EQ TFSA Savings acc 2.3% GIC 3 mo 2.5 % Same for RSP | Page 7 | EQ Bank | Discussion forum

Always a good idea to check out final fees/costs when transferring an account out.

I just transferred a trust account from RBC DI to TD DI and had first secured an agreement with the latter to reimburse me for any additional fees levied by the former related to the transfer out. Everybody's happy that way.

@ Dean - I'll bet you a cookie (oatmeal cranberry) that the EQ rates won't drop 'til early April.

annie said
May I apply to complete the RRSP transfer at EQ Bank on March 1st ~ On March 4th, RBC Bank has transferred the amount out~ Why does it take 6-8 weeks to appear on the account?  

It usually doesn't take the full 8 weeks. My experience anyway. Most FIs aren't crazy about losing large deposits, so yes, they will take your money out right away, but will generally drag their feet and it's all done through snail mail so that alone will take a week or so. Other than that, it's just someone getting around to doing the paperwork and issuing a cheque and getting it in the mail. YMMV
If you do transfer, let us know how long it takes.

annie said

Now in the era of electronic transfers~Why doing the issuing a cheque and getting it in the mail? Not to mention the transfer of your own accounts to each other. It is very safe. It takes 6-8 weeks to be really unscientific. …

Because transferring an RRSP or RRIF is more than just transferring the money.

The relinquishing financial institution has to ensure that the receiving one agrees to continue administering the money appropriately. For example, if the funds were locked in under Alberta pension legislation, then the funds must continue to be and not become locked in under a different pension legislation or become unlocked.

The back of the direct transfer T2033 form describes the exchanges of documents of which one is the cheque.

Yes, BC has the possibility of a locked-in RRSP or RRIF.

I sent the TFSA transfer request mid last week (Hubert to EQ) and, surprisingly, it completed today ! and all the funds are in EQ !!
Some people here claimed that it took then months, they must have improved their process.
Also, Hubert didn't charge me any transfer fee.
Thanks Hubert, we'll come back when you make you rates sexy again 🙂

Interesting that the FI that people are fleeing here has the fastest and best customer service on the way out the door -- bit of a logical disconnect there.

Maybe they're playing the long game and hoping that one day you'll get frustrated elsewhere and come back. Or maybe they just aren't big enough to ever get swamped by outbound transfer requests

Londonguy said
Interesting that the FI that people are fleeing here has the fastest and best customer service on the way out the door -- bit of a logical disconnect there.

Maybe they're playing the long game and hoping that one day you'll get frustrated elsewhere and come back. Or maybe they just aren't big enough to ever get swamped by outbound transfer requests  

Some may be fleeing, but in the post before yours, I was actually moving money INTO Hubert.
That said, I don't think Hubert/Sunova is too concerned. I don't think they need/want more funds right now.
I believe that MB CUs are required to confine their lending to MB. Perhaps limited opportunities right now.

I am not especially fond of phone contact with FIs either, but a lot of that is because it's such a miserable experience, being on hold forever with horrible music and repetitive messages you are not interested in, then ultimately getting someone who can't answer your question, waiting around for someone else, etc etc. At Hubert, a real person answers the phone fairly promptly and usually can deal with your question. I value that, and there are no fees for this hgh level of service.

annie said
"Hubert" Which bank is it? I can't find it~ Which province is the bank?  

It’s a credit union in Manitoba. It’s on the chart.

EDIT: full name is “Hubert Financial”

annie said

…I don't know if I can register when I live in BC?

Yes, Hubert Financial will accept clients who live outside Manitoba.

Their FAQ answers that very question:

I don’t live in Manitoba. Can I open an account?

Absolutely! But first, you have to meet a few requirements. You must be:

• at least 18 years of age
• have an account from another Canadian financial institution
• have a valid SIN and email address
• agree to invest in a $5 refundable share*.

Unfortunately, at this time, we cannot offer Hubert services to Quebec residents. Hubert only offers personal accounts. You cannot open a business or trust account with Hubert.

*For joint memberships, each signer is required to have an individual $5.00 share.