How to transfer money between existing chequing and TFSA accounts | Motive Financial (formerly Canadian Direct Financial) | Discussion forum

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How to transfer money between existing chequing and TFSA accounts
September 4, 2014
7:57 am
Peter
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Forum Posts: 1033
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May 15, 2007
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In its online interface, Canadian Direct Financial does not list existing TFSA accounts in the destination list for internal transfers.

I e-mailed CDF to find out how to make an internal transfer to an existing TFSA. Here is their response in case it's useful for someone else:

To transfer from your KeyDirect Chequing account to your KeyReach TFSA, you would create an Electronic Funds Transfer in the following fashion:

PERFORM AN ELECTRONIC FUNDS TRANSFER:

- Log-in to your CDF online bank account.
- On the LEFT side, click on "Transfers"
- Click again on the LEFT side "Electronic Funds Authorization External Bank"

- For first time transfers Click “Yes, I have an EFT agreement on file”

- Fill out your transfer request information:
- Account Type – KeyDirect Chequing
- Sub no. – (only needed if you have more than one of the same account type)
- Transfer – From CDF (withdrawal)
- Transfer Date – (immediate upon receipt at CDF is a standard 2 business days for processing)
- Transfer Amount –
- Name of Other Financial Institution – CDF TFSA
- Account Number at the other Financial Institution – (account number of your KeyReach TFSA if different from your account that your KeyDirect Chequing is linked to)

- Click "continue"

- Verify your information and then click "submit"
(please ensure that you do not press the “back” button as this will create additional transfer requests)

- Keep track of the application number.

- CDF will then process your request and you'll receive an e-mail confirmation referencing the application number.

September 4, 2014
9:40 am
james1900
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June 24, 2014
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Not intuitive, but works.

September 4, 2014
10:58 am
Rick
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February 17, 2013
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Yes...did that last Jan for my wife's 2014 TFSA contribution. The whole process takes 2 or 3 days. Little bit behind the times and not nearly as convenient as virtually every other on line bank. The don't display your saved accounts so I have difficulty remembering which banks I have set up for EFTs to/from. Works the same for RSP contributions as they keep registered/non-registered accounts with separate PAC's and log-ins. Wish they'd update to a more user friendly system ala Tangerine. BTW, according to CSR, they will be offering RIFs within the next year or so. Also, they will only reimburse you once up to $50.00 for RSP transfer fees, no matter how much/often you want to transfer. The Canadian Direct Insurance rate/banking promo is also an ongoing promotion.

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