Canadian Direct Financial new account opening process and timeline | Page 3 | Motive Financial | Discussion forum

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

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!

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.