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Discussion Starter · #1 ·
Hi All,

I have a TD mutual fund, which is going through the process of being converted into an e-Series TFSA, but I cannot access it via EasyWeb and invest in their e-series index funds.

Why?

Because they won't allow (!) me to register on EasyWeb with an access card unless I open a second account with TD!

I did not want to run into an argument with the TD rep at a TD branch where I opened it as a mutual fund. The rep said, "Because you do not have an account with us we cannot give you an access card. We need to tie that access card to some account at TD." I said, "But my mutual fund is an account!" She said, "We cannot tie an access card to it."

The whole purpose of giving them a void cheque from my RBC account was to avoid having to maintain a second account at TD. I would do all my investment contributions from my RBC account.

Why are they forcing me to create an account at TD? Could somebody kindly come forward and say that no second account is needed and that I should try a different branch to have my EasyWeb account activated?
 

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I think the TD rep is correct.

If you want to buy e-series funds and access them online without banking at a TD Bank then you should open an account with the TD Broker (TDDI). Then TDDI gives you a Connect ID, rather than an access card (which requires a TD Bank account).

Logging into EasyWeb (TD Bank online) requires an Access card to log in.

Logging into TDDI (TD Brokerage) requires a Connect ID (or a TD Bank access card if you have one).

ltr
 

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Discussion Starter · #3 · (Edited)
I think the TD rep is correct.

If you want to buy e-series funds and access them online without banking at a TD Bank then you should open an account with the TD Broker (TDDI). Then TDDI gives you a Connect ID, rather than an access card (which requires a TD Bank account).

Logging into EasyWeb (TD Bank online) requires an Access card to log in.

Logging into TDDI (TD Brokerage) requires a Connect ID (or a TD Bank access card if you have one).

ltr
Are you certain? Things have changed. Could I have avoided a branch altogether and talked to a Mutual Fund Rep at TD Investment Services?
 

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Are you certain? Things have changed. Could I have avoided a branch altogether and talked to a Mutual Fund Rep at TD Investment Services?
Yes.

Even though the bank does handle e-series and non e-series mutual funds, generally you want to use their brokerage arm (TDDI). This will also allow you the entire world of funds, ETF's and stocks.

You could go to the TD Bank and transfer your e-series to TDDI. You can likely open the TDDI account at the bank.

ltr
 

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Discussion Starter · #5 ·
Update for everyone!

I talked to a representative at TD Investment Services and the rep deals with e-series funds. He assured me that NO second account is necessary. I told him my experience at the branch where my mutual fund had been created and where my request for an access card had been declined. He told me he would talk to the branch and let them know it is possible to override the default mechanism and issue a card even to one with a mutual fund account AND with no "regular" account.

He booked an appointment for me at the same branch for tomorrow so that I could go and pick up the access card.

He also mentioned that there would be no short-cut to how one would open an e-series account. So, the same procedure applies:
1. Open a mutual fund
2. Send an application to convert it into e-series
3. Obtain an access card
4. Go online and register on EasyWeb and start investing


I will let all know how it went after I visit the branch tomorrow. :)
 

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Discussion Starter · #7 · (Edited)
OK! So, I am back, with the access card in my hand, without having to open a second account (i.e. chequing, savings, etc) at TD!

But, before I describe what I had to go through in order to have it, let me call myself Mr. ping pong ball (because, that is how I felt).

As I said before, TD Investment Services reassured and scheduled an appointment for me at the TD branch where my mutual fund account had been created and where my request for an access card in order to register on EasyWeb had been declined. So, I went there at the scheduled time only to hear a repetition of "we cannot issue an access card unless you open a checking/savings account with us...." I told the rep, "Well, TD Investment Services put a note on my appointment with you that this default setup of the system could be overridden." She said, "I have been working here for 6 years..... Please call at this toll free number of EasyLine and they will issue a ghost card...."

Having been declined for the second time around, I left and stood outside the branch and called at that EasyLine number she gave me. The EasyLine operator asked me to visit the branch again and then I said, "I am right outside the branch" and told him what happened. He then wished to stay on the line and asked me to go in and hand over the phone to the branch rep.

The next scene that unfolded was hard to swallow! They started arguing and it was heating up. They asked for each other's employee ID and the EasyLine guy even wanted to talk to the branch rep's Manager.

I felt so uncomfortable and embarrassed.

The EasyLine person then was able to get her to talk to another EasyLine technical person who explained to the branch lady how to by-pass the system in order to issue me an access card after seeing my driver's license.

Finally, there, I had it!

When she hung up, she said, "Did you see he was trying to threaten me....." I just nodded uncomfortably.

You can all imagine how I, an external guy and a potential investor, was feeling being in the midst of an argument between two TD employees.

I thanked her in the end and said, "Your products are the best but I wish the process was smoother."

She still believed that ideally it should be done over the phone with EasyLine.

Observations and Conclusions:
1. To register on EasyWeb in order to manage your investments, it is possible to have an access card without having to maintain a second account at TD.
2. This procedure is not well known to most TD branch people who have been practicing the issuance of an access card only provided that there is a second account. They call it an "eligible" account.
3. TD Canada Trust and TD Investment Services are two distinct entities within the TD umbrella, that seem not to get along well.
 

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Sorry, a little bit late, I don't understand why you wanted access through Easy Web as opposed to converting your mutual fund account into a regular TD Waterhouse account so you can access via WebBroker.td.com. That is what I had done so I didn't need an access card.
 

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Discussion Starter · #9 · (Edited)
Sorry, a little bit late, I don't understand why you wanted access through Easy Web as opposed to converting your mutual fund account into a regular TD Waterhouse account so you can access via WebBroker.td.com. That is what I had done so I didn't need an access card.
That's because I don't need a broker account like that. I just aim at e-series index funds that TD offers. I am not (yet) interested in non-TD investment options via any broker. So, right now, this is the way: TD Mutual Fund ---converted---> TD e-series ---> access via EasyWeb

It would not have been so much of an issue had the branch people not made it so hard to access EasyWeb.
 

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The point is you didn't need to go through this whole process to access Easyweb to invest in e-series funds. You can do the same with a regular investment account. In fact I don't know what advantage you have by going through Easyweb instead of a regular investment account.

All I did was open a Waterhouse account and dumped the funds into it.
 

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Discussion Starter · #11 ·
The point is you didn't need to go through this whole process to access Easyweb to invest in e-series funds. You can do the same with a regular investment account. In fact I don't know what advantage you have by going through Easyweb instead of a regular investment account.

All I did was open a Waterhouse account and dumped the funds into it.
But a TD DI account entails that you pay a maintenance fee of $25/quarter, unless you invest $15000 or more. I am a new investor and I choose not to spend that much (at least now) on account maintenance.
 

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Thanks for sharing - a good example of what not to do.
You have other accounts at RBC as I recall. With the small sums you are dealing with, you would have made everyone's life easier - including yours - by sticking with one major bank.
 

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But a TD DI account entails that you pay a maintenance fee of $25/quarter, unless you invest $15000 or more. I am a new investor and I choose not to spend that much (at least now) on account maintenance.
Yes. There are two options. Leave it as a regular TD mutual fund account and do things at the branch until it grows past $15k. Or make sure that all your family's accounts are transfered. They usually waive the fee if the total household accounts are past $15k. At least for RRSPS. Both I think are less aggravating options then what you went through.
 

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OK! So, I am back, with the access card in my hand, without having to open a second account (i.e. chequing, savings, etc) at TD!

... I felt so uncomfortable and embarrassed




don't feel bad, instead feel proud of your gumption

also feel proud that you have shone a how-to light on the magic path, which is how to open a starter e-fund account at TD without having to instantly open a TD bank account with its fees, when one is already a satisfied customer at another bank.

i've seen another new investor here in cmf forum do this - he was a scotia customer who didn't want to change his main banking relationship. In the end, he was also able to open an e-fund account, no TD bank account.

neither can anyone blame the TD bank representative who failed to give you a card. Your post indicates that there is a technical override that she had to use in order to set the card up. On first attempts she was being refused.

bank reps are trained to apply the rules strictly - this is actually what we want in canada, we want banks whose compliance we can trust, right? - so until the over-ride was explained to her, she went on applying the rules she had been trained with. I see things like this all the time, not just at the big green but everywhere. Senior reps will often have the extra bit of knowledge to handle a tricky situation, while less experienced reps will very diligently apply the rules as best they understand them.

unfortunately it is difficult to obtain an e-fund investment account when one is a brand-new smallish investor & one doesn't want to switch bank loyalties to the big green, at least not yet. One can't even blame the TD marketing people for this! after all, they are simply trying to obtain as much market share as they can.

someone should write up a how-to manual on how to accomplish what you have accomplished. The key thing appears to be to make sure that the branch rep one will be meeting with understands in advance that an override will have to be used when he/she applies to get the access card.

best of luck with your e-funds & your overall investment success.


PS it's totally reasonable to want only a small no-fee e-funds account at first, in order to try out the idea. It's true the broker division TDDI does have fees which deter a startup investor with a few thousand $$. Good for you for figuring this out.


.
 

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Discussion Starter · #15 ·
Hi humble_pie,

Thanks for empathizing. I feel that none at TD was wrong. They did what they deemed was appropriate. But there should be a process to steer it all properly so that new investors, like myself, won't have to see "mountains" between them and their investment portfolios.
 

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Hi humble_pie,

Thanks for empathizing. I feel that none at TD was wrong. They did what they deemed was appropriate. But there should be a process to steer it all properly so that new investors, like myself, won't have to see "mountains" between them and their investment portfolios.



i suspect that the reason the big green doesn't have a clear process in place is that their marketing department goals take precedence. Relentlessly, marketing wants to increase market share.

some e-fund clients visiting branches to sign their e-fund account application have been intercepted by branch sales reps & subjected to long sales pitches for regular mutual funds, including TD mutual funds. The branch reps don't get brownie points for instantly cooperating with an e-funds applicant.

the workaround to this is to suggest to a new e-fund applicant that, at the branch, sitting with the representative, he should docilely open a mutual fund account & place all his initial funds into a TD money market fund. Later, at home, he can change all this by moving his funds into the destination e-funds that he truly wishes to own.

the business about needing a TD bank account to accompany a TD Access card is newish, probably has to do with the new generation of TD bank cards that were created a few years ago. The official story goes that the new cards are better because chip enabled, plus they allow an investment account to be on the card (i believe?) (i still use my old TD card) (because i suspect that the new card generation is much better at tracking purchases & other card use than the old card could do) (after all, this increased data about all of us is exactly what the bank wants to obtain)

given that the bank isn't going to help - although it won't hinder e-funds either - it becomes up to journalists or forums like this one to provide hints, clues & how-to's, the way you've done.


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