Withdraw by Electronic Funds Transfer (EFT Out)

Applies To:

All Portfolio Managers, Advisors, Wealth Planners, and support staff.
Eligible account types: Cash, Margin, RRSP, Spousal RSP, TFSA, FHSA, RESP, RDSP, LIF and RIF.
Not for: Locked-in (LIRA, LRSP, RLSP), closed, or restricted accounts without authorized banking.

You can submit an EFT Out request from a client’s CRM Contact Record to electronically withdraw funds from a client’s Optimize investment account. Use the instructions below to ensure the account is eligible, the correct banking details are on file, and any regulatory or tax considerations have been accounted for.

When to Submit an EFT Out Request

A client wishes to withdraw funds electronically to an external bank account.
The client already has an authorized bank account on file in the same currency as the target withdrawal account.
For registered accounts, such as RRSP, Spousal RRSP, or TFSA, where the client understands any applicable withholding taxes or contribution rules.

How to Submit an EFT Out Request

To submit an EFT Out request, use the Service Extension on the client’s CRM Contact Record. The general instructions below apply to most account types. If withdrawing from an RESP, see the specific account instructions provided.

How to Submit an EFT Out Request (General)

Navigate to the Client’s CRM Contact Record
Go to the Servicing Tab
Select Cash and Security Management → Withdraw Funds
Select "EFT Out" as your request type
Select the Source Account
- Only open, eligible accounts with authorized bank accounts will appear
Choose an Offset Account (if applicable)
- If withdrawing to an investment account, select the destination account
Select Banking Details
Enter the Withdrawal Details
- Specify whether the withdrawal is Full or Partial
- Choose the Source of Funds: Assigned Optimize Model or All
- Enter the Gross Withdrawal Amount
- Specify whether the Administrative Fee will be Included or Excluded
- If you are withdrawing your full amount, select the reason for withdrawal and confirm the two check boxes.
Review & Submit
- Once you confirm the details, click Submit to create the service request ticket.

How to Submit an EFT Out Request for an RESP

RESP withdrawals must be allocated based on the contribution source (Post-Secondary Education (PSE) vs. Education Assistance Payment (EAP)).

Navigate to the Client’s CRM Contact Record
Go to the Servicing Tab
Select Cash and Security Management → Withdraw Funds
Select "EFT Out" as your request type
Select the RESP Account
Select an Offset Account (if applicable)
Select the Bank Account
Specify the Withdrawal Details:
- Amount Type: Full or Partial withdrawal
- Source of Funds: Assigned Optimize Model or All
- Amount Details: EAP and PSE
- Specify how the withdrawal should be allocated between Education Assistance Payments (EAP) and Post-Secondary Education (PSE) funds
- Confirm that the EAP limit has not been exceeded and that the PSE amount is sufficient to cover additional expenses
Enter the Beneficiary & School Information:

Select the Beneficiary
Enter Institution Type, Name, Start Date, Year Length, Program Length, and Program Year
Enter EAP Amount, PSE Amount
Select if PSE funds should cover insufficient EAP amounts
Indicate if this is an AIP or Contribution Withdrawal
Attach Proof of Enrolment (POE)

11. Review & Submit

Once you confirm the details, click Submit to create the service request ticket.

Please Note: Before submitting your RESP withdrawal request, please ensure you have checked the latest account breakdown. This breakdown shows the amounts of income and capital available in the account. If your breakdown is more than 30 days old, we recommend requesting an updated breakdown before proceeding. Submitting a withdrawal request without verifying the notional information can result in delays.

After Submitting the Request

A new service request ticket will be created. You can locate it:

In the Right-Side Panel of the client's CRM Contact Record under Tickets.
In the Withdraw Funds Pipeline, where you can track the progress and confirm when the request is completed.

Processing Times

Typically 1-2 business days after the ticket has been submitted and completed any applicable review.