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Canadian Direct Financial new account opening process and timeline
June 10, 2011
10:31 pm
msl
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oh hi Andrew, yeah, i know about that $2.50 charge posted by CDF when doing ETF, as it was posted on their service fees. anyway, to complete my test, i just went thru it [i call it test fee] and for the outcome, i was not charged $2.50.

maybe i got it wrong on my last post as i have told "CDF initiated the EFT." i should have told, i initiated the EFT by accessing it on CDF online first. I cant do this if I will access my ING first. This is technically an EFT from ING to CDF to which of course, there is no charge from ING, and CDF doesn't charge any fee for deposits.

now, maybe, if i do an EFT from CDF going to ING (or any other bank), that's what i think where they will ding us $2.50

June 1, 2012
6:36 am
Gunho
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Is it possible to do an EFT directly from an chequing account at a different institution into the Canadian Direct Financial TFSA ? Or is it necessary to first do the EFT to the Canadian Direct Financial regular savings account, and then do an internal transfer to the TFSA ?

June 14, 2012
5:56 pm
CJOttawa
Ottawa
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June 14, 2012
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https://www.canadiandirectfinancial.com/Personal/FAQs/#do_all_my_banking

From that page:

Your KeyRate Savings Account provides you with 1 free withdrawal per month. After using your free transaction, charges will apply for each ABM withdrawal, outbound transfer, Point-of-Sale/InteracĀ® purchase or bill payment.

The implication there is that the "1 free withdrawal per month" includes outbound EFTs, ABM withdrawals, and Interac point of sale payments.

Gunho said:

Is it possible to do an EFT directly from an chequing account at a different institution into the Canadian Direct Financial TFSA ? Or is it necessary to first do the EFT to the Canadian Direct Financial regular savings account, and then do an internal transfer to the TFSA ?

Yes, once your other account info and authorization form are received by CDF, you can perform transfers into the KeyReach TFSA.

In order to move money out, you may need to transfer to the KeyRate Savings account first. (CDF's FAQ seems unclear on this)

June 15, 2012
6:42 pm
Doug
British Columbia, Canada
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Are transfers to the KeyDirect Chequing Account free? If so, you could transfer money from savings to chequing, then transfer out via EFT to avoid service charges. Plus, keep a $5,000 minimum balance in chequing (or a KeyReach GIC or TFSA) and your monthly fees are waived too! It's basically like ING's THRiVE Chequing. ;)

Cheers,
Doug

July 6, 2012
9:54 am
CJOttawa
Guest
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Doug,

Good point and yes, any internal transfers between CDF accounts are free.

Reference: https://www.canadiandirectfinancial.com/Personal/FAQs/

We know there are times you will need to access your savings. Moving money between your KeyDirect Chequing Account and your KeyRate Savings Account is fast, easy, secure and, best of all, free!

October 2, 2012
8:47 am
dt
Guest
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I actually closed my account with CDF in August 2012 after having opened a TFSA account with them - so I thought. I clearly wrote in the Memo section of the cheque what kind of account was to be opened i.e. TFSA. So, I wrote "TFSA" as per the sample image on their website. Unbeknownst to me they deposited my $5,000 cheque in a regular hi-saving account at the lower rate. Months later I noticed my funds were sitting in a non-TFSA account and when I contacted them to inquire about the error they would not back-date my funds to the original date of deposit even after reviewing my file and seeing the cheque Memo had indeed indicated TFSA. The manager said to me "it isn't much interest anyway". I thought, wow, these are the people that Canadian Western Bank (a CDIC member who owns and runs CDF) hires to run their online banking institution??

Thank you very much but CDF does not deserve my business. CDF must also understand that customer service isn't only about competitive interest rates - it is how you treat a customer and how you solve a customer's issue when something goes wrong -- especially when the error was theirs!

Too bad for CDF --I think I'll stick with AcceleRate Financial for my cash account and I've already deposited my $5000 from CDF into the DEX Universe Bond Index Fund ETF.

October 14, 2012
11:07 am
gwplant
Guest
Guests

Pretty harsh reaction over what $20??
Considering if you had of read the FAQ section you would have seen that you have to fill out a seperate application to open a TFSA account. IMO if it were me I would have chalked it up to an oversight on part and lived with it, considering they are likely stretched to be paying the 3% in this environment I wouldn't have expected them to pay the difference on my oversight. Switching from a guaranteed 3% to a semi riskier 3.2% over $20 seems like a bit of an overreaction to me...of course JMO.

dt said

I actually closed my account with CDF in August 2012 after having opened a TFSA account with them - so I thought. I clearly wrote in the Memo section of the cheque what kind of account was to be opened i.e. TFSA. So, I wrote "TFSA" as per the sample image on their website. Unbeknownst to me they deposited my $5,000 cheque in a regular hi-saving account at the lower rate. Months later I noticed my funds were sitting in a non-TFSA account and when I contacted them to inquire about the error they would not back-date my funds to the original date of deposit even after reviewing my file and seeing the cheque Memo had indeed indicated TFSA. The manager said to me "it isn't much interest anyway". I thought, wow, these are the people that Canadian Western Bank (a CDIC member who owns and runs CDF) hires to run their online banking institution??

Thank you very much but CDF does not deserve my business. CDF must also understand that customer service isn't only about competitive interest rates - it is how you treat a customer and how you solve a customer's issue when something goes wrong -- especially when the error was theirs!

Too bad for CDF --I think I'll stick with AcceleRate Financial for my cash account and I've already deposited my $5000 from CDF into the DEX Universe Bond Index Fund ETF.

April 27, 2013
8:57 am
dougjp
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January 9, 2011
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I opened a savings account with them and the opening process was good, similiar to other banks. As others have mentioned, I also found the welcome package which comes by mail to be superior in quality and organization to any other bank.

However I have a major problem with the comparably antiquated way that deposits and withdrawals are made. I'm surprised nobody else has commented on it. Money sits in my chequing account for 3 days earning nothing waiting for CDF to initiate the requested transfer. And if I want to withdraw, same problem. If I bought stocks I can't fund them with withdrawals as payment settles before I can get the money back. And again, there's lost interest. Its too bad because they could have got a lot more business if they competed in this important area.

In comparison, Canadian Tire Bank is the fastest for moving money. Deposits are included in the account immediately, and transfers out happen same day if initiated in the morning, or occasionally the following day. However they decided to make their rate uncompetitive the day Ally withdrew from savings accounts. When Ally had savings accounts their withdrawals were started a day after the request and you lost a day of interest. People's Trust is the best as transfers out will arrive the following day usually, sometimes the same day, and of course their rates are competitive. Hope this info helps.

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