Source
r/CanadianInvestor•
Humangobo

TD TFSA deposit wait?

Heya!

I have no idea if this is an appropriate place to ask, but i recently opened a direct investing TFSA with TD, as they’re my regular bank, and although I now see the account in my list of accounts (I knew there’d be a delay as I’d applied after hours), I still can’t transfer to it.. it’s been just less than 48hrs, and I vaguely recall something about 48hr wait, but don’t know if that was anything to do with transfer ability..

Their “tutorial” videos seem to make it seem like I should just be able to transfer directly account to account (rather than having to do a “pay bill” every time), so I’m wondering if anyone has any insight?

Also just wanna thank you all for this subreddit. Been great to hear of a lot of these investment opportunities to look into!

Posted Jan 9, 2021, 2:29 AM UTC

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StayClassynet•

I use TD for chequing plus TDDI (TFSA and RRSP). Any transfers from my chequing account into TFSA is instant. There are no waits and I can immediately invest the money inside my TFSA as I see fit. Hope this helps.

(note: I'd assume this is the same for you once your account is fully approved/up and running)

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HumangoboOP•

That’s awesome, and what I’d hoped to hear! I’ve been getting annoyed at the 3 day wait to move money from TD to WS 😬

1
Chigurh_33•

Yes there is a delay when opening a new account. I would think you should be good to go by Monday, if not by Tuesday I would give TDDI a call to follow-up. Always call through the app to skip the queue or you could be on hold for hours.

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HumangoboOP•

Ah, thanks for that advice!

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ssaugman•

Hi there i work in the industry so first thing your account has to go through an approval process might be the reason you can't transfer yet.

Secondly not really like transferring between chequing and saving accounts where its instantaneous. There will be a delay when moving between chequing and saving.

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HumangoboOP•

I wonder about that, as I’d gotten an email the next morning saying my account had been opened, and had a bunch of paperwork to fill out.. I’d figure if I see the accounts, I must have been approved? 🤔

For transferring, I’m not as concerned about instantaneous, I just want it to be a little quicker/easier than the 3 day wait with my WS account :) which does seem to be the case based on TDs description of transactions

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