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I do know some banks charge a shelter transfer fee when money is moved to another bank's TFSA. Does TD charge any transfer fee for the same?
May 9, 2013 01:33:47 PM
Investing and Planning for Retirement
2 people recommended this |
In reply to Anand, Halifax
Thanks for joining the conversation here at TD Helps.
Depending on the type of TFSA you currently have with TD, there may be a charge for you to transfer it out. If you have a:
* TD High Interest TFSA Savings Account offered through TD Canada Trust: Assuming your funds were in cash, there is no fee to transfer your TFSA to another institution.
* TD Mutual Funds TFSA: There is no fee to transfer to another institution. However, please note that all TD Mutual Funds, with the exception of Money Market Funds, are subject to a 2% early redemption fee for funds sold within 30 days of purchase, including units purchased through a pre-authorized purchase plan.
* TD Direct Investing, formerly TD Waterhouse, TFSA: There will be a $135 transfer fee to transfer out to another institution.
We’d hate to see you move your TFSA, and if there’s anything we can do to keep your TFSA business at TD, please let us know.
I hope this helps, Anand. If you have any other questions, please feel free to write us back. Take care and enjoy your evening.
May 10, 2013 05:51:49 PM
3 people recommended this
In reply to Andrew, Toronto
Thanks a lot for your response. I gave been banking with TD for quite some time and I hate to move my TFSA. But unfortunately another institution is offering close to twice the interest rate and I think it would be unwise not to take advantage of that. Please let me know if you can do anything about this.
May 10, 2013 08:57:34 PM
1 person recommended this
Thanks for getting back to me and letting me know why you're considering switching. Believe me, we'd hate for you to move your TFSA!
With that said, given that there are many investment options available to you within the TFSAs available at TD, I recommend that you visit with a Financial Advisor in Halifax to ensure that you're fully informed regarding all of them prior to you moving your TFSA. Potentially, there may be another TFSA option that may benefit you more than the one you're in? To give you a head-start on what TD offers when it comes to the TFSA, check out this link: http://www.tdcanadatrust.com/products-services/investing/tax-free-savings-account/tax-free.jsp#what-does-td-offer.
If you'd like for me to co-ordinate an appointment for you at your local TD branch, feel free to reach out to me directly at: firstname.lastname@example.org. I'd be happy to do this for you.
Please let me know what you think. I look forward to hearing from you, Anand. Take care.
May 10, 2013 09:07:19 PM
that doesnt help
October 17, 2013 08:07:31 AM
2 people recommended this
In reply to jake, brantford
Hi Jake - sorry to hear the previous responses didn't answer your question.
Can you please clarify which areas you need clarification around?
Thanks so much and look forward to hearing from you soon.
October 17, 2013 09:47:30 AM
I just received notice that March 1 2016 TD will charge $75.00 + tax to transfer a TFSA to another institution. Is this applicable to all types of TD TFSAs, and does it apply to TD Waterhouse accounts?
Nancy, Owen Sound
January 17, 2016 10:01:13 AM
In reply to Nancy, Owen Sound
Thank you for joining the conversation.
The new $75.00 transfer fee applies to the TD High Interest TFSA and TD Mutual Fund TFSA. If you hold GICs within your TD High Interest TFSA, they will also be subject to the $75.00 fee.
If you have a TD Direct Investing TFSA, the transfer fee is $135.00 for partial or full transfers. Partial withdrawals are not subject to a fee, however full plan withdrawals are subject to a $125.00 fee. You can find a full list of fees for your TD Direct Investing TFSA here: https://www.tdwaterhouse.ca/document/PDF/forms/521778.pdf.
I trust this helps, Nancy. Enjoy the rest of your day.
January 17, 2016 10:15:55 AM
So, if I locked in a TD Market Growth TFSA for 5 years, in 2012, TD can change the rules half way in, and apply a $75 + taxes transfer fee, if I want to move my TFSA to another institution, when it reaches maturity in 2017?
When I signed up, this was not part of the contract. Had I known about this at the time, I wouldn't have signed up with TD. I won't get enough interest on my money after 5 years, to even cover the fee. So, TD is using my money for 5 years, promises a minimum guaranteed interest, only to change the rules and take it all away, after 5 years?
Laura, Windsor, Ontario
March 3, 2016 11:32:26 AM
In reply to Laura, Windsor, Ontario
Thank you for reaching out to TD Helps, and your situation sounds frustrating.
As I understand that when you opened your TFSA in 2012, the $75 (plus HST) fee was not a charge you have to worry about if you wanted to transfer the proceeds to another financial institution. TD, as well as other financial institutions, can make changes to their fees at any time as long as we provide proper notification to our clients. To review our "Financial Service Term" agreement and "About Our Accounts and Related Services", please see the attached link; http://www.tdcanadatrust.com/products-services/banking/accounts/fst.jsp#start, and http://www.tdcanadatrust.com/document/PDF/accounts/513796-20160301.pdf.
Laura, when the GIC matures in 2017, I would highly recommend that you sit down with a TD Advisor so they can review all of the different options that are available to you as an investor.
Please come back to visit us anytime in the future at TD Helps.
Thank you for your business, Laura!
March 3, 2016 12:03:19 PM
In reply to Chris, London
So, are you saying I have to pay the $75 at maturity? If this is your answer, no offense, why would anybody invest with TD, lock the money for 5 years, to find out the bank is changing the rules and adds fees that could not only wipe out entirely the interest, but could end up charging even more, since the bank can unilateral change the fees to whatever level they like to?
March 7, 2016 02:06:28 PM
In reply to Laura, Windsor
Thank you for the reply.
Just to confirm with you that if you decide to transfer your TFSA to another institution when your GIC matures next year, then yes, the $75.00 (plus HST) fee would apply. If you renew into another GIC or decide to reinvest the money into a different investment vehicle like a TD Mutual Fund TFSA or a TD Direct Investing TFSA, the fee would not apply.
Have a nice day, Laura.
March 7, 2016 02:15:19 PM