Exchange Network Deposits to CDF account | Canadian Direct Financial | Discussion forum
June 14, 2012
I recently opened KeyRate Savings and KeyReach TFSA cash accounts with Canadian Direct Financial (CDF).
I had the opportunity to use an Exchange Network ATM to make a deposit and wanted to post the results.
The Exchange Network has a very large network of participating institutions, many local and regional credit unions and a number of national financial institutions. Some of the larger ones include HSBC, Alterna (formerly the CS-Coop), and National Bank.
The full list is here: http://www.the-exchange.ca/def…..;LangID=en
Further, The Exchange Network is connected to the Accel network in the US.
I pass an Alterna ATM on my way to work so I tried that one out.
I noticed some quirks when using the CDF bank card with the Alterna ATM.
First, accounts are listed that I hadn't opened (chequing, for example) and the TFSA isn't listed. In order to access money that you have in the KeyReach TFSA, you would first have to log in to CDF online and transfer money to another, accessible CDF account. Alternately, you could make a phone call to CDF to have them do this for you, if you didn't have internet access.
Second, the system requested my PIN number after every transaction. I first tried a "balance inquiry" which completed successfully. On selecting "yes" when queried if I would like to perform any further transactions, the system asked me for my PIN again.
These aren't show-stoppers, only oddities.
The transaction I wanted to test was a deposit so that's what I did next.
I wrote a cheque to myself using a cheque from an account at another financial institution. It was accepted by the Alterna ATM and, when I next logged on to CDF online, I noticed it had appeared in my CDF KeyRate savings account but was listed as a "hold."
The hold was removed about a week after the deposit was made.
It's my intent to make a deposit at another Exchange Network ATM next, likely National Bank, to see if the process is similar.