January 3, 2013
Hello all, Thought we can all share our worst (Not best) money / account transfer experience. I haven't really had any bad experience except one which is still on-going.
I have a TD RESP GIC which matured 4 months ago and I initiated a transfer through Questrade. It has been almost 4 months now since I requested the transfer. TD's first response was 1.5 months later asking for more details. Details were provided same day. Then another 3 weeks they ask for another form to be filled. Form filled and signed same day and faxed back by Questrade.
Then TD kept saying there are 3 beneficiaries on the account which is WRONG. I only have 2 kids and never ever added anyone else there. Then TD says they were wrong. Another couple weeks of waiting, they ask for more clarification from Questrade directly. Questrade provides whatever they need. Questrade has been faxing and requesting TD an update weekly in the past 4 weeks. I call TD and they don't even allow me to talk to RESP or Transfer team. They just say Questrade transfer team should contact TD Transfer team. Total BS!
The market went up crazy in the past 4 months. This money was supposed to be in a Robo account when the market was struggling! Oh Well. I know it will stay there for a decade or so till kids be in post-secondary but still it makes me angry!
Now tell us about yours!
PS. Opening this RESP account was also a disaster from the beginning where I had to meet the bank manager, took 3 visits to the bank, they missed sending papers to get QC Grant, then took 2 years to get the grants. It was supposed to be a TD E-Series but they messed up so much I gave up and said just give me a GIC till I close an transfer all. This was 2 years ago. Did I say, I can't even see the details of what I have with them on the online portal? It only shows the total $. TD says it is because I don't have a checking account with them. Another non-sense by a stupid big bank. I really hate big awkward outdated banks.
October 21, 2013
I've never had an RESP so can't comment on that, but I have been told by officials at other FIs that TD is the worst of the big banks when it comes to delayed transfers.
I am not sure about RESPs but the banking industry does have some time frame guidelines as to how long this is supposed to take. I can't remember what they are exactly but think it's about six weeks max. The reason the guidelines came to exist was because there was a problem.
Spouse got transfer fee reimbursed from TD for a delay, and you should too.
My worst experience, however, was with motusbank. I can't remember all the details any longer but I think I posted it earlier. It was bad to the point of scary and I had to take emergency measures to get the money transferred, to, ironically, Meridian instead.
Suggest you call TD Ombudsman. Nothing to lose. It's either incompetence or deliberate delaying so they can hang on to your money longer. Mostly, I think it's not a priority for them to do this well.
Or perhaps we'll see you on Pat Foran one of these nights! (CTV)
January 3, 2013
Funny your worst was Motusbank to Meridian.
Yeah, RESP is a bit complicated but 4 months is stupid. I talked to Questrade and they will update me next week. Let's give it one more week and see what happens. For the Fees, I don't want to argue as Questrade covers $150 per transfer so should be fine.
If I don't get this transferred by next week, I will contact the Ombudsman.