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Credential Direct® FAQs

What is Credential Direct?

Launched in 2000 as a division of Credential Securities Inc., Credential Direct gives credit union members and other investors direct access to self-managed investing services via the Internet, or by speaking with a qualified Investment Representative.

Do I have to belong to a credit union to have an account at Credential Direct?

No. Any Canadian resident (except Quebec and Territories) of the age of majority can open an account at Credential Direct.

What are the costs to open an account?

There are no fees to open a trading account at Credential Direct. There is, however, a quarterly administration fee of $25. This administration fee is waived if any of the following apply:

  • $15,000+ in cumulative assets
  • Complete 2+ commissioned trades in that quarter
  • Have an active pre-authorized contribution (PAC) of at least $100 monthly
  • You've been a client for less than 6 months

How much is the commission when I trade?

Commissions are $8.88 for investors, regardless of account size or trade frequency. For a complete list of fees and commissions, please consult the Credential Direct website for complete information on fees and commissions.

What type of trading accounts can I open at Credential Direct?

Non-registered accounts (Cash or Margin) and registered accounts such as RRSPs and RRIFs.

How do I move money into my trading account?
  • By Electronic Funds Transfer (EFT): An Electronic Funds Transfer (EFT) can be initiated by you from your online trading account, or you can phone Credential Direct to process that EFT for you. As soon as you process an EFT you can place a trade.
  • By Bill Payment: You can log into your online chequing account and set up Credential Direct as a Bill Payment, just like any other utility bill.
  • By Cheque. You can mail a cheque to Credential Direct.
I'm new to trading. What resources do you have to educate me?

Visit the Getting Started, Investing, Services, Education and About Us links on the Credential Direct homepage. Many of your questions might be answered there. There are many other resources on the internet and at your local library as well. Accounts at Credential Direct are entirely self-directed. You are your own broker.

Are e-Statements available for Credential Direct accounts?

Yes, and Credential Direct clients are encourage to sign up for e-Statements because they're faster, more convenient, and better for the environment. Paper statements, tax receipts, and trade confirmations will continue to be available for a subscription rate of $5 per quarter.

I have a trading account or an RRSP at another institution. Can I transfer it to Credential Direct?

Yes, simply complete a "Registered Plans Transfer Form" if it is an RRSP account you need to transfer; or, an "Authorization to Transfer Account" if it is a non-registered trading account you need to transfer. Include a photocopy of your statement from the delivering institution. Mail the forms to Credential Direct.

I've never traded before. Can Credential Direct tell me what to buy?

Credential Direct does not offer advice on the merits of specific securities. They do, however, provide tools you may find useful in doing your own research. Your account is entirely self-directed and self-monitored. You are your own broker.

How is my account protected or guaranteed?

All accounts at Credential Direct are protected under the terms of the Canadian Investors Protection Fund (CIPF).

If I have questions about my account, can I talk to my credit union representative?

Any questions about your Credential Direct account should be directed to Credential Direct.

Credential®, Credential Securities®, Credential Direct®, and OnCourse are registered marks owned by Credential Financial Inc.