Monthly Contributions Plans (MCP) and Pre-Authorized Deposits (PAD)
Slow and steady wins the race. Setting up recurring cash deposits as a MCP to a registered account, or as a PAD to a margin or cash account may help you reach your financial goals. Set the frequency (weekly, bi-weekly, semi-monthly, monthly) and amount (minimum of $100 a month) that you want.
1. To set up a MCP/ PAD transferfrom your TD Canada Trust account to your TD Direct Investing account:
Fill out theSecure Online Form
Need help locating your TD Transit number?Click here
OR
Call us at 1-800-465-5463
OR
Visit a TD Canada Trust branch or DI Investor Centre
2. To set up a MCP/PAD transfer from any Other Financial Institution:
Visit a TD Canada Trust branch. A void cheque is required to process the request.
Did you know?
If you deposit a minimum of $100/month into any of your TD Direct Investing accounts, you will be exempt from the quarterly maintenance fees for all accounts in your household. However, there are a number of ways to have yourmaintenance feewaived through our Household Program.
As a seasoned financial expert with a deep understanding of investment strategies and personal finance, I've navigated through various wealth-building techniques, and one method that stands out is the Monthly Contributions Plans (MCP) and Pre-Authorized Deposits (PAD). The significance of these tools lies in their ability to facilitate a gradual and consistent approach to wealth accumulation, aligning perfectly with the age-old wisdom that "slow and steady wins the race."
The Monthly Contributions Plan (MCP) allows individuals to make recurring cash deposits to a registered account, providing a disciplined way to contribute regularly to their financial objectives. Simultaneously, the Pre-Authorized Deposits (PAD) option extends this concept to margin or cash accounts, offering flexibility in how individuals manage and grow their wealth.
Now, let's delve into the essential concepts embedded in the provided information:
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Frequency and Amount Customization:
- The flexibility to set the frequency of contributions (weekly, bi-weekly, semi-monthly, or monthly) empowers individuals to align their financial strategy with their unique circ*mstances and goals.
- The minimum contribution requirement of $100 per month establishes a baseline commitment, encouraging a meaningful and consistent approach to building wealth.
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Setting Up Transfers from TD Canada Trust Account to TD Direct Investing:
- The process involves filling out a secure online form, emphasizing the importance of security in financial transactions.
- Additional options include calling the customer service hotline or visiting a TD Canada Trust branch or DI Investor Centre, providing multiple channels for users to initiate the transfer.
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Transfers from Other Financial Institutions:
- Acknowledges the option for individuals with accounts in other financial institutions to set up MCP/PAD transfers.
- Requires a visit to a TD Canada Trust branch, highlighting the need for a void cheque to facilitate the transfer request.
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Benefit of Regular Deposits:
- Informs users that depositing a minimum of $100 per month into any TD Direct Investing account exempts them from quarterly maintenance fees for all accounts in their household.
- Introduces the Household Program, suggesting there are alternative ways to waive maintenance fees, providing users with potential cost-saving strategies.
In conclusion, the Monthly Contributions Plans (MCP) and Pre-Authorized Deposits (PAD) serve as valuable tools for individuals seeking a methodical and sustainable approach to achieve their financial goals. The outlined steps for setting up transfers and the associated benefits underscore the comprehensive nature of these strategies, making them integral components of a well-rounded wealth-building strategy.
