TD Direct Investing in kind contribution for TFSA For anyone using TD Direct investing, here is an interesting fact I just found out after two hours on hold.
Used to be that when making an in kind contribution from my non registered/cash accounts to my registered accounts, I was given the option to choose the high or low price of the day.
Now you can only choose the close price if you call after the market is closed. If you call to do it while the market is open, you must take whatever the market is at when the agent does the order.
I found that disappointing, I wanted to choose the low of the day to get as many shares into my TFSA as I could.
Has TD gone to using the close or instant market price due to the new feature of online contributions? Is this the comprimise they had to make to put the link for self service in kind contributions on the website.
I asked the agent if all the other banks were doing this too, or was it some kind of new government regulation? He just said as of 2 Januray the back office people told them it was closing price or market price when they do the transaction at TD.
Do any other of the big banks do this too? Or can you still choose between the high and low of the day?