Buying TD e-funds with PC Financial

[Mint]

Hey Everyone,

I'm in the process of setting up a TD account and will likely be purchasing some TD e-funds.

I do all my banking with PC Financial so I guess I'll likely have to write a cheque to myself, deposit to my TD bank, then buy the e-funds after.

Does anyone know of an easier to purchase e-funds with my PC Financial Account?

TIA

[nuberific]

Your TD eSeries mutual funds don't have to be bought from a TD bank account. When you send in the original cheque for your first purchase, just send in a PC cheque and all future withdrawals should come out of PC. If it for some reason it does come out of your TD account I'm sure you could just ask them to change it for you.

And FYI, you don't even need a TD bank account to buy eSeries mutual funds with them. When I opened mine, it was my first account at TD. I still don't have a TD bank account.

[asdfvcx]

I'm in the process of setting up a TD account and will likely be purchasing some TD e-funds.
What do you mean by TD Account? A TD bank account, or a mutual fund account or an eFunds mutual fund account. To buy eFunds you need an eFunds mutual fund account (or a Waterhouse account).

I do all my banking with PC Financial so I guess I'll likely have to write a cheque to myself, deposit to my TD bank, then buy the e-funds after.
You don't need a TD bank account to buy eFunds. You should be able to link any chequing account to the eFund account. It's been a while, but I believe the normal way is to attach a cheque to the eFund account application and they'll link it for you. It should be explained in the application.

[SmartBoy]

Hey Everyone,

I'm in the process of setting up a TD account and will likely be purchasing some TD e-funds.

I do all my banking with PC Financial so I guess I'll likely have to write a cheque to myself, deposit to my TD bank, then buy the e-funds after.

Does anyone know of an easier to purchase e-funds with my PC Financial Account?

TIA

Hi Mint,

When you initially set up an EFunds account they'll give you the option to send them some cancelled cheques so that they can automatically draw off your chequing account when you make purchases. Just send them a cheque from your PC Financial chequing account and you'll be good. Then, you can enter orders online or set up a pre-authorized plan and everything will be drawn automatically from your PC Financial account, saving you the relatively big hassle of having to deposit a cheque to yourself every time you want to make a purchase.

Hope this helps,
Smarty.

[brunes]

While on this topic - anyone else find the whole process to sign up for eFunds insanely over-complicated?

I am now on my third go-around trying to get this stupid application complete to their satisfaction. Every time I do the "Risk management" survey, they do not allow me to purchase the funds I want to purchase - so i have to fuudge the numbers to make it work. It has come to the point where I have to outright lie on the application questionnaire just so I can buy what I want, all because my current net worth isn't high enough to give me enough "risk managemnt points".

Frankly I find the whole process insulting - I know WTF I am doing, I have decades to retirement risk is a practical non-issue to me, I want to be 100% equities right now and for the foreseeable future.

I am *this close* to just screwing the whole thing and going with iShares ETFs instead.

[asdfvcx]

I am now on my third go-around trying to get this stupid application complete to their satisfaction. Every time I do the "Risk management" survey, they do not allow me to purchase the funds I want to purchase - so i have to fuudge the numbers to make it work. It has come to the point where I have to outright lie on the application questionnaire just so I can buy what I want, all because my current net worth isn't high enough to give me enough "risk managemnt points".

Frankly I find the whole process insulting - I know WTF I am doing, I have decades to retirement risk is a practical non-issue to me, I want to be 100% equities right now and for the foreseeable future.
It's not their rule. It's the standard know your client rules that all mutual fund companies need to follow.

[Lyrrad0]

Yeah... make sure the risk you take is 100% equities. I managed to get enough points to get into that bracket. Some companies allow you to do the questionnaire, see the result, and then pick a different allocation.

I wonder though, if you choose an allocation of 100% equities, will they stop you from buying money market funds?

[Wylliecoyote]

I setup an automatic bill payment from my PC account to my TD Waterhouse account, from which I buy the efunds. The transfer only takes a couple days to complete.

[nuberific]

While on this topic - anyone else find the whole process to sign up for eFunds insanely over-complicated?

I am now on my third go-around trying to get this stupid application complete to their satisfaction. Every time I do the "Risk management" survey, they do not allow me to purchase the funds I want to purchase - so i have to fuudge the numbers to make it work. It has come to the point where I have to outright lie on the application questionnaire just so I can buy what I want, all because my current net worth isn't high enough to give me enough "risk managemnt points".

Frankly I find the whole process insulting - I know WTF I am doing, I have decades to retirement risk is a practical non-issue to me, I want to be 100% equities right now and for the foreseeable future.

I am *this close* to just screwing the whole thing and going with iShares ETFs instead.

+1. And to top it off, the person who received my application didn't pay attention to my double sided pages and sent it back to me citing missing pages. I sent it back to them and it went through. Except they messed up again and recorded my bank account information from my cheque incorrectly. I was wondering why my money had been sitting in my PC account for so long. Maybe I shouldn't have called in and said anything :lol:.

[Thalo]

Yeah... make sure the risk you take is 100% equities. I managed to get enough points to get into that bracket. Some companies allow you to do the questionnaire, see the result, and then pick a different allocation.

I wonder though, if you choose an allocation of 100% equities, will they stop you from buying money market funds?

No.

I thought it was possible to score max equity as long as you choose the riskiest options for all questions (even if you don't have the highest answer for income and net worth and the lowest answer for age).

If you can only get it to score you aggressive growth (80/20), you should still be able to go as high as 94.9% equity before it doesn't let you go any higher. Why not put 10% or so into the bond fund? The added risk of going 100% equity over 80/20 is greater than the added potential return.

Also, the other alternative to answering KYC questionaires is to open a TD Waterhouse account.

[brunes]

No.
Why not put 10% or so into the bond fund? The added risk of going 100% equity over 80/20 is greater than the added potential return.


Because, like I said, I am not retiring for 30+ years, from my POV, I don't give a hoot what the market does even over the next 15. Money in bonds is money wasted when you have a long term time horizon, you can look back at any 15 year timespan over the past century to see this.


Also, the other alternative to answering KYC questionaires is to open a TD Waterhouse account.
Can I open a TD Waterhouse account and only use it to buy eFunds, and not do any trading?

[Justin C]

Sure, but you'll pay $100 per year for an RSP account unless you have > 25,000 to invest.

[brunes]

Sure, but you'll pay $100 per year for an RSP account unless you have > 25,000 to invest.

Looks like I will stick w/iShares.

eFunds MER is great but it is not worth this hassle. TD needs to improve this process. I should be able to just sign some waiver saying "I exempt myself from all TD's advice" and buy whatever you choose.

[Octavius]

While on this topic - anyone else find the whole process to sign up for eFunds insanely over-complicated?

I am now on my third go-around trying to get this stupid application complete to their satisfaction. Every time I do the "Risk management" survey, they do not allow me to purchase the funds I want to purchase - so i have to fuudge the numbers to make it work. It has come to the point where I have to outright lie on the application questionnaire just so I can buy what I want, all because my current net worth isn't high enough to give me enough "risk managemnt points".

Frankly I find the whole process insulting - I know WTF I am doing, I have decades to retirement risk is a practical non-issue to me, I want to be 100% equities right now and for the foreseeable future.

I am *this close* to just screwing the whole thing and going with iShares ETFs instead.

The only problem I had was when I had answered the risk survey truthfully...when I wanted to buy certain e-funds (or a large number of them) my transaction would be cancelled the next day because it was "outside your risk tolerance level". So same problem as you basically.

I had to call in and "update" my risk tolerance. I basically told them I knew everything about investing (which I don't), that I had 10+ years to wait before withdrawing (likely only 5-10), and that I had loads of money that I was planning to invest (which I don't).

Only then was I able to buy what I wanted, when I wanted, as much as I wanted to without the system booting my transaction.

Otherwise it wasn't all that difficult to set up. Filled out the form, sent in the cheque, got my client card, and was on my way. Even though I wasn't too keen on the idea of lying...I had to tell their stupid computer that I knew what was best for me - not it.

Still worth it to get very low fee e-funds though.

[alvisblue]

Just open a TD Waterhouse Non-RRSP account, I opened it at TD Branch, they filled the forms for me from their PC. Choose E-service, then the account annual fee will be waived.

No limits or risk evaluation, since it's self-directed.

You can buy stocks, higher-Rate GICs, and many-mutual funds, including all TD funds and e-Funds.

I just use it to buy TD efunds, no hassle so far.


The only problem I had was when I had answered the risk survey truthfully...when I wanted to buy certain e-funds (or a large number of them) my transaction would be cancelled the next day because it was "outside your risk tolerance level". So same problem as you basically.

I had to call in and "update" my risk tolerance. I basically told them I knew everything about investing (which I don't), that I had 10+ years to wait before withdrawing (likely only 5-10), and that I had loads of money that I was planning to invest (which I don't).

Only then was I able to buy what I wanted, when I wanted, as much as I wanted to without the system booting my transaction.

Otherwise it wasn't all that difficult to set up. Filled out the form, sent in the cheque, got my client card, and was on my way. Even though I wasn't too keen on the idea of lying...I had to tell their stupid computer that I knew what was best for me - not it.

Still worth it to get very low fee e-funds though.

[simms]

Just open a TD Waterhouse Non-RRSP account, I opened it at TD Branch, they filled the forms for me from their PC. Choose E-service, then the account annual fee will be waived.

No limits or risk evaluation, since it's self-directed.

You can buy stocks, higher-Rate GICs, and many-mutual funds, including all TD funds and e-Funds.

I just use it to buy TD efunds, no hassle so far.

You realize you could buy eFunds through easyweb instead of webbroker/Waterhouse and save yourself the trading fees right?

[Mint]

Thanks for the info everyone. It's good to know I can just pay with my PCF.

[xlfe]

No.

I thought it was possible to score max equity as long as you choose the riskiest options for all questions (even if you don't have the highest answer for income and net worth and the lowest answer for age).


no it's not possible..i did it over the phone with a td guy and i was 2 points shy from 100% equities. i thought of calling back and lying about my income and net worth but said screw it. i'm planning on leaving this 'advisor account'
i had mine on PPP and they don't seem to stop those payments even if i was not even close to my risk profile. the td guy also said if i wanted to get a waterhouse account that i could do whatever i want. but if i wanted to transfer my pre-existing funds i would need to sell them first.

[Thalo]

You shouldn't have to sell them, they should be transferrable in kind.

[xlfe]

ya i know... there's even a form for that which is here tdwaterhouse.ca/printanapplication.jsp

but that's what the td guy said over the phone :|
I wanted to know if there were any fees for switching to waterhouse. he said an early redemption fee would apply and some other stuff. but i guess he covered his ass by saying he wasn't sure and i should contact someone from TD waterhouse.

[alvisblue]

You realize you could buy eFunds through easyweb instead of webbroker/Waterhouse and save yourself the trading fees right?

Through easyweb, it's limited to TD funds only.
Through waterhouse (also online - integrated with easyweb), I only buy no-load funds, not only TD funds, but others from RBC, CIBC, BMO, Fidelity etc. So no fee for trading those no-load funds.

Trading fee is applied to stocks and options.

[lisdoncca]

My post is not about PC Financial, but many people with TD efund knowledge seem to pass by here:

Did anyone fill the TD efund forms to get an account without being with TD for "regular" banking?

I received an email saying to call them (1866 222 3456) to register to Easyweb, but I was told that I needed to get a TD debit card in order to access Easyweb...

Did anyone had to get the debit card to access their td efund account?

Thank you.

[nuberific]

My post is not about PC Financial, but many people with TD efund knowledge seem to pass by here:

Did anyone fill the TD efund forms to get an account without being with TD for "regular" banking?

I received an email saying to call them (1866 222 3456) to register to Easyweb, but I was told that I needed to get a TD debit card in order to access Easyweb...

Did anyone had to get the debit card to access their td efund account?

Thank you.

You need the debit card for an EasyWeb account where you can check your portfolio and stuff online, but you do not require a regular banking account with them (I don't have one either). If I recall correctly, just call in or go to the branch and they'll open up access card for you no problem.

[flamingo]

While on this topic - anyone else find the whole process to sign up for eFunds insanely over-complicated?

I am now on my third go-around trying to get this stupid application complete to their satisfaction. Every time I do the "Risk management" survey, they do not allow me to purchase the funds I want to purchase - so i have to fuudge the numbers to make it work. It has come to the point where I have to outright lie on the application questionnaire just so I can buy what I want, all because my current net worth isn't high enough to give me enough "risk managemnt points".

Frankly I find the whole process insulting - I know WTF I am doing, I have decades to retirement risk is a practical non-issue to me, I want to be 100% equities right now and for the foreseeable future.

I am *this close* to just screwing the whole thing and going with iShares ETFs instead.

brunes, do what I do, go into a branch and tell them straight up that you want to open non-registered TD e-funds account and you can't print out the lengthy application because your printer is not working (which is true in my case)

I saw a Financial Advisor after and I have my account open in about 20 minutes. I took out some money from my main RBC chequing account and deposited into that TD efunds and I could buy the funds the day after.

No time to waste here.

[Jucius Maximus]

BMO - I have never had a good experience with them.

RBC - Mixed; Had some very good and some very bad.

PC Financial - Never had a bad experience.

[PPPP]

I setup an automatic bill payment from my PC account to my TD Waterhouse account, from which I buy the efunds. The transfer only takes a couple days to complete.

How do I set this up in PC? When you search for the company/bill name, what is it called?

[evoviii]

all mutual fund accounts with the big banks are fall under legislation that they give supposedly advice (which is of high varying quality) and thus have boundaries on your asset allocation due to legal liability. It's easily bypassed by lying or via account via discount brokerage.

I like the concept of e-funds for those with less than 25,000 or those who do smaller trades/contributions.

Do the application at the branch and bring void cheque. You can have a e-funds account without banking there. No different than other banks, you can have just gic's or mutual funds elsewhere.

I dont' recommend Ishares ETF's until you reach a certain trade value threshold or else it's actually more expensive the e-funds.

[Jucius Maximus]

I setup an automatic bill payment from my PC account to my TD Waterhouse account, from which I buy the efunds. The transfer only takes a couple days to complete.

How did you do this? Is that the "TD WATERHOUSE INVESTOR SERVICE" bill?

[svelten]

How did you do this? Is that the "TD WATERHOUSE INVESTOR SERVICE" bill?

^ A few months old, but wondering the same thing. Anyone?

[asdfvcx]

^ A few months old, but wondering the same thing. Anyone?
That's what I use on my CIBC account. And since CIBC provides the back end for PC Financial, I expect it's the same.

[Xenko]

I already have this set up and this is what you need to do.

1) Sign in to PC Financial Website
2) Click Bill Payments (on the left side toolbar)
3) Click Add Bills
4) Type in TD Waterhouse
5) Select TD Waterhouse Investor Service
6) Enter account number and hit continue. As the instructions say on the page, this is your 7 digit alpha numeric Portfolio Number.
7) Confirm details and hit continue.

You can then deposit money into your TD Waterhouse account as a "bill payment". Takes a few days to transfer (2 or 3 business days I think).

[Jucius Maximus]

I already have this set up and this is what you need to do.

1) Sign in to PC Financial Website
2) Click Bill Payments (on the left side toolbar)
3) Click Add Bills
4) Type in TD Waterhouse
5) Select TD Waterhouse Investor Service
6) Enter account number and hit continue. As the instructions say on the page, this is your 7 digit alpha numeric Portfolio Number.
7) Confirm details and hit continue.

You can then deposit money into your TD Waterhouse account as a "bill payment". Takes a few days to transfer (2 or 3 business days I think).

This is very cool. Thanks for the info!

Question 1: Let's say you have an RRSP and TFSA in eFunds. If you send money into the account, where does it go? I don't want to accidentally send money in and then it pushes my TFSA over the yearly limit or blows my RRSP contribution room when I intended for it to go to the TFSA. Also, does it just show up as cash within the RRSP or TFSA? How do you tell it what funds to buy?

Question 2: My "Portfolio Number" has only numbers. It's not "alphanumeric". What's up with that?

[asdfvcx]

This is very cool. Thanks for the info!

Question 2: My "Portfolio Number" has only numbers. It's not "alphanumeric". What's up with that?
These steps are referring to sending money to a TD Waterhouse account, not an eFund account.

And if you are talking about Waterhouse accounts, all your accounts should have a letter to indicate which account. ######E is you Canadian margin account, ######F is your US margin acount, or something like that. You get the point.

[Xenko]

This is very cool. Thanks for the info!

Question 1: Let's say you have an RRSP and TFSA in eFunds. If you send money into the account, where does it go? I don't want to accidentally send money in and then it pushes my TFSA over the yearly limit or blows my RRSP contribution room when I intended for it to go to the TFSA. Also, does it just show up as cash within the RRSP or TFSA? How do you tell it what funds to buy?

Question 2: My "Portfolio Number" has only numbers. It's not "alphanumeric". What's up with that?


I only have an RRSP with TD, but I am pretty sure that your RRSP and your TFSA will have different portfolio numbers. TD actually seems to call them account numbers, despite what the PC Financial instructions say, but the format will let you know which number you need.

On my Waterhouse statment, the number is in the form: ##AA##-A. You want that 7 character code, but take out the dash. I'm not sure if all accounts follow the exact same naming convention, but I assume they do (#=Number, A=letter).

asdfvcx is correct that the last letter actually designates a type of account (RRSP, TFSA) as I found this tidbit on the TD Waterhouse site:
- TD Waterhouse $CDN direct trading accounts (account numbers ending in A, E or L)
- TD Waterhouse $USD direct trading accounts (account numbers ending in B,F or M)
- TD Waterhouse Registered (TFSA, RSP, RESP, CPRSP, QSSP) accounts (account numbers ending in J, Q, S, V and X)

So basically you want to find a 7 digit "number" that ends in J, Q, S, V or X. If you can access your account online, I can give you more detailed instructions on where to find it.

The transfer itself will show up as a cash balance in your account, which you can then use to purchase e-funds, stocks, etc. You will need to log into your TD account, or call in an order, to actually purchase a specific fund with the cash.

[Jucius Maximus]

^ OK thanks for the info. I'm guessing that since mine is just eFunds and not an actual Waterhouse account, this whole setup does not apply to me.

[Xenko]

^ OK thanks for the info. I'm guessing that since mine is just eFunds and not an actual Waterhouse account, this whole setup does not apply to me.

I'm not sure what you mean by "just eFunds" since the TD e-Series mutual funds have to be held in some sort of account... so this should apply to you I believe.

How do you currently buy more funds? Do you have online access to your eFunds?

[Jucius Maximus]

I'm not sure what you mean by "just eFunds" since the TD e-Series mutual funds have to be held in some sort of account... so this should apply to you I believe.

How do you currently buy more funds? Do you have online access to your eFunds?
What I mean is that my eFunds are accessed through a normal investor account and not a full fledged TD Waterhouse account.

As for my current eFunds, I originally applied using a cheque from my PC Financial acct, so I am assuming that future purchases will come through the same PCF acct. This is what other people reported as well, but I have not yet made any purchases since the initial account opening.

[Xenko]

What I mean is that my eFunds are accessed through a normal investor account and not a full fledged TD Waterhouse account.

As for my current eFunds, I originally applied using a cheque from my PC Financial acct, so I am assuming that future purchases will come through the same PCF acct. This is what other people reported as well, but I have not yet made any purchases since the initial account opening.

Ah. Yes my instructions were for a TD Waterhouse account. I'm not sure how holding the eFunds through TD's normal investor account works. You might want to call TD and ask how it works just to avoid any surprises. Good luck.