How do I close a TD Direct Investing account? (2024)

FAQs

How do I close a TD Direct Investing account? ›

The quickest and most convenient way to close your account is to call TD Direct Investing and speak with an Investment Representative. The account must have a zero balance and all worthless or delisted securities must be removed. Contact us to complete this request.

To get started, call our licensed representatives – Monday to Friday 7 am to 9 pm ET at 1-800-465-5463.

TD Direct Investing offers investment options that include stocks, ETFs, mutual funds, GICs, fixed income investments, and options trading. Investment types differ by their risk level and the potential for growth.

Sign into your TD Direct Investing account on WebBroker or through the TD app. Step 1: Go to the WebBroker or TD app login page and enter either your TD Access card number, Connect ID or Username (refer to the field marked 1 in the images below).

But the money you earn on your investments can also be subject to taxes once you sell your holdings, especially if you sell less than a year after purchasing a security. And that's also true if you close your brokerage account. It's considered a sale and you may owe taxes.

Liquidating the Account for Cash

The Securities and Exchange Commission has set rules for how long it should take for money to be available after stock has been sold. Their guidelines call for a settlement within three days, often called T+3 settlement.

A recently placed order can be changed by selecting Order Status in the top right menu. Then, select change, cancel or copy order from the menu to make your changes.

In that respect, TD Ameritrade is one of the more expensive brokers, with higher fees for both trades and account maintenance. However, TD Direct Investing offers much lower costs, making it a better choice for those who are looking to save money.

TD Direct Investing is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank.

Why use TD Direct Investing? ›

TD Direct Investing helps make investing simple and rewarding. From intuitive trading platforms, advanced tools, educational resources, and extensive support, we are committed to providing investing experience that puts you in control.

Whether capital gains, dividends, or interest, your investment growth is not taxed.

The Commonwealth Direct Investment Account (CDIA) is a cash management account specifically designed for CommSec share traders. It allows you to trade and invest when and where it suits you.

Settlement timelines depend on the security type: North American Equity orders settle on trade date plus 2 business days (T + 2) GICs are settled same day. Option orders settle on trade date plus 1 business day (T + 1)

Key Points. TD owns a minority stake in Charles Schwab, which has been under pressure this year. The bank had to abandon its plan to acquire First Horizon Corp. Investors also had credit quality concerns.

You can take money out of a brokerage account at any time and for any reason—just like you could with a regular bank account—without paying an early withdrawal penalty. You would have to wait until age 59 1/2 to take money out of a 401(k) or IRA without penalty.

Investors can cash out stocks by selling them on a stock exchange through a broker. Stocks are relatively liquid assets, meaning they can be converted into cash quickly, especially compared to investments like real estate or jewelry. However, until an investor sells a stock, their money stays tied up in the market.

Opportunity cost is the reason why financial advisors recommend against borrowing or withdrawing funds from a 401(k), IRA, or another retirement-savings vehicle. Even if you eventually replace the money, you've lost the chance for it to grow while invested, and for your earnings to compound.