Author Topic: Simple but possibly stupid question regarding TD e-series  (Read 2608 times)

Senor Spondulicks Stubble

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Simple but possibly stupid question regarding TD e-series
« on: January 27, 2013, 10:10:05 AM »
It is said that there are no stupid questions, but it is still Sunday morning here and I'm not completely full of coffee.  Please forgive me if this comes across as inane.

Reviewing the hurdles involved in setting up a TD e-series account it appears to be simple for the patient and persistent.

However, once you're set up how do you contribute regularly?  Do you have to have an existing TD account to transfer funds to your investments?  If my salary is being deposited into a chequing account at Scotiabank, how do I transfer funds to the e-series at TD?  I somehow doubt most mustachians would be paying fees for inter-bank transfers or wasting time walking cheques between bricks & mortar institutions.

Thanks

KMMK

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Re: Simple but possibly stupid question regarding TD e-series
« Reply #1 on: January 27, 2013, 10:41:23 AM »
You just fill out a form at the branch or print it and mail it in, with your bank info and how much you want to transfer monthly. And they set it up. I transfer monthly from my BMO chequing. No fees/hassles. It then sits in the cash portion of my TD RSP area and I move it into e-series a few days later when I get around to it.

Onlyif

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Re: Simple but possibly stupid question regarding TD e-series
« Reply #2 on: January 27, 2013, 01:53:46 PM »
You can also transfer money to your TD web broker account from other bank accounts by setting up TD as a bill payment option, the same way you'd pay your phone/electric etc bills from your bank account.  I use this method to transfer money from Royal bank to buy efunds.  Not so good for getting money back from TD into your bank account though.  To get the money back into your scotia account I think you can set it up in webbroker,  requires more paperwork and I haven't done this step yet. I'm just using efunds for my kid to introduce him to investing.   

Look out for the TD inactivity fee of $25 every quarter if you don't meet certain limits:

http://www.davemanuel.com/the-25-quarterly-inactivity-fee-at-td-waterhouse-is-ridiculous-28/

Before going with efunds make sure they are a better fit for you than etf's. 

http://canadiancouchpotato.com/2012/07/30/comparing-the-costs-of-index-funds-and-etfs/


Senor Spondulicks Stubble

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Re: Simple but possibly stupid question regarding TD e-series
« Reply #3 on: January 28, 2013, 07:29:28 PM »
Thanks for clearing that up.  Seems quite straightforward.

GoStumpy

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Re: Simple but possibly stupid question regarding TD e-series
« Reply #4 on: January 28, 2013, 07:47:19 PM »
I'm glad I discovered e-series funds considering I do all of mine online anyway!  Half MER over non e-series...