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February 12, 2013
12:46 pm
Jess
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February 12, 2013
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I used PT to open a TFSA and move my money from KeyRate. Oh my, don't do it! KeyRate charged me $50 transfer fee plus $50 closing account fee (within 1 year), for a total of $100!

Sure, I SHOULD have known....please be kind. sf-cry

But my intention was not to close my account - it was to keep it open, in case I move my money back later. If you remove all the money, they assume you want to close it, which isn't true in my case. Now, I would have to re-open a TFSA again. It is not like a standard savings account, i.e. if you take money out, you can have $0 dollars but it still be open. Which isn't so obvious.

Also, I didn't ask KeyRate to transfer my money to another institution, I asked PT to do so, and the first page says 1 withdrawal free, so I thought it was more like a withdrawal. Since, really, what does KeyRate do? PT does the work.

At least I'm in a better place now, I really hope I don't have to go back (to KeyRate).

February 12, 2013
12:55 pm
kanaka
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Jess said

I used PT to open a TFSA and move my money from KeyRate. Oh my, don't do it! KeyRate charged me $50 transfer fee plus $50 closing account fee (within 1 year), for a total of $100!

Sure, I SHOULD have known....please be kind. sf-cry

But my intention was not to close my account - it was to keep it open, in case I move my money back later. If you remove all the money, they assume you want to close it, which isn't true in my case. Now, I would have to re-open a TFSA again. It is not like a standard savings account, i.e. if you take money out, you can have $0 dollars but it still be open. Which isn't so obvious.

Also, I didn't ask KeyRate to transfer my money to another institution, I asked PT to do so, and the first page says 1 withdrawal free, so I thought it was more like a withdrawal. Since, really, what does KeyRate do? PT does the work.

At least I'm in a better place now, I really hope I don't have to go back (to KeyRate).

I was inclined to try PT but there appears to be some lagging of service from them and this will confirm it http://www.bbb.org/mbc/busines.....-bc-112138

Never the less you know what ASSUME means? I would go after KeyRate for closing your account and for the fee to do so, if there was not clear communication from you to do so...give it a try. Although if you had PT act on your behalf ..... you might have opened another can of worms.

March 13, 2013
12:57 pm
Jess
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Thank you for the reply. I tried and failed :( *tears* my account has been closed.

March 13, 2013
5:56 pm
Doug
British Columbia, Canada
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Did you direct "Peoples Trust" to do a "balance of account transfer" request or fill out a TFSA "transfer form"?

Since TFSAs are "registered" accounts, they're not typical "savings accounts" but rather tax-sheltered investment vehicles and, as such, are not the most consumer friendly vehicles for transferring between FIs (i.e., that's why FIs love them because, unlike non-registered savings accounts, unless you wait until December to withdraw funds and recontribute in January of the following year, there are going to be fees involved). Be weary of FIs that offer "teaser" rates or promotional offers on TFSA savings accounts where they pay you a sort of "promotional" or "bonus" interest for a short period of time! I can see CDF charging you the $50 "TFSA transfer out fee" but not the "BoaT transfer fee" - unless Peoples Trust submitted it as that on the "TFSA transfer out fee".

Unfortunately, you're probably out the $50 but you could try escalating it up the complaint resolution process for CDF and try and get the other $50 back or ask Peoples Trust to reimburse you the $50 in order to "win" your business. I wish I had better news. :(

Hope that helps,
Doug

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