How to transfer funds within your Desjardins Online brokerage account.
In today’s tutorial, you will learn how to transfers funds in between your online brokerage accounts. You will learn how to contribute to your registered accounts, how to convert funds and how to withdraw from your online brokerage account.
To start, select Trading.
Select, Fund Transfers.
By default, the first menu is contribution.
To contribute funds that are currently available in your cash or margin account to a registered account. You can contribute to your TFSA, RRSP and RESP, online.
Select the account which holds the available funds and the account into which you would like to contribute. Enter the amount and select Verify.
Review the information on screen and press Submit.
Please note, that any contributions made in US dollars, will use the average rate of currency conversion of the day for CRA reporting purposes.
Contributions are accepted by staff during normal working hours. The contributions are normally accepted, within 24 to 48 hours. It is normal to see no contributions until they have been accepted.
Should you wish to contribute shares that you currently own, instead of cash, please contact our customer service line at 1-866-873-7103. You can also send your request to : infodisnat@desjardins.com. We suggest that you consult your tax specialist in case of particular financial questions. A fee of 25$ (+tax), is charged for contributions made with stocks/ stock like securities if contributed to a TFSA.
Let’s select the second tab: conversions.
You may add US versions of cash, margin and registered accounts without additionnal costs. If you are to trade US investements, is it an advantage to add the US denominated account to your profile as you can maintain your US dollars, when selling US securities.
If you maintain only a canadian account and purchase securities in the US. We will convert the necessary funds to purchase from your canadian account. When selling these same securities the US funds are automatically re converted to canadian dollars.
To start a conversion.
Choose the source account, where the funds are to be taken.
Choose the destination account, where the funds are to be converted into.
Choose the amount, currency and press Verify.
Review the information on screen and press Submit.
You will find the currency conversion rates, to the right and they are in real time. You will notice that the rates are tiered. Larger conversions benefit from a better rate. If you convert more than 50,000$, you must contact a customer service representative. They will reserve a special rate and you must choose to accept the rate or not.
Conversion, are manually accepted. They will be accpted within 24/48h, after your request.
The third and last tab, is regarding withdrawals.
If you wish to withdraw funds from your cash, margin or TFSA to be deposited to your checking account, you must select withdrawal.
Select the account, from which the funds are to be withdrawn.
Select an amount and a currency type.
Press, Verify.
Please review the checking account information and select, Submit.
If you currently do not have a listed account, you may add one by selecting the link, fill out a VD242 and returning it to us with a void check, either by mail or email.
You have the possibility to withdraw by requesting, a check.
You must choose the account.
You must choose the amount and the currency and the delivery mode.
We have the ability to send you a check in either canadian or US currency. Note, that there is an administrative fee of 10$ (tax included).
The cheques are sent to the address on file.
If you would like to avoid paying fees, you must add the direct deposit option to your account.
The direct deposit is quicker than requesting a cheque.
If you ask for direct deposit to a Desjardins checking account before 3pm, the funds will be received in the same day. Otherwise, the funds will be received in the next day.
If transferring to an outside banking institution and the request is done before 10am, the funds will be received the next day, ortherwise two days later.
If you would like to withdraw from a RRSP or a RRIF, please contact a customer service representative. The cost to withdraw from a RRSP is 25$. For the RRIF account, any additionnal withdrawals other than those pre programmed, will also cost 25$. No fee is charged to the RRIF for the minimum annual withdrawal amount.
For registered withdrawals, the representative will advise you of the withholding taxes, which are deducted at the time of the withdrawal. You can select to have additionnal taxes withheld. You cannot select to have less taxes withheld than the minimum prescribed amount.
In closing, it is important to remember that trades must be settled and the funds cleared to be withdrawn.
As an example. If you would like to sell a stock and withdraw the the proceeds, your request will be done 2 days after the trade date for securities, once the funds have cleared (T + 2) .
This ends today’s session on : Contibuting, converting and withdrawing funds from your Desjardins Online brokerage account.
