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Waiver of transfer fees for registered accounts
November 14, 2022
7:43 pm
HermanH
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I know that Hubert, Peoples, and EQ do not assess transfer fees for movement of registered products. Are there any other institutions willing to waive transfer fees?

November 14, 2022
9:22 pm
dickyran333
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I guess then these three institutions won't reimburse the transfer out fees of the other institution. And that's fair.

But then I'm curious to know if there are any really "generous" institutions that reimburse the transfer out fees of the other institution AND waive their own transfer out fees.

November 14, 2022
9:37 pm
HermanH
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Years ago, I was under the impression that banks would sometimes reimburse the transfer fees, in order to gain the business. Perhaps I mis-understood the pitch. Today, I was speaking with BNS and they told me that they are not allowed to re-imburse the fees directly, but are allowed to give other forms of compensation. i.e. re-imbursement of account fees or other charges

Also, the amount of re-imbursement would depend on the funds brought over to the bank.

November 14, 2022
9:39 pm
Loonie
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Oaken also doesn't charge a transfer fee.
I think but am not certain that Achieva also doesn't charge.

November 14, 2022
10:07 pm
HermanH
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Loonie said
I think but am not certain that Achieva also doesn't charge.  

I think that Achieva charges fees.

RRSP/RRIF/TFSA Payout
$275/hour (1 hour minimum)

https://www.achieva.mb.ca/service-fees

November 15, 2022
5:06 am
savemoresaveoften
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All the big banks I know of will reimburse / offset the ‘account closing / transfer fee’ if u bring in a decent amount. Safe to say anything above mid 6-figure portfolio qualifies. At 7-figure, all will bend over for you.
CU should not be any different.
I do think you need a dedicated advisor that covers your account tho. Dedicated does not mean the advisor get a fee from you each year. They r evaluated based on total assets under management. So they are just happy to have your portfolio counted as part the pool he/she manages.

To give u an example, under CIBC imperial service, you can have your accounts under IE where you make 100% of ur investment decision only. But the Imperial Service advisor’s name on your account, and he or she can reimburse the transfer fee when you are on-boarding.

November 15, 2022
8:45 am
Loonie
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HermanH said
I think that Achieva charges fees.

RRSP/RRIF/TFSA Payout
$275/hour (1 hour minimum)

https://www.achieva.mb.ca/service-fees  

I have no idea what this means but I don't think it's a transfer fee.
There is nothing listed under 'Account Transfer Fees' for registered funds.

November 15, 2022
5:22 pm
Denise
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I believe that Accelerate would reimburse $50 if you transferred “IN” and only “ONCE”.

But they are under a new regime....so who knows.

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