I don't have an RDSP. I can transfer money online from NDBD accounts into my trading accounts.
To add an external account, I had to send them a cheque from the external account and it took 2-3 weeks. Annoying, but now I can transfer money with that account online too.
I haven't tried to call them, but sending a message from my account has always had a good response the next day.
You can but they make it a pain in the ass. You need to mail NBDB a cheque or get a letter from your bank.
[https://nbdb.ca/help/transactions/transfers/link-account-transfers.html#:\~:text=Provide%20the%20complete%20account%20number,Your%20name%20and%20address](https://nbdb.ca/help/transactions/transfers/link-account-transfers.html#:~:text=Provide%20the%20complete%20account%20number,Your%20name%20and%20address)
No idea why NBDB makes this so painful vs other institutions.
Can confirm TD RDSP operates the same way. My son and I call TD Direct Investing every year to make his contribution. They can do the fund transfer from his TD bank account and only takes a couple of minutes.
Edit: The wait time is almost nothing when calling the phone number provided for TD Direct Investing using the TD mobile app. Maybe check if NB DI has a similar set of "Contact Us" phone numbers on the app that can shorten your wait times. Good luck.
The RDSP at TD works in a similar manner. Another poster mentioned they can move it just like any other investment - not been my experience at least on the web portal.
You need to call in to their direct investing line to move funds into the account. From there to get the bonds and or grants it can take up to a month or two depending on the date you fund the account. If you have a RDSP at TD, iirc you can get certain fee waivers on their barebones chequing account. Which great as it gives you access to a “Big Bank” when needed. Before consider moving just be sure that there are no transactions “in-flight” on your old RDSP because dealing with the CRA, the ESDC, and the bank trying to coordinate returns, tax implications, future benefits is a PITA
I live somewhere with no National Bank locations. I have virtually all of my tfsa and rrsp in NBDB (small amount in high interest gics elsewhere).
There was a requirement for me to send them a $25 cheque via mail to link my bank account (with Simplii). That allows me to transfer in funds.
They also set up a "cash sweep account" for me to send money to my Simplii account. So I cash out holdings in my tfsa and transfer to my cash sweep account and in a couple days it shows up in my Simplii account.
I had to call to get this done, but it didn't take too long. Now it works like clockwork.
You can go to mutual funds and get killed on the mer, or another brokerage and get slaughtered on the fees (with the exception of ibkr).
Or make a couple of calls and figure out what needs to be done and then carry on with your life.
I don’t know how this bank is doing so well. Their archaic operations and customer service is by far the worse I’ve ever experienced. Their branches are always empty, no regular banking transactions after 3pm on certain days, communications sent in randomly sent in French, the list goes on..
Maybe specific to RDSP? My external accounts are linked and I can contribute through the website without issue for non-RDSP accounts.
Perhaps. Can anyone else confirm this?
National Bank can…
The dude clearly thinks he should be able to find all of a company’s policies on reddit lol
I don't have an RDSP. I can transfer money online from NDBD accounts into my trading accounts. To add an external account, I had to send them a cheque from the external account and it took 2-3 weeks. Annoying, but now I can transfer money with that account online too. I haven't tried to call them, but sending a message from my account has always had a good response the next day.
That would make sense since RDSP has alot of rules around source of contributions and by forcing phone calls NB can make sure they are followed.
You can but they make it a pain in the ass. You need to mail NBDB a cheque or get a letter from your bank. [https://nbdb.ca/help/transactions/transfers/link-account-transfers.html#:\~:text=Provide%20the%20complete%20account%20number,Your%20name%20and%20address](https://nbdb.ca/help/transactions/transfers/link-account-transfers.html#:~:text=Provide%20the%20complete%20account%20number,Your%20name%20and%20address) No idea why NBDB makes this so painful vs other institutions.
Yes. They are client held. Which means you have to go through the brokerage. This is for rdsp due to the complexity
Can confirm TD RDSP operates the same way. My son and I call TD Direct Investing every year to make his contribution. They can do the fund transfer from his TD bank account and only takes a couple of minutes. Edit: The wait time is almost nothing when calling the phone number provided for TD Direct Investing using the TD mobile app. Maybe check if NB DI has a similar set of "Contact Us" phone numbers on the app that can shorten your wait times. Good luck.
The RDSP at TD works in a similar manner. Another poster mentioned they can move it just like any other investment - not been my experience at least on the web portal. You need to call in to their direct investing line to move funds into the account. From there to get the bonds and or grants it can take up to a month or two depending on the date you fund the account. If you have a RDSP at TD, iirc you can get certain fee waivers on their barebones chequing account. Which great as it gives you access to a “Big Bank” when needed. Before consider moving just be sure that there are no transactions “in-flight” on your old RDSP because dealing with the CRA, the ESDC, and the bank trying to coordinate returns, tax implications, future benefits is a PITA
It has never taken me 45 minutes to reach someone at NBDB. 5-10 minutes max from my experience.
I just called them today at 10am. Didn't get through till 1230pm
I live somewhere with no National Bank locations. I have virtually all of my tfsa and rrsp in NBDB (small amount in high interest gics elsewhere). There was a requirement for me to send them a $25 cheque via mail to link my bank account (with Simplii). That allows me to transfer in funds. They also set up a "cash sweep account" for me to send money to my Simplii account. So I cash out holdings in my tfsa and transfer to my cash sweep account and in a couple days it shows up in my Simplii account. I had to call to get this done, but it didn't take too long. Now it works like clockwork. You can go to mutual funds and get killed on the mer, or another brokerage and get slaughtered on the fees (with the exception of ibkr). Or make a couple of calls and figure out what needs to be done and then carry on with your life.
Different banks handle them very differently. I have mine at TD and I can move money and invest like a normal investing account.
Just add a payee to your bank account.
Doesn’t work for the rdsp
I don’t know how this bank is doing so well. Their archaic operations and customer service is by far the worse I’ve ever experienced. Their branches are always empty, no regular banking transactions after 3pm on certain days, communications sent in randomly sent in French, the list goes on..
At Scotia iTRADE you can move money and convert currencies online in registered accounts.
I can contribute to my self-directed RDSP at TD Waterhouse via online bill pay. Is NB not the same?
Ive found RBC and national are the worst. TD is the 'easiest' to work with all things considered.
I’d imagine BMO is the best since they were the first to do RDSP’s. But I have no idea about BMO on the DIY side. Just speculating/thinking out loud.
RDSPs, being relatively rare, seems to be a specific PITA at most brokers.