Can't dislike Manulife enough | Manulife Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Can't dislike Manulife enough
April 13, 2018
3:46 pm
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Hi. I initiated a transfer from my LIRA and RRSP in Manualife (From previous employer corporate account) to a Oaken. Oaken processed and submitted the request to Manulife on March 14th. The market was doing good at that time and my share was up. They finally released the funds today and withdraw was made!
During this month, the share of the mutual funds dropped down and I lost about $2000 just because of this. Not a big deal but another reason to hate dealing with Mutual funds not within my control.
I even asked them to open a regular account for me and transfer the whole amount there but they declined and said as the transfer to another financial institute is initiated, we can't process another new account application. I should have opened it, transferred it there, and then initiated the transfer.

Oh well, $2K is not a big deal but it hurts to see money is burnt and nobody really care. Shouldn't they at least process it based on the date the transfer request came in?

April 13, 2018
4:50 pm
Kidd
Member
Members
Forum Posts: 141
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

It does no harm asking for an inquiry, and they do have to respond. 

Be precise with the dates, state the funds closing prices. Claim it was an unreasonable amount of time and because of that, I incurred a loss of $××××.

April 13, 2018
6:28 pm
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Kidd said
It does no harm asking for an inquiry, and they do have to respond. 

Be precise with the dates, state the funds closing prices. Claim it was an unreasonable amount of time and because of that, I incurred a loss of $××××.  

Good idea. Thanks. I am going to do just that but I don't really have any hopes in them.

April 13, 2018
6:30 pm
Loonie
Member
Members
Forum Posts: 3862
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I am not too knowledgeable about how your situation works as I've never dealt with this FI.
However, I know the banks have a guideline system that they've agreed to where there is an expectation that they will act on a transfer within X amount of time. I think it's four weeks but am not certain at all.
you could probably find out what it is and use that as a standard to apply here and ask them to meet it.

On the other hand, if the value had gone up, would you be complaining that you received too much? It's the luck of the draw with mutual funds. And that's why you are getting rid of them. Good riddance!

April 13, 2018
6:42 pm
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Loonie - You are right about going up and luck but I don't really care if it was higher. They might have a policy to go with the lower payment. They could backtracked and paid what it was when the fund was received. I don't know if it is an automatic system or how the algorithm works.

Anyway, sent them an email now and asked for explanation. Let's see what they say. They are within the 4 week (3 weeks and half!) if that's their policy.

Just happy to sit back and enjoy the 3.00 - 3.25% by my new friends Oaken 🙂

April 13, 2018
10:16 pm
John Wayne (Marion)
Member
Members
Forum Posts: 79
Member Since:
March 21, 2018
sp_UserOfflineSmall Offline

Save2Retire@55 said
Hi. I initiated a transfer from my LIRA and RRSP in Manualife (From previous employer corporate account) to a Oaken. Oaken processed and submitted the request to Manulife on March 14th. The market was doing good at that time and my share was up. They finally released the funds today and withdraw was made!
During this month, the share of the mutual funds dropped down and I lost about $2000 just because of this. Not a big deal but another reason to hate dealing with Mutual funds not within my control.
I even asked them to open a regular account for me and transfer the whole amount there but they declined and said as the transfer to another financial institute is initiated, we can't process another new account application. I should have opened it, transferred it there, and then initiated the transfer.

Oh well, $2K is not a big deal but it hurts to see money is burnt and nobody really care. Shouldn't they at least process it based on the date the transfer request came in?  

You could have put your mutual funds up for sale with a desired SELL rate and then ask for the proceeds to go into your Manulife Cash Account that does not accrue interest. Then once all your stock market stuff is sold and/or all your GIC's have matured and proceeds into your cash account..then you do the one expensive transfer to Oaken. You may not get the best results because by the time you sell your mutual funds the GIC rate at Oaken may decrease. So take one logical step at a time based on your plan.

April 14, 2018
8:12 am
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Mary said

You could have put your mutual funds up for sale with a desired SELL rate and then ask for the proceeds to go into your Manulife Cash Account that does not accrue interest. Then once all your stock market stuff is sold and/or all your GIC's have matured and proceeds into your cash account..then you do the one expensive transfer to Oaken. You may not get the best results because by the time you sell your mutual funds the GIC rate at Oaken may decrease. So take one logical step at a time based on your plan.  

True if it was a personal account and not managed within a corporate's account. I didn't have the sell option based on a desired rate. Even if it exists, rates are fluctuating and that desired sell might not come back in many months. To do that, I needed to open a personal account. They will charge 2.5% or whatever fee plus having me to use their mutual funds or GICs.

Anyhow, I didn't know it will take so long. It was all done online and fax and no snail mail waiting time.

No Manulife for me ever again!

April 14, 2018
11:49 am
Loonie
Member
Members
Forum Posts: 3862
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

At least you have the satisfaction of being rid of them - no small thing!

April 14, 2018
6:12 pm
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Loonie said
At least you have the satisfaction of being rid of them - no small thing!  

Yes, indeed. There is always a lesson learned 🙂

April 15, 2018
9:21 am
Kidd
Member
Members
Forum Posts: 141
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

http://mfda.ca

The Mutual Fund Dealers Association of Canada deals with complaints.

Save2Retire@B4I die, the web link is above. The mfda have cases you can site, you just have to find a comparable example.

April 15, 2018
9:28 am
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Kidd said
http://mfda.ca

The Mutual Fund Dealers Association of Canada deals with complaints.

Save2Retire@B4I die, the web link is above. The mfda have cases you can site, you just have to find a comparable example.  

Cool. Thanks 🙂
LOL! Should I change my name to Save2Retire@B4IDie? 😀

April 15, 2018
7:28 pm
fionag11
Member
Members
Forum Posts: 12
Member Since:
April 4, 2018
sp_UserOfflineSmall Offline

I also had a RRSP transfer between institutions take several weeks. I was confused because it was a GIC and I thought the transfer would have to happen on its maturity date - but nope.

I found out this is pretty normal for RRSP transfers between institutions to take weeks. See this website: https://www.wealthsimple.com/en-us/magazine/transferring-money-from-canadian-financial-institutions-is-slow-and-expensive sf-surprised

April 15, 2018
9:45 pm
John Wayne (Marion)
Member
Members
Forum Posts: 79
Member Since:
March 21, 2018
sp_UserOfflineSmall Offline

I transferred from Coast Capital and they are notorious for not processing quickly even though I had to pay $50.

But Oaken to Hubert is fairly quick and is free.

Recently I cashed in a “cashable” GIC at Coast Capital that was in my Manulife portfolio and it took over a week.

While some here dislike Manulife (me too) Coast Capital is the worst ever FI to deal with.

Manulife transfer to Hubert was about 2 weeks for $150 + GST.

April 16, 2018
3:29 pm
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Important Update: Manulife called me today to explain the situation.
From what they explained, they processed it the 2nd day the request came in from Oaken. However, it was missing the Locked-in contract (or something like that). They requested Oaken to forward them that contract. Oaken didn't respond for 2 weeks. Manulife sent another request which Oaken responded after 1 week with the requirements. Manulife processed and transferred the fund in 2 days.

It seems I should go to Oaken now but will there be any result for my complain? I can spend time and send an email with time frames (Manulife sent me the details by email in addition to the responses from Oaken as email attachments) to Oaken. Does anyone think I can get anything out of them or I will just be labelled as a cranky new customer? I lost $2K because they didn't know the procedure and didn't reply to Manulife properly.

Something annoying is that I emailed Oaken 4 times so far. Once when I sent in the application and asked them to ack. They replied by saying it is being processed. 2 days later I contacted Oaken and asked for an update. They replied by saying the request is being sent to Manulife. I didn't hear for 2 weeks. Sent Oaken a 3rd email but didn't get a reply. Sent a 4th email 3 - 4 days later when they said Oaken sent a follow up to Manulife. At no point, Oaken said there is something pending themselves.

April 16, 2018
3:45 pm
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Ok. I sent a complaint email to ombudsman@hometrust.ca with the timeline and details including what Manulife sent me.

April 16, 2018
5:07 pm
Loonie
Member
Members
Forum Posts: 3862
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

You have received the correspondence from both Manulife and Oaken, so you re in the best position to know which one is the source of the delay and to complain to.

My guess would be that Oaken doesn't process very many of these. It's not an "average" RSP or RIF transfer. Probably the person who did it missed something because of not being familiar with all the requirements.
I've certainly run into that at other banks.

April 16, 2018
5:23 pm
Save2Retire@55
Member
Members
Forum Posts: 452
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Loonie said
You have received the correspondence from both Manulife and Oaken, so you re in the best position to know which one is the source of the delay and to complain to.

My guess would be that Oaken doesn't process very many of these. It's not an "average" RSP or RIF transfer. Probably the person who did it missed something because of not being familiar with all the requirements.
I've certainly run into that at other banks.  

Certainly Oaken's fault but what do you expect will happen in this situation? Will they care? Are they obligated legally to reimburse for the lost? I don't really know what to expect so the more I know the better I can position myself.
For now, I just sent the timelines and details of both sides along all the email communications.

April 16, 2018
8:56 pm
Loonie
Member
Members
Forum Posts: 3862
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I am not an expert but I don't think they are under any legal obligation to you for the loss in the sense that, as far as I know, there is no firm time period during which the transfer must be completed. As I think I may have mentioned before, it is my understanding that the banks have agreed on voluntary guidelines, which they are supposed to attempt to honour, but not obligated. Sorry, but I don't remember where I read this. Perhaps someone can find it online.

I would be surprised if they take any responsibility for your loss, but worth asking.

Failing that, there's always Small Claims Court, I suppose, but might be more trouble than it's worth.

Perhaps you'll find these useful -
http://financialcrooks.com/how.....p-or-tfsa/
and
http://www.fiscalagents.com/ne.....elay.shtml

April 16, 2018
9:20 pm
Norman1
Member
Members
Forum Posts: 1765
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I wrote a post in an earlier discussion about the transfer time guidelines that the chartered banks and investment dealers have. sf-smile

April 16, 2018
9:59 pm
Loonie
Member
Members
Forum Posts: 3862
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Thanks, Norman.

Following the link in Norman's final post on that earlier thread, you can find the Voluntary Guidelines link about half-way down this page:

https://www.cba.ca/voluntary-commitments-and-codes-of-conduct

No permission to create posts

Please write your comments in the forum.