Funding and transferring accounts.

So, you’ve become a Credential Direct client. Congratulations! We’re thrilled to meet you, and we hope you’re excited about your direct investment-based future. Naturally, once you’ve set up to use Credential Direct’s brokerage services, the next step is to fund your accounts. Learn all about how to handle transferring registered and non-registered accounts, foreign exchanges, and more. Plus, we’ve got all the forms you might need in one convenient place.

How to Transfer a Registered Account to Credential Direct

(This information is also available on our FAQ page: https://credentialdirect.com/support/faq-cat/funding-or-moving-an-account/)

If you want to transfer a registered account, such as an RRSP, RRIF, TFSA, etc., from another financial institution, you can! In fact, if you transfer your account of $25,000 or more to Credential Direct, we’ll cover up to $150 of the transfer fees your brokerage charges.

To move a registered account to Credential Direct, please fill out a Registered Plan Transfer form, found in the “Transferring Funds” section of the Forms page.

Complete the following sections:

  • Investor Information
  • Receiving Institution Information
  • Investor Direction to Relinquishing (Delivering) Institution
    • If “All in kind” or “All in cash” (meaning you are transferring all of the holdings in that account), leave the detailed instructions underneath blank; otherwise, your transfer request could be rejected by the relinquishing institution
    • If “Partial,” provide the investment amount (cash or # of shares/units), and investment description (if securities)
  • Print, sign and date in the ‘Investor Authorization’ section
  • Leave the ‘For Use by Relinquishing Institution Only’ section blank
  • Attach your most recent statement from the relinquishing institution

Once you’ve completed the form, you can scan and email it to support@credentialdirect.com, or fax it to 1.877.742.2901. Please allow 2-3 weeks for a registered plan transfer to be completed. You’ll be up and investing in no time!

 

How to Transfer a Non-Registered (Cash or Margin) Account to Credential Direct

You can also transfer a non-registered account from another brokerage to Credential Direct. It’s an easy process – just complete the Authorization to Transfer Account form, found in the “Transferring Funds” section of the Forms page.

Complete the following sections:

  • Investor Information
  • Receiving Institution Information
  • Investor Direction to Relinquishing (Delivering) Institution
    • If “All in kind” or “All in cash” (meaning you are transferring all of the holdings in that account), leave the detailed instructions underneath blank; otherwise, your transfer request could be rejected by the relinquishing institution
  • If “Partial,” provide the investment amount (cash or # of shares/units), and investment description (if securities)
  • Print, sign and date in the Investor Authorization Section
  • Attach your most recent statement from the relinquishing institution
  • Scan it to support@credentialdirect.com, or fax it to 877.742.2901

Please allow two weeks for a Cash or Margin account to be transferred over to Credential Direct.

 

How Do I Transfer Funds Between Credential Direct and My Linked Bank Account?

This is a big one, but don’t worry – we’ve made it as easy as possible. Simply log in to your Credential Direct account, and go to Accounts -> Transfer Funds.

Select the relevant ‘Group’. In the ‘Transfer from’ field, select the account you’d like to use as a source for Credential Direct account funding. Or, select the relevant Credential Direct cash, margin, or TFSA account to transfer funds out, if you so choose.

In the ‘Transfer to’ field, select the relevant Credential Direct account you’d like to funds (or the relevant other account if you’re transferring funds out of Credential Direct).

  • Enter ‘Amount’
  • Select ‘One-Time’ or ‘Recurring’
    • If recurring, select the ‘Frequency’ and ‘Start Date’ (if setting up to waive the quarterly administration fee, recurring transfers must be a minimum of $25 weekly, $50 bi-weekly, or $100 monthly)
  • Click ‘Next’
  • Review the details of your request, and click ‘Modify’ or ‘Submit’.

If you are transferring funds into Credential Direct in order to place a buy order, the funds will not show in your trading account for 1-2 business days – but you can place a buy order right away for up to the amount you’re transferring.

If you are transferring funds into Credential Direct to cover a settled debit or margin call, the funds will not show in your trading account for 1-2 business days; however, your debit will be considered to be covered as soon as you have submitted your transfer request. Withdrawals of Canadian funds to your bank will be processed within 2 business days, while withdrawals of US funds to your bank will be processed within 3 business days.

Please note: Individuals with Limited Trading Authorization (“T/A”) do not have access to this transferring feature for accounts on which they are listed as “T/A”. Funds transferred into Credential Direct cannot be transferred back to your bank for five (5) business days on deposits of up to $9,999.99, ten (10) business days on deposits of $10,000 or more, and twenty (20) business days on USD deposits of any amount.

Related: How Do I Deposit a Share Certificate?

 

How Do I Link a US Dollar Chequing or Savings Account for EFT’s?

You can link US Dollar chequing or savings account easily by completing the Electronic Funds Transfer Form, located in “Transferring Funds” section of the Forms page.

  • On Page 1, you just need to complete the ‘Investor Information’ and ‘Banking Information’ sections, and can leave ‘Transaction Types’ blank
  • In the ‘Banking Information’ section, select ‘New’
  • Tick the ‘U.S. Dollar Account’ box
  • If the joint bank account holder is different form the joint investor, the joint bank account holder will sign in the ‘Banking Information’ section
  • If the joint bank account holders are the same as the joint investment account holders, both will sign in the ‘Investor Authorization’ section

The Electronic Funds Transfer Form must be accompanied by either a USD$ Void Cheque, or an Account Confirmation Letter (also available on Page 3 of the Electronic Funds Transfer Form) completed in full for your USD$ chequing or savings account. The completed forms can be scanned and emailed to support@credentialdirect.com, faxed to 1.877.742.2901, or mailed to Credential Direct at: 700-1111 W. Georgia St.,  Vancouver, BC  V6E 4T6. Please allow 2 business days for processing – once completed, you will see your US$ bank account in the list of accounts in the ‘Transfer Funds’ tab for the relevant account group.

 

How to do a Foreign Exchange (Transfer Cash Between USD and CAD)

A foreign exchange may seem like a complicated transaction, but don’t stress! We’re here to help.

In order to transfer funds between your CAD$ and USD$ accounts, the cash to be transferred must be “settled.” This means a sell has settled, or a transfer-in has landed in the account.

  • Phone us at 877.742.2900 for current foreign exchange (“FX”) rates, and to execute an FX transaction.
  • There is no transaction fee charged for FX transactions; however, FX rates are set based on a “spread”, meaning USD$ are bought from Credential Direct at a slight premium to the spot price, and sold to Credential Direct at a slight discount to the spot price

Your transaction will be posted within a few hours of requesting, but please note that the cut-off time for same day posting is 2:00pm PST.

NOTE: In a USD$ Cash Account, you can place a buy order for up to the CAD$ equivalent of the combined equity in your CAD$ and USD$ Cash accounts, and then you have until the settlement date to cover the debit either by selling securities or requesting an FX transaction.

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