FAQs

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Transferring Funds

  • By Electronic Funds Transfer (EFT): An Electronic Funds Transfer (EFT) can be initiated by you from your on-line trading account (TRADE>Transfer Funds), or you can phone Credential Direct® to process an EFT for you. As soon as you process an EFT you can place a trade. Please note that it does take 1-2 business days for the money to be transferred from your chequing account into your trading account; however, your trade can be placed immediately. U.S. dollar transfers will take 2-3 business days and must be requested through a Credential Direct representative.
  • By Bill Payment: You can log into your on-line banking system and set up Credential Direct as a Bill Payee and use all 8 digits of your account number beginning with 2, just like any other bill. Please note that at least 2 business days will be required to receive the payment into your trading account and is only available for Canadian funds
  • By Cheque: You can mail a Canadian or US dollar personal cheque or Bank Draft to Credential Direct. Sorry, no cash deposits, Money Orders or third party cheques.

No, you have to request this either by electronic funds transfer (EFT) online or by contacting one of our representatives.

An Electronic Funds Transfer (EFT) takes 1 to 2 business days to process, but you can trade immediately after submitting the request.

When you submit an EFT you will be given a reference number. Keep this for your records. If after two business days, the funds have not been transferred, please contact us.

Yes, you can EFT U.S. dollars to your U.S. trading account by phoning a Credential Direct representative after you have completed a one-time set up of your U.S. dollar chequing account. At this time, online EFT requests are only available for Canadian dollars. To deposit U.S. dollars, you can also mail in a personal U.S. dollar cheque or U.S. bank draft as long as it is drawn on a Canadian financial institution and made payable to Credential Direct. To send U.S. dollars out of your trading account, Credential Direct can mail you a cheque or send via EFT to your U.S. dollars bank account. U.S. dollars from your bank account cannot be transferred to your Canadian dollars trading account. U.S. dollar EFT Transfers take 2-3 business days.

No, you can only transfer cash between your chequing account and your trading accounts. To transfer stocks between brokerage firms, please complete a transfer form. (To get the Registered Plans Transfer Form or Authorization to Transfer Accounts Form, see ACCOUNTS>Forms). To transfer securities between accounts at Credential Direct please contact us at 1.877.742.2900. Please note a $25 internal transfer fee applies per security.

Double check you’ve selected the correct account, as some Account Groups (Client IDs) may have EFT chequing information set up, others may not.

If you are the Trading Authority on the account, you do not have the authority to Transfer Funds, only to trade. The account holder will need to set up online access to their account. Please have them contact us at 1.877.742.2900.

Mon to Fri:
6:00 a.m. to 5:00 p.m. Pacific Time 9:00 a.m. to 8:00 p.m. Eastern Time