Frequently Asked Questions
- Will I be able to see my previous statements and account information after my account has been transferred?
- I can't decide what to do - who should I contact to discuss this?
- Will my TD Waterhouse account be managed in the same way as my Hoodless Brennan account?
- I already have a TD Waterhouse account - is there anything I should do?
If I Accept The Transfer To TD Waterhouse, How Will The Transfer Process Work?
- I currently have DRIP dividends through my Hoodless Brennan account. Will these be transferred?
- Why haven't I been receiving my DRIP dividends into my account at TD Waterhouse?
- Will I continue to receive SCRIP dividends through my TD Waterhouse account?
- How can I opt to have SCRIP on my TD Waterhouse account?
Benefits Of Moving To TD Waterhouse
- Can TD Waterhouse accept every investment that I hold in my portfolio today?
- What if I have a stock that is defunct, suspended, or cannot be traded for some reason?
- What if I have a stock that is ex-dividend, or pending a corporate action?
- I have a virtual portfolio, what will happen to this?
- What will happen to any active limit orders I have on my account?
The Deal
What is happening?
Hoodless Brennan have reached an agreement with TD Waterhouse regarding the future provision of online share dealing services for Hoodless Brennan customers. Under this agreement, TD Waterhouse has committed to provide a straightforward transfer for our customers to ensure continued and uninterrupted access to share dealing services at the same low commission rates.
Communications regarding this change have been sent to you over the last couple of months. As at close of business on Friday 21st August 2009 Hoodless Brennan has ended its direct online share dealing business.
When will the transfer take place?
The transfer of accounts from Hoodless Brennan to TD Waterhouse took place over the weekend of 22nd/23rd August 2009.
What does this mean to me?
Hoodless Brennan will be exiting its direct online brokerage business. With effect from close of business on Friday 21st August 2009, you will no longer be able to trade using your Hoodless Brennan online share dealing account.
By accepting a transfer to TD Waterhouse you will enjoy a number of benefits. In addition to retaining uninterrupted access to a share dealing service, you will also enjoy the same low rates that you have had at Hoodless Brennan, with £8.00 per UK online trade and £6.50 for frequent traders. In addition for customers transferring to TD Waterhouse there are a range of new account features, which can include extended settlement and personal trading limits (subject to status), as well as enhanced research, charting and account administration tools.
How will the transfer work?
Hoodless Brennan are working closely with TD Waterhouse to ensure that the transfer of your account(s) is straightforward and hassle free. You should by now have received your Account Number and passwords. If you have not received either of these please contact us on 0845 607 6001. Because the transfer will happen over a weekend this will minimise any disruption to your normal trading. You will then be able to log into the TD Waterhouse site on the Monday 24th August 2009 and begin trading.
About TD Waterhouse
Who are TD Waterhouse?
TD Waterhouse Investor Services (Europe) Ltd is the UK's second largest broker, providing share dealing and information services online and by telephone. Trading is available in UK and International Equities, Unit Trusts, Bonds and Gilts, Covered Warrants, Financial Spread Betting and Contracts For Difference (CFDs). In addition to trading, the website offers free access to a wealth of information from independent research providers including Morningstar and Peel Hunt.
TD Waterhouse offers a number of benefits to you, including:
- A commitment to honour your current trading rate of £8.00 flat rate for online trades, with a frequent trader rate of £6.50 if you trade more than 30 times per quarter*, for at least one year from the date of your transfer.
- A fast, simple, award winning website.
- Automated trading limits - giving you greater freedom by not asking you for your cash before you trade (subject to status).
- Extended settlement - up to 20 working days.
- Direct access to 14 international exchanges online.
- The ability to hold your cash in up to seven different currencies.
TD Waterhouse is an award winning service:
- Your Money: Best Online Sharedealing Provider 2008
- Your Money: Best Direct Sharedealing Provider 2008
- Shares Magazine: Best Online Trading Platform 2008
- Money AM: Best US Market Trading Service 2008
You can find more information at www.tdwaterhouse.co.uk
Is TD Waterhouse a safe place for my money?
Yes. TD Waterhouse is a subsidiary of The Toronto-Dominion Bank, whose subsidiaries are collectively known as the TD Bank Financial Group (TDBFG), providing traders and investors with a broad range of brokerage, mutual fund, banking and other consumer financial products.
TDBFG is the 6th largest bank in North America by market cap and branches, with an employee base of 74,000 in offices around the world, serving 17 million customers with client assets of CDN$585 billion as at 31st January 2009.
TD Bank's investment risk model and risk management practices have insulated the bank from the main crises experienced by other large banking groups. In 2005, TD Bank exited the structured products business and has always avoided the subprime lending business. This has allowed TD Bank to retain its AAA rating throughout the recent economic difficulties.
I didn't give my consent before 3rd August 2009 but want to trade what do I do?
In order to trade you need to agree to the TD Waterhouse Customer Terms of Service. You can do this by signing and returning the Account Confirmation form that was included with your welcome letter. Alternatively you can download a blank copy of the form here and return it to us, Customer Accounts Team, TD Waterhouse, FREEPOST, NEA15919, Exchange Court, Duncombe Street, Leeds LS1 1YZ.
Are my investments safe? What guarantee is there for security of my holdings?
Absolutely. Your assets remain as safe as always. Any stock or cash you hold with TD Waterhouse is maintained separately from our own assets and held in accordance with the rules of our regulator, the Financial Services Authority. Your stocks and assets are also covered by the Financial Services Compensation Scheme.
How will I know my account has been transferred and when can I begin using it?
You should have received your welcome letter along with your Account Number and an email detailing your passwords. If you do not have any of these details please contact us on 0845 607 6001. You can use these details to access your account from Monday 24th August 2009.
Will I be able to see my previous statements and account information after my account has been transferred?
You will have view only access to your historical statements and account information using the Hoodless Brennan website post transfer for at least two years. Any activity that takes place on your new TD Waterhouse account you will see on our website.
I can't decide what to do - who should I contact to discuss this?
As with any financial decision the best person to speak to is an independent financial advisor.
Will my TD Waterhouse account be managed in the same way as my Hoodless Brennan account?
While the nature of the service is the same, there are some differences in the way the accounts and websites operate. Your welcome letters includes details of how to access our interactive welcome guide which includes information on how your account works as well as demos.
I already have a TD Waterhouse account - is there anything I should do?
Your Hoodless Brennan account will be transferred as a new account to operate separately to your current TD Waterhouse account. If you have any other requirements please call us once the transfer has taken place on 0845 607 6001.
If I Accept The Transfer To TD Waterhouse, How Will The Transfer Process Work?
How will you move my account, and when?
All of your relevant personal data has been transferred to TD Waterhouse in order for your new account to be set up, and to allow us to send you comprehensive welcome emails detailing your new services.
All of your holdings and any un-invested cash will be transferred over the transfer weekend (22nd/23rd August 2009) to ensure that access to your share dealing service is not interrupted. Provided you have given your consent before Monday 3rd August 2009 your new account will be ready for trading on the Monday 24th August 2009. You will receive full details of your new service and your new TD Waterhouse account passwords should have arrived with you.
Will I need a new password?
Yes. We sent you a new login and dealing password a few days before your new account went live.
What happens if I do not do anything?
If Hoodless Brennan have not received your instructions by the requested deadline, they may, subject to regulatory approval, transfer your account to TD Waterhouse or else convert your nominee holdings into your name and return to you in certificated form with any cash balance.
What information will I receive from TD Waterhouse about my new account, and when?
We have sent you a letter detailing your Account Number, along with your passwords and welcome emails containing full details of your new service.
Dividends
I currently have DRIP dividends through my Hoodless Brennan account. Will these be transferred?
DRIP dividends on stock which were held in your online Hoodless Brennan account on the ex-date will be paid to Hoodless Brennan and then transferred to your new TD Waterhouse account in due course.
Why haven't I been receiving my DRIP dividends into my account at TD Waterhouse?
We do not currently offer DRIP dividends. As a result you will receive cash for any dividends due.
Will I continue to receive SCRIP dividends through my TD Waterhouse account?
Yes, we offer SCRIP dividends. Please note this is applicable at account level only and is not stock specific.
How can I opt to have SCRIP on my TD Waterhouse account?
Please contact our Customer Services Department on 0845 607 6001 and they will be happy to arrange this for you.
Why has my Banco Santander scrip dividend remained as shares?
The scrip dividend shares for Banco Santander were issued free of Spanish Withholding tax, but the cash option would be taxed at 18%. For this reason, we have not reversed this scrip dividend allocation and the additional Banco Santander shares you have received will remain on your account.
Why has my British Land scrip dividend remained as shares?
The scrip dividend shares were received at a 5% premium to the cash equivalent. For this reason, we have not reversed this scrip dividend allocation and the additional British Land shares you have received will remain on your account.
I want to change my dividend preference back to scrip - how do I do that?
You will need to call us on 0845 607 6001 and one of our Customer Service Representatives will be able to do this for you. The scrip option is not available at individual stock level but can be applied to ALL dividends on your account.
Will I receive any more scrip dividends?
The preference on your account has now been set to receive cash dividends however you can change this preference by calling one of our Customer Service Representatives on 0845 607 6001.
Benefits Of Moving To TD Waterhouse
How will I benefit from moving to TD Waterhouse?
You will be able to continue trading at your current rates for UK equity trades - £8.00/£6.50. In addition we offer a wide range of investment options, an award winning website and excellent customer service.
What can I trade with TD Waterhouse?
TD Waterhouse offers a wide range of investment options, including:
- UK and International Equities
- Unit and Investment Trusts
- Exchange Traded Funds
- Bonds and Gilts
- Covered Warrants
- Contracts For Difference (CFDs)
- Financial Spread Betting
What other accounts does TD Waterhouse offer?
- Trading Accounts
- Self select ISAs
- Self Invested Personal Pensions (SIPPs)
- Contracts for Difference (CFD) accounts
- Financial Spread Betting
What other benefits does TD Waterhouse offer?
More flexible trading: You can benefit from account features, including extended settlement (up to 20 days), and automated trading limits, giving you greater flexibility by not requiring you to fund with cash before you trade (subject to status).
Research and information: In addition to trading, the website offers free access to a wealth of information from well respected providers including Morningstar and Peel Hunt.
What are TD Waterhouse's Opening Hours?
The TD Waterhouse customer service team is available by phone 7:30am to 9:00pm Monday to Friday, and 9.00am to 3.00pm on Saturdays.
Does TD Waterhouse have a physical branch presence?
Yes. TD Waterhouse has an Investor Centre, located at 71 High Holborn, London WC1V 6TD. The Investor Centre is open 8.00am to 5.00pm Monday to Friday. It provides face-to-face customer support, product tutorials, free lunchtime and evening seminars, research and information, trading, and account administration. Visit www.tdwaterhouse.co.uk to find out more.
Will I be charged the same for my transactions?
You will benefit from the same commission rates on online UK equity trades for at least twelve months from the date of transfer. The way that TD Waterhouse calculate frequent trader rates will be slightly different how
ever.For the calendar quarter during which you transfer (Jul - Sept 2009) you will be sent a rebate payment in October as usual by TD Waterhouse, which will take into account both trades that were done at Hoodless Brennan and at TD Waterhouse over the period.
From the start of October the commission you pay at the point of trade will reflect how many trades you executed in the preceding rolling 3 calendar months. If you complete 30 or more eligible trades in the preceding qualifying 3 month period you will qualify for the Frequent Trader rate from the start of that next month.
Frequent trader rates apply to each individual account separately. Trades cannot be aggregated across accounts. Trades that are not eligible include Certificated, Unit Trust, OEICs, New Issue, cancelled or deleted trades, zero commission and promotional discounted rate trades.
All other standard TD Waterhouse charges will apply. A brief summary of charges is given below, and full details can be found at tdwaterhouse. co.uk/gettingstarted/ratecard.cfm
TD Waterhouse rates and charges:
Commissions:
Online: Flat fee of £8.00 on UK equities; Flat fee of £12.50 on International trades.
Online frequent trader discounts: If you trade more than 30 times in a quarter, you will benefit from £6.50 on UK equities, £9.95 on International Trades.
Account management:
TD Waterhouse does not charge an account management fee as long as you trade at least once in the quarter, or have total assets in your account of £5,000. A fee of £10+vat per quarter is charged on accounts which do not meet these criteria.
We will be waiving this fee for the quarter in which you transfer to TD Waterhouse.
Please use the link above for details of ISAs and other account admin charges.
Transferring To TD Waterhouse
Can TD Waterhouse accept every investment that I hold in my portfolio today?
We anticipate that every tradable stock currently held by our customers can be transferred to TD Waterhouse. We will be working together over the coming months to ensure that this happens.
What if I have a stock that is defunct, suspended, or cannot be traded for some reason?
We will have more details of this nearer the date of transfer.
What if I have a stock that is ex-dividend, or pending a corporate action?
Hoodless Brennan will be working closely with TD Waterhouse over the coming months to ensure that you receive notification and benefits of any corporate actions on your portfolio as usual. You do not need to take any additional action.
I have a virtual portfolio, what will happen to this?
Your virtual portfolio will not be transferred to TD Waterhouse, but you can set up a new virtual portfolio in your new TD Waterhouse account.
What will happen to any active limit orders I have on my account?
Your active limit orders will not be transferred to TD Waterhouse, but you can set up new limit orders in your TD Waterhouse account.
Can I choose my own password?
Yes. TD Waterhouse will send you a new password, but you will be able to change this when you access your account for the first time.
How will I know when the transfer is complete?
Provided you consent to transfer to TD Waterhouse by Monday 3rd August 2009, all of your holdings and any un-invested cash will be transferred over the transfer weekend to ensure that access to your share dealing service is not interrupted. Your new account will be ready for trading on the Monday following the transfer weekend. You will receive full details of your new service and your new TD Waterhouse account password prior to the transfer.
Will all my assets transfer across at the same time?
Provided you consent to transfer to TD Waterhouse by Monday 3rd August 2009, it is our intention that your entire portfolio will be transferred over the transfer weekend. If, for any reason, Hoodless Brennan are unable to transfer your entire portfolio on this date they will contact you directly.
What will happen to my joint account? / Does TD Waterhouse offer joint accounts?
TD Waterhouse does offer joint accounts, and your joint account will be transferred across in the same way as your individual account(s).
Can I deposit stock into my account right up until the transfer date?
Yes. You can continue to use your account as normal until the transfer date.
Trading in American Stocks
Why do I need to complete a W-8BEN form?
If you hold any U.S incorporated stock within your account, the U.S tax authority (IRS) require that financial institutions capture information to;
- Ascertain your tax residency status;
- Certify eligibility for benefits under the Double Taxation Agreement (DTA);
- Ensure the Customer/Account is not being double taxed on U.S sourced income (e.g. dividends and interest from shares).
Why am I eligible for this?
The U.S has a number of international tax treaties in place which allow non U.S residents to benefit from a reduced withholding tax charge.
What do I need to do now?
Please complete and sign both sections 5 and 6 of a W-8BEN form and return it to us at Customer Accounts Team, TD Waterhouse, FREEPOST NEA15919, Exchange Court, Duncombe Street, Leeds LS1 1YZ.
Additional guidance notes for completing the W-8BEN form have been created by the Internal Revenue Service and can be found on their website www.IRS.gov