In our business we are dedicated to continually improving client
service. This Client Disclosure document was developed to help you
understand the account transfer process. It is important to read this
document carefully before signing the section called CLIENT
UTHORIZATION on this Account Transfer form. Should you have any
questions after reading this section, please be sure to address your
inquiries to your Receiving Institution’s Representative.
What is the difference between “IN CASH” and
“IN CASH” means that all your assets which are not currently held as
cash are to be liquidated, sold, redeemed, etc. in order that your
account can be transferred to the Receiving Institution in the form of
IT IS IMPORTANT TO NOTE THAT IF YOU HAVE INDICATED AN
“IN CASH” TRANSFER OF YOUR ACCOUNT, ALL TRADES WILL BE
EXECUTED AT MARKET. ALL TRADES WILL BE PLACED ON A
BEST EFFORTS BASIS SUBSEQUENT TO THE RECEIPT OF THE
TRANSFER FORM AND ARE SUBJECT TO NORMAL COMMISSION
CHARGES. IN ORDER TO AVOID DELAYS, YOU MAY PLACE
TRADES YOURSELF WITH THE RELINQUISHING INSTITUTION AT
THE TIME OF SIGNING THIS TRANSFER FORM.
“IN KIND” means that you want the assets in the account transferred,
as is. If you hold investments and a cash balance, then the
investments will be transferred as well as the cash balance in their
current state, if the assets can be transferred.
ALL IN KIND: All assets as is (a common type of transfer)
ALL IN CASH: All assets to be sold - cash proceeds and any cash
balance to be transferred.
CASH BALANCE: Only the existing cash portion of your account
transferred (at the date of transfer)
ALL ASSETS (mixed): All assets in the account to be transferred, but
some assets to be redeemed and transferred in cash and some as is to
be transferred in kind (assets to be transferred in kind or in cash must
PARTIAL: Only some assets or cash transferred (assets or cash to be
transferred must be listed)
How long will my transfer take?
The time required to transfer the account will depend on the type of
asset you are transferring. Please note that all your assets may not be
transferred at the same time.
Types of Investment Products
For Stocks and Bonds
Under current IIROC guidelines, this type of transfer generally takes
between 10 - 25 business days from the time of receipt by the
Relinquishing Institution, subject to the exceptions below.
Non-IIROC member institutions may or may not observe similar
For Mutual Funds:
On average, Mutual Funds from other financial institutions (ATON)
take 5 - 10 business days from the time all necessary documentation
s received by the Receiving Institution. However, mutual fund
products may take longer to fully transfer.
For Guaranteed Income Certificates (GICs):
Often a Guaranteed Investment Certificate (including Term Deposits)
is not transferable “IN KIND” (as is) prior to its maturity. Most GICs
an be transferred in cash on their maturity. There are some
exceptions, please check the terms and conditions with the Institution
which issued your GIC.
Please note: Most Scotiabank Group issued GICs are readily
transferrable “IN KIND” within the Group.
There are many other investments which may be non-transferable,
non-redeemable or delay the transfer of your account. These
investments include mortgages, foreign securities and non-
An account transfer request may be rejected by the Relinquishing
Institution for a number of reasons, such as, insufficient cash to cover
fees, account not in good standing, (i.e. under-margin, outstanding
short position). If your transfer has been rejected for any reason by
the Relinquishing Institution, they may return the transfer to the
Receiving Institution unprocessed. When the reason for a rejection
has been rectified, the transfer process will begin again and the
Relinquishing Institution may then have 10 - 25 business days, from
the date of receipt of the transfer documents to process the transfer.
How much will it cost to transfer my account?
Most relinquishing institutions charge a fee, the cost of which
will vary. It is important to ensure that you have sufficient cash
available in your account at the Relinquishing Institution to cover
applicable transfer fees, or the Relinquishing Institution may reject the
transfer request which may result in a lengthy delay.
FINs = Financial Institution Number
DTC = Depository Trust Company
PAC = Pre-Authorized Chequing
SWF = Systematic Withdrawal Funds
G.T.C. = Good Till Cancelled
CUID = Customer Unit Identifier
IIROC = Investment Industry Regulatory Organization
SWP = Systematic Withdrawal Plan
AWD = Automatic Withdrawal Plan
ACCOUNT TRANSFER CLIENT DISCLOSURE
Contact the following for Customer Service