Cash and Security Management
      Back to home
      1. Optimize Help Center
      2. Service Requests
      3. Cash and Security Management

      Withdrawing by EFT (EFT Out)

      Submit a request to Withdraw Funds from a client's investment accounts via Electronic Fund Transfer (EFT) to a bank account on file.

      Search for client contact in the HubSpot Search bar, open the client contact card, and find the client’s CRM Contact record page.

      From the client's contact record, start by navigating into the Servicing (Service Request) tab, which is found in the middle panel of the contact record. Select Cash and Security Management.

      From there, you can select Withdraw Funds.

      Step 1:

      • Select EFT-Out

      Step 2:

      • Select the account you would like to withdraw the funds from.

      Please Note: For EFT-outs from a Registered account, you will be asked to select an Offset Account

      Step 3:

      • You will now be asked to specify the banking details. 

       

      Step 4:

      You will be prompted to specify: 

      • Amount Type: Is the withdrawal Full or Partial?
      • Source of funds: Are the funds from the assigned Optimize Model, or All?

      Step 5:

      The final step is to specify the amount. Once finished, press submit in the bottom right corner to submit your request. 

      Step 5 will look different If you are withdrawing from a registered account. Please refer to the appendices below that illustrate Step 5, for each registered account. 

      Step 5 (Registered Accounts):

      RRSP


      For RRSP withdrawals, you will be asked to specify Whether the Administrative fee will be included or excluded. 

      • Included: This will deduct the Admin fee from the Gross amount. Reducing the taxable amount.
      • Excluded: This will charge the Admin Fee to the account's cash balance, and will not affect the gross amount.

      More questions about EFTs from RRSPS? Read this article! 

      RIF/LIF

      For RIF/LIF withdrawals you will be asked to specify the following:

      • Gross Amount
      • Amount From Minimum
      • Whether the Minimum is Taxable or Non Taxable
      • You will also be able to add additional withholding tax if desired. 

      When making an ad hoc payment from a RIF/LIF account that is outside of the regular payments, the regular payments will be automatically paused. To re-initiate the payment, a 'Modify Plan' request must be submitted to re-initiate the plan.

      Do you have questions about EFTs from RIF/LIF accounts? Read this article! 

      RESP

      For RESP withdrawals, you will be asked to specify:

      • The Beneficiary
      • Details about the school/institution
      • EAP and PSE amount
      • Proof of Enrollment attachment.

      More questions about EFTs from RESP accounts? Read this article! 

      Upon submission, the assets will be sold on the next available Friday, with settlement occurring four business days later. The withdrawal processing will then be completed within two additional business days, making the total process take between 7 to 11 business days.

      Once you have completed and submitted the servicing request, you can click on the Ticket ID directly from the Confirmation Reference section to view and confirm the details of the new service request ticket.

      To learn how to monitor the tickets once they are submitted, please read Withdraw Funds - Pipeline and Actioning