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Thursday, November 10, 2005 

What You Need to Know About Funds Transfer

ABOUT FUNDS TRANSFER
By registering for Funds Transfer you will have the ability to transfer funds between your registered TD Waterhouse brokerage account and your TD Waterhouse bank accounts.
Funds Transfer allows you to keep all of your money in your brokerage account available for investments, and lets you move just what you need when you need it to pay bills and other daily expenses.
Please note that for now, you can only register one TD Waterhouse brokerage account for transfers, but you can transfer to more than one TD Waterhouse bank account.



The following explains how to register your accounts for TD Waterhouse Funds Transfer and how this feature works.

ABOUT ACCOUNT TITLES
For your protection, you can only transfer funds between accounts with similar titles.

New checking accounts


If your brokerage account is in your name only, you can register for Funds Transfer whether your new checking account is in your name only or in your name with someone else.
If your brokerage account is jointly held, then you can only register for Funds Transfer if your new checking account has the same joint title as your brokerage account.
Only TD Waterhouse Individual and Joint accounts are available for this service.
Existing checking accounts
If you already have a checking account and a brokerage account, you should ensure that these accounts conform to the account titling rules stated above before you apply to register for Funds Transfer.
HOW TO REGISTER
If you are not an existing bank checking account holder you can register for Funds Transfer as part of the checking account application process, by applying online on this website or by calling to request that an application be mailed to you. Please be sure to follow the account titling rules noted above.

If you are an existing bank checking account holder, you need to complete a Funds Transfer Authorization form. To request this form, please call us at 1-888-327-9962 and press 0 and we will mail it to you.

ACCESS TO FUNDS TRANSFER
To access online banking and initiate a funds transfer, you will need a User ID and Password.
If you are the only owner of your brokerage account, only you will receive a User ID and Password.
If you have a joint brokerage account, both account holders must agree when they register in order for us to register your account for funds transfer. Once you open an account and register for funds transfer, you will receive a form in the mail, which both of you must sign.
Once the account is registered, either account holder alone may transfer funds to or from the brokerage account. In addition, both brokerage account holders will automatically receive User IDs and passwords unless you otherwise instruct us.



TRANSACTION TYPES AND LIMITATIONS
You can transfer funds between your brokerage account and any of your bank accounts.
You may not transfer funds from your bank loan accounts (unsecured line of credit, home equity line of credit or overdraft protection) to your brokerage account.
To transfer funds to your TD Waterhouse e.card, you can set the account up as a payee and use bill payment to make your payments.
You may transfer funds 24 hours-a-day, 7 days-a-week, except between 11:30 p.m. - 2:30 a.m. ET each night. Because of daily processing, you may not be able to see your brokerage account balances or transfer funds between approximately 4:00 p.m. - 4:20 p.m. and 6:00 p.m.- 6:20 p.m. ET.



FEES
You will not be charged any fees when you transfer funds between your brokerage accounts and bank checking accounts.

DOCUMENTATION
You will receive a monthly account statement from the bank for each of your bank accounts that will reflect all funds transfers to and from your brokerage account. Your brokerage account statement will also reflect the funds that you transfer to and from the bank.

FUNDS AVAILABILITY
If you transfer funds between your brokerage and bank checking accounts before 3:00 p.m. ET on a business day that we are open, we will consider that day to be the day of your transfer. However, if you transfer funds after 3:00 p.m. ET or on a day we are not open, we will consider that the transfer was performed on the next business day we are open. The time of day that you perform a funds transfer between your accounts will determine when the money will be available for your use.

BEFORE 3 p.m. ET
Transfers from your brokerage account to your bank account. You will see your bank account balance updated immediately and the funds will be immediately available to pay checks and for automatic payments from your account. The funds will be available the next business day for cash withdrawal and for electronic bill payment. In addition, the balance in your brokerage account may not be updated until the next business day.

Transfers from your bank account to your brokerage account. You will see the decrease in your bank account balance immediately. However, the balance may not be updated in your brokerage account until the next business day.

AFTER 3 p.m. ET
Transfers from your brokerage account to your bank account. You will see your bank account balance updated immediately. The funds will be available the next business day to pay checks and for automatic payments from your account. The funds will be available in two business days for cash withdrawal and for electronic bill payment. In addition, the balance in your brokerage account may not be updated for two business days.

Transfers from your bank account to your brokerage account. You will see the decrease the balance in your bank account immediately. However, the balance may not be

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