TD Direct Investing (was Waterhouse) Service

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kjmcrae
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Re: TD Direct Investing (was Waterhouse) Service

Post by kjmcrae » 21 Sep 2016 15:23

Newb wrote:
adrian2 wrote:
Newb wrote:The biggest drawback ive found so far are the RESPs, with TD it was broken down by child, so you could put different amount in for each child. TDDI this is not the case, you have one account for all three and any amount you put in gets split into 3 equal amounts.
I very much doubt this is a rule. It depends what kind of an RESP you open, individual or family plan.
I was told TDDI only offers the family plan.
I have individual RESPs in TDDI for my 2 kids.

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adrian2
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Re: TD Direct Investing (was Waterhouse) Service

Post by adrian2 » 21 Sep 2016 16:01

Newb wrote:
adrian2 wrote:
Newb wrote:The biggest drawback ive found so far are the RESPs, with TD it was broken down by child, so you could put different amount in for each child. TDDI this is not the case, you have one account for all three and any amount you put in gets split into 3 equal amounts.
I very much doubt this is a rule. It depends what kind of an RESP you open, individual or family plan.
I was told TDDI only offers the family plan.
Even if that was the case, you can open a family plan RESP with kid #1, the a separate family plan RESP with kid #2.
If need be, (much) later on, you can add kid #2 to plan #1 and vice-versa.
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Re: TD Direct Investing (was Waterhouse) Service

Post by poedin » 01 Oct 2016 11:27

Urgent: WebBroker Currently Unavailable
Please note that order entry, account details and other features are currently unavailable in WebBroker. TD Direct Investing is investigating the issue and we are working to restore service as soon as possible. We apologize for the inconvenience.
:roll:

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Re: TD Direct Investing (was Waterhouse) Service

Post by SoninlawofGus » 01 Oct 2016 15:41

Newb wrote:Made the switch to TDDI yesterday from TD. The biggest drawback ive found so far are the RESPs, with TD it was broken down by child, so you could put different amount in for each child. TDDI this is not the case, you have one account for all three and any amount you put in gets split into 3 equal amounts. So how do you make a retroactive contribution specific to one child? Or have different risk allocations for a child who is closer to university?
I suspect this is only if you don't specify how to divide it for your family plan. I no longer contribute to our TDDI RESP, but I do for iTrade. I just mail a single cheque -- yes, old school -- with written instructions on how to divide it up for my children (whom no longer receive equal amounts). Works perfectly.

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Re: TD Direct Investing (was Waterhouse) Service

Post by qasimodo » 07 Oct 2016 08:58

Called TDDI to open a RIF (for my wife - I handle financial, she handles health :D )

- They set up a date and time, later in the week, for a phone appointment with someone who could do it over the phone, provided we could scan and return email the signed docs
- Next day TDDI called to say that it can not be done over the phone. They set an appointment at the local branch for the following Saturday
- On Saturday we went to the branch and completed the forms
- A week later (on the following Saturday) I called TDDI to inquire on the status. After 15 minutes of searching they reported that the forms were lacking in some information and we had to go back to the branch. (I wonder how long it would have sat "incomplete" before they actually notified me)
- On the following Saturday went to the branch to "complete" the forms. (rep had neglected to tick one box and some other info was not legible on the internal fax transmission)
- On Wednesday, called TDDI to verify status, but they responded that they had no knowledge of such an account.
- Left a message with branch rep asking for a follow up.
- No response
- On Thursday noticed that in Easyweb the new RIF account appears in the list of Webbroker accounts, but in Webbroker itself the account does not appear.
- On Friday (today) called TDDI and after a 40 minute search was informed that
a) the account has been opened
b) it will take *more than a week* for it to appear in Webbroker
c) they do not have any trace of the Internal Transfer Form with instructions on the transfer from the RSP to the RIF (I have a copy of the form that my wife signed)
d) Left a message for the branch rep to call me


Before we began the process I had told my wife that it would be harder than need be, but this is ridiculous.
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Re: TD Direct Investing (was Waterhouse) Service

Post by lacrosse905 » 07 Oct 2016 09:08

I had the sane problem last year when we submitted forms to make some changes...I just assumed it had been done, but decided to check to confirm and found out the forms had been returned to the branch and were sitting in someone's file but we had not been called,,,this was several months later. Not impressed. :twisted: :twisted:

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Re: TD Direct Investing (was Waterhouse) Service

Post by gsp_ » 07 Oct 2016 11:17

Are you guys referring to TD branches or TDDI branches? In my experience the employees at the bank branches don't have a clue how to complete forms and they just about always get sent back by compliance. I just skip the multitude of closer bank branches and go see a specific rep at TDDI 30 minutes away to get it done right the first time. Filling out forms to open accounts, process transfers, etc is all he does all day long so he knows what he is doing and has good contacts inside the TDDI machine to get problems sorted out.

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Re: TD Direct Investing (was Waterhouse) Service

Post by AltaRed » 07 Oct 2016 11:43

I've experienced sloppiness in the bank branches of RBC and BMO as well (in dealing with their discount brokerages), and if I had done anything of that nature at Scotia, I suspect I would have experienced it there too. As suggested. bank branches main business is retail banking and the push/sale of mutual funds. Most of the staff has no clue how to do anything beyond retail banking, and most of them are 'green' these days given there is very little future in brick and mortar retail banking. Seems like a setup designed to fail.
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Re: TD Direct Investing (was Waterhouse) Service

Post by qasimodo » 07 Oct 2016 11:45

TD branch but with a designated TDDI rep i.e. Investment Consultant
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Re: TD Direct Investing (was Waterhouse) Service

Post by AltaRed » 07 Oct 2016 13:00

qasimodo wrote:TD branch but with a designated TDDI rep i.e. Investment Consultant
I suspect that so called designated TDDI rep is just an individual who has been assigned to deal with TDDI paperwork when s/he has too, but is mostly a mutual fund sales rep pushing mutual funds for their mutual fund arm and their managed portfolios, rather than account applications for their TDDI discount brokerage. There wouldn't be enough TDDI business at a TD branch to support a 'well trained' TDDI rep.

Still, anyone who has been designated to do TDDI application work should know what they are doing.
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Re: TD Direct Investing (was Waterhouse) Service

Post by kcowan » 07 Oct 2016 17:39

Our TDDI Branch in West Van is equipped with 3 TVs, 3 computers and 5 offices for reps. There is one junior rep there. I have spent some time trying to straighten out my RESP with her.
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Re: TD Direct Investing (was Waterhouse) Service

Post by MarcusA » 26 Oct 2016 06:16

Roughly a week ago, I completed an internal transfer to merge a relatively small individual RSP in my wife's name into a larger spousal RSP account to reduce statements / simplify account management. It turned out this wasn't as simple as I anticipated but I stuck with it out of a perverse sense of curiosity. (And also because the first half had to be completed regardless in order to transfer our accounts out.)

I started mid-June and saw online that it was finally completed on Oct 21.

Along the way, we made:
- six branch appointments (average time, 30 mins?)
- two attempts to submit forms ourselves directly
- a few emails to branch staff inquiring about status, prompting resubmissions of paperwork but zero results.
- eleven phone calls (totalling 2.5 hours) to TDDI inquiring about procedure / status ("maybe check again next week?")

We also received one outbound call (!) from the back office / compliance staff, giving specific instructions to follow and a direct fax number. This not so coincidentally immediately preceded the completion of the process. Mind you, that person also said "But I'm on vacation for the next two weeks" - someone else there handled the incoming fax sooner.

The constant need (push?) at TDDI to complete paperwork in branch with completely untrained staff who have never seen the likes of the request before is mind-boggling. We moved a few years ago and hadn't found a competent "regular" rep to deal with at the branches now near us, so I kept hitting junior employees (they have available appointments, after all) who would typically only half listen to the outline of the procedure TDDI phone reps had given me, then ask their managers / call up their own phone support and get given wrong instructions repeatedly. The nearest investor centre was 2-3 hours' round trip (with kids...) away, so we were rather reluctant to do that but ultimately it likely would have saved some time.

Anyway, most of my troubles stem from the starting state - the individual account was in my wife's maiden name, while the spousal account was in married name, and some manner of internal account linking was broken, possibly previously broken by the very green rep who had taken two branch visits to properly open the spousal RSP some years prior, possibly by whoever handled the paperwork.

For any future frustrated searchers, the proper procedure for me was:
1) Ensure that all accounts are linked together in a single household profile - despite all showing up online, ours apparently weren't. Was fixed by a TDDI phone rep's request to back office.
2) Resolve any name inconsistencies between the accounts via name change form, possibly involves accompanying letter specifying account numbers explicitly, but the several failures in this step may have been linked to #1.
3) Submit internal transfer form with accompanying (hand written / typed, signed) letter of direction stating name, date, the direction of the transfer between account type and number X -> Y, and critically, an acknowledgement that you're aware of and accept the permanent tax consequences of the transfer and that it cannot be reversed.

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Re: TD Direct Investing (was Waterhouse) Service

Post by Pobre » 07 Dec 2016 22:21

For the past umpteen years whenever I called TDDI the call was answered within seconds. I don’t often have a need to call but did on Mon (5 Dec) and had to go through two menus before reaching an agent. He advised that the menu system was now standard for all calls “to ensure the call is directed to the right department”.

Any other President Acct holders call TDDI in the past couple of days and get through to an agent without having to go through their menu system?

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Re: TD Direct Investing (was Waterhouse) Service

Post by IdOp » 07 Dec 2016 23:28

Pobre wrote:Any other President Acct holders call TDDI in the past couple of days and get through to an agent without having to go through their menu system?
Yes, had to call twice this week and only the usual VoicePrint system to deal with. Once to sell a HISA because WebBroker wouldn't do it (technical difficulties).

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Re: TD Direct Investing (was Waterhouse) Service

Post by ModeratorW » 07 Dec 2016 23:30

Material on POAs split into new topic -- Power of Attorney - Financial/Brokerage Accounts
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Re: TD Direct Investing (was Waterhouse) Service

Post by kcowan » 08 Dec 2016 07:34

I put in a buy order with limit price for the day and it was kept open over night and filled at open the next day. This turned out to be exactly what I wanted. I think this is a change? Has anyone else noticed this?
For the fun of it...Keith

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Re: TD Direct Investing (was Waterhouse) Service

Post by AltaRed » 08 Dec 2016 11:14

kcowan wrote:I put in a buy order with limit price for the day and it was kept open over night and filled at open the next day. This turned out to be exactly what I wanted. I think this is a change? Has anyone else noticed this?
Did you put in the buy after hours? If so, yes, this is how it works.
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Re: TD Direct Investing (was Waterhouse) Service

Post by kcowan » 08 Dec 2016 13:42

AltaRed wrote:
kcowan wrote:I put in a buy order with limit price for the day and it was kept open over night and filled at open the next day. This turned out to be exactly what I wanted. I think this is a change? Has anyone else noticed this?
Did you put in the buy after hours? If so, yes, this is how it works.
You know I might have. I was bidding and not getting filled. It might have been after 1. So I just left it and it got filled before the stock took off the next day. Nice feature, esp for those of us on the left coast. By the time I was up, it was done.
For the fun of it...Keith

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Re: TD Direct Investing (was Waterhouse) Service

Post by GreatLaker » 12 Dec 2016 11:22

The most recent update to the TD Android mobile app now allows mutual fund trading.

And pending credit card transactions are now visible in the TD web interface and mobile app.
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Re: TD Direct Investing (was Waterhouse) Service

Post by BRIAN5000 » 16 Dec 2016 15:39

We are experiencing technical difficulties please try again later, FFS.
On a Friday just before close no less....urgh.
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Re: TD Direct Investing (was Waterhouse) Service

Post by schmuck » 16 Dec 2016 15:46

Could there possibly be a worse time for WebBroker to shut down (with technical difficulties) than during the last half hour of triple witching day?
Truly pathetic.

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Re: TD Direct Investing (was Waterhouse) Service

Post by hboy43 » 16 Dec 2016 15:49

BRIAN5000 wrote:We are experiencing technical difficulties please try again later, FFS.
On a Friday just before close no less....urgh.
So it wasn't just me. TD spends a stunning amount of time down for such a critical computer system. This is getting so tiresome that for the first time today I entertained the thought of jumping ship. Which bank has a system that works?

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Re: TD Direct Investing (was Waterhouse) Service

Post by poedin » 16 Dec 2016 17:30

So it wasn't just me.
Truly frustrating ... :evil:

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Re: TD Direct Investing (was Waterhouse) Service

Post by kcowan » 22 Dec 2016 12:21

Does anyone know how to enter the cost for a stock. I have one that transferred from another brokerage (an ADR) and I need to enter its cost.
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Re: TD Direct Investing (was Waterhouse) Service

Post by Spudd » 22 Dec 2016 13:28

kcowan wrote:Does anyone know how to enter the cost for a stock. I have one that transferred from another brokerage (an ADR) and I need to enter its cost.
I don't think they let you do that yourself anymore. You have to phone in and ask them to change it for you.

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