TD Mutual Funds to Directline?

The journey from TD Mutual Funds to TD DirectLine has proven winding and lengthy. In Adieu TD Mutual Funds, I outlined how it all started.

Thanks to changes to the TD Mutual Fund Account for my son’s RESP, we will move it to TD Directline. The changes meant we could not use the TD E-series Index Funds unless we moved the account. I also grew weary of the clashes over Investing Risk Profiles.

This moving of accounts is not possible online. We had to make an appointment with a TD Branch nearby. The meeting went, interestingly.

Meeting

The meeting was with a TD Investment Rep, my wife and myself. My wife needed to be there because we held the RESP for our son. It all started well, and we proceeded to traverse the myriad of online forms to open a new Directline RESP and then transfer the TD Mutual Funds content into the same account. Every step was online, and I should have been able to do it myself if I had access to the system.

My wife and I each already have DirectLine accounts. We were looking to add this account to one of those accounts. The Rep said the account needed to be added to my wife’s account. I had no issue with that advice.

The process of setting up the account meandered along. We filled in the information for my wife, and an odd form came up at the end of the questioning. The paper stated that it was about to open a new account for my wife. This seemed strange since we had already told the system that she had an account. The same thing happened while collecting my data, and again, a new account was mentioned.

The meeting concluded with the process partially complete. The transfer still had to be processed. More forms needed to be signed, so we made another appointment to come in and complete the move of securities.

TD Directline Still Waiting

This meeting took place in October, now three months later, and the RESP account has not moved. I followed up with the branch, and they dutifully told me they would “check in to it.” Nothing came of these inquiries.

While I waited, I moved another account from a TD Mutual Fund position to a TD Directline Account. I solely held that account, and the move took three days. I went in and dealt with the same young lady, and it all went, except I also ended up with a new Account and a New Directline access.

Too Many TD Directline Accesses

I called TD Directline to consolidate the three login accesses that ended up being created by these processes. At this juncture, things got more interesting.

The representative managed to consolidate all of these accounts until one online login. One login makes life simpler for me. The Rep also inquired about the RESP transfer. It was delayed due to incorrectly done forms at the branch. He called the branch and may have cleared up things, but I am still waiting. The RESP still sits in a TD Mutual Account and remains transferred to the new Directline RESP account.

Keep Calm but Follow Up

That is what I continue to do. I will check in the new year what is happening with my son’s RESP. Given he turns 17 in a few months, I don’t have much more time to put money into it.

Other TD E-series Funds Stories

• Risk Profiles and Rejected Orders one of the many times my Risk Profile with TD Mutual Funds stopped me. I will not miss these, at all.
• Reversing Mutual Fund Purchases , no, really, this happened a bunch of times. Why didn’t I leave then?
• TD E-Series RESP Beartrap where I learned taking E-series funds out of an RESP is not simple.
• “I’m an indexer. I don’t care what the indexes did today!” , the reason why I use the E-series funds.
• My Four Best Investments these were all in TD Mutual Fund accounts, using E-series funds.
• What is Couch Potato Investing? an introduction to why I don’t buy individual stocks (any more).