Getting Started

Funding or Moving an Account

Can I transfer a trading account or an RRSP from another financial institution?

Yes. Simply complete and mail a Transfer Authorization for Registered Investments form if it’s a registered account (RRSP or RRIF). If you have a non-registered trading account, complete and mail a
Transfer Authorization for Non-Registered Accounts form to transfer. You must include a photocopy of your most recent account statement from the relinquishing institution.

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How long does it take to transfer my account from another financial institution?

Please allow at least 10 to 25 business days to complete the transfer. If your transfer involves mutual funds or a locked-in account, such as an LIRA, it may take closer to 25 business days.

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How long will it take to transfer my money from a U.S. account?

U.S. dollar deposits can be deposited by EFT, bank draft, or personal cheque (issued from a Canadian financial institution). The minimum hold period for all U.S. deposits is 20 business days.

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How will I know when my account transfer is complete?

If you’ve already received your trading site user ID, you can login to the trading site and view your account online. Otherwise, please contact us to check the status of your transfer.

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How do I fund (move money into) my trading account?

  • By electronic funds transfer (EFT). Send funds electronically via the Transfer Funds page of our trading platform. Or, call us to process one for you. As soon as you process an EFT to your account you can place a trade, even though it can take a day or two for the money to reach your account.
  • By online bill payment. You can login to your financial institution’s online banking service and set up Credential Direct as a bill payee just like your utility company. Please note that at least two business days are required to transfer the payment into your trading account and you will have to wait for the funds to arrive in the account before placing trades based on the transfer.
  • By cheque. You can also mail a cheque to our Vancouver office, payable to Credential Direct. Sorry, no cash deposits.
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I have a stock certificate. How do I put it in my account?

If the stock certificate is in your name and there are no restrictions noted on it, you can send the certificate to us along with a PoA-Irrevocable form. Check our Account Administration Forms  section for other certificate forms you may need to complete. We recommend that you use a courier service so you can track delivery.

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When I buy a stock do you automatically take the funds from my chequing account?

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

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I entered an Electronic Funds Transfer (EFT), why aren’t the funds in my account yet?

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.

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Can I EFT U.S. dollars into my U.S. trading account?

Yes, you can EFT U.S. dollars to your U.S. trading account after you have completed a one-time set up of your U.S. dollar chequing 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.

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Can I transfer stocks using an Electronic Funds Transfer?

No, you can only transfer cash between your chequing account and your trading accounts. To transfer stocks between brokerage firms, please complete and mail a Registered Plans Transfer Form if it’s for a registered account (RRSP or RRIF), or an Authorization to Transfer Account Form if it’s for a non-registered account. 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.

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Why is my banking information not showing up when I request an Electronic Funds Transfer (EFT)?

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.

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