PC Financial to TD Waterhouse help

11057 Views 16 Replies 7 Participants Last post by mario 1, Dec 1, 2009

Red_Bandit

Discussion Starter · Nov 23, 2009

Hi, i'm new to the investing world so please go easy on me

I just recently opened a TD Waterhouse account online at the end of October and on November 12 I took a $10,000 cheque to the TD Waterhouse bank on Bloor St. to deposit. I do all my banking with PC Financial and after a few days my money appeared in my TD Waterhouse trading account and this was reflected on my PC Financial statements. When I tried to buy some stocks for the first time on November 19th I received an error message telling me that this trade can not go through and to contact TD Waterhouse. After calling TD Waterhouse they said that there is a halt on my account and that I can not do anything until PC Financial confirms that I am their client. I already sent in my signed application form with a clear photocopy of my passport in which the TD waterhouse reps said they have received but now after 2 days of calling TD to see whats going on they tell me they have faxed a request to PC Financial for them to confirm I am their client. They told me to get the fax number of the banker I deal with but I never deal with any bankers as my pay is direct deposit and I just use ATMs to deposit cheques and withdraw money and I use online to pay any bills.

Have any of you had this problem? how long is this suppose to take? I am getting frustrated as this seems like it is taking way longer than it should.

thank you

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yupislyr

· #6 · Nov 23, 2009

I'm in this situation too.

It has nothing to do with the cheque clearing like some of the responders appear to think. You could be funding the account from somewhere else entirely, it doesn't matter.

I too have no problem funding my TDW account from PCF. The money is in there just fine, I just can't perform any trades either. It has to do with PCF being unresponsive to TDW's requests to verify a banking relationship. I assume it has to do with federal anti-money laundering laws.

Your options are:

- try and find someone in PCF to actually get back to TDW and verify your banking relationship with them.
- tell TDW to use a different bank account as your primary account and hopefully they will be more responsive in verifying your banking relationship.
- go to a TDW or TD branch and have them fill out a MANUAL "change to" form for your account. You will be basically filling out the same form you used to open the account except this time the branch rep will be assisting you and then sending it in on your behalf.

I opted for the last option just this past Friday so hopefully I should be good to go soon.

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yupislyr

· #15 · Nov 27, 2009

Red_Bandit said:
I am still waiting for my account to be "activated". TD Waterhouse says they have sent documents to PC Financial but are waiting for them to fax the documents back and have said they have sent out a "rush" on my issue 3 times now and that PC Financial is slow to respond.

PC Financial's customer service department had no idea what I was talking about when I said that TD Waterhouse is faxing documents over to them and they said if my cheque cleared and it has my signatures and my banking information than everything should be ready to go.

I'm getting extremely frustrated with the situation as TD Waterhouse said that even after they send back the documents that it can still take another week for my account to be fully activated. I have no debt, I make all my credit card/bill payments on time and I have more than enough money in my accounts to cover the $10,000.00 so I really do not understand why it is taking so long.

Refer to my previous posts. I am going through the same problem but appear to be making headway.

There is no problem with cheques clearing. I've funded my TDW account from two different sources now and cleared fine and now that's where the money sits.

The problem is that TDW needs to verify your banking relationship with PCF since I assume you specified them as your primary banking account. Further, PCF says that they will not do any such verification with a 3rd party over the phone or via fax, etc. That's why TDW says they send documents to PCF and PCF doesn't respond, because it's their policy not to respond. PCF will however fashion a letter verifying you have an account with them and the details of said account for $16 (!!). I don't even know if TDW would accept this letter as proof anyway and I didn't pursue it.

Another problem compounding this is the same thing with most remote customer service nowadays, not everyone you get will actually know what they are talking about. It may take calling back and getting a different person to get satisfactory help.

Your best option is to go IN PERSON to a TD or TDW branch and have them fill out a "change to" form manually for your account.

The moral of the story appears to be that if you are going to sign up for TDW, if at all possible, do it in person. And if you are with PCF, ONLY in person.

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