of my TD Mutual Fund Accounts (my Emergency Account ) to Questrade (as an experiment, but also to divest from the TD Mutual Fund side of the world), and have found a few very interesting issues that can arise, but the big one for me is the fact that having Questrade took 10 days to do it.
The nice part about the 10 days is that even though I had to fill in (by hand) a bunch of forms to authorize the transfer, I then scanned the document and sent it to Questrade, who then seemed to start working on it within a few hours (which is a bit faster than a lot of times when I have dealt with other Bank branches).
The sticking point for me was the 10 day wait to do the transfer. While I can understand it taking a while if the accounts where Registered savings accounts (RRSP, RESP, RDSP, LIRA or the like), this is just a Mutual Fund account going to a Questrade account? Seemed a little long.
I could have done this manually, by following these steps
- Cash out all Funds held in my Mutual Fund account (however in this case it is a bit messier because they are E-series accounts, so I would first have to transfer the funds to the TD Money Market account, and then cash that fund out). Estimated time for this to take 3 days or so (if you start in the morning).
- Take Funds from sale and transfer it via on-line banking tools to Questrade account. This could take 2-3 days until funds are in and usable in the account.
As you can see even in the worst case this should have taken 7 business days (and that is mostly due to the E-series funds being involved), so really not sure why this took 10 days?
I also tripped over the fact that either Questrade or TD Mutual Funds will not transfer assets in kind, as I was holding E-series funds. My guess is that TD Mutual Funds did not want to transfer the funds, but I never got a clear statement from Questrade about who(m) was to blame, so I was only able to do a transfer of funds (not in kind) for the account. The nice part is, I got an e-mail telling me this, I was able to update my form, scan it, and get everything back on track in about 2 hours.
At the end of it, with a few “pot holes” on the road, it did take 10 days, but I guess it is not as bad as it could have been (those pot holes with other banks might have taken an entire month). I have 1 or 2 other TD Mutual Fund accounts, that I suspect are either going to TD Direct Investing or to Questrade.
Full Disclosure: I am also a Questrade Affiliate (i.e. I put ads on my site, and if you open an account using them, I get paid).