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Email this10:19 pm
September 28, 2023
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I had a GIC mature this week and instead of doing a weeks worth of e-transfers, I decided to try routing it through my NBDB brokerage account. I scheduled a transfer for the next business day from NB to NBDB, and then the day after from NBDB to my external account. It worked great... the funds were in my external account late in the evening on the first day... and because it was a push from NBDB, there was no holds in my external account.
Quite pleased with the process, great option if you have your brokerage account with them. Just make sure to route it through a non-registered account to keep CRA from throwing a fit.
2:26 pm
February 15, 2023
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savemoresaveoften said
For those that have GICs maturing etc, once the money is back into your progress account, you can go to a branch and ask for a bank draft. Bank draft is free for the progress account. This way you can move the money without ordering the cheques which still costs like $8 delivery fee (cheque is free, shipping is not)
Good to know that bank draft is free. I've linked my Progress Account with both my Oaken and Saven accounts so that's also an option for those that don't want to make a trip down to the bank...and "trust" the EFT process.
2:28 pm
April 6, 2013
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AltaRed said
…, but for my own education, are you saying that some banks (and maybe CUs) have separate accounts for each type of asset, i.e. a TFSA savings account, 3 TFSA accounts for 3 GICs, etc? Isn't that as archaic as the abacus? Why wouldn't all TFSA holdings be in one umbrella investment account with one portfolio value established on Jan 1st of each year and one minimum annual withdrawal?
That's correct: Some TFSA issuers will organize each TFSA GIC as a separate account.
It's up to the issuer how a registered account is organized. According to the National Bank migration guide, Motive Financial did it the separate accounts way.
Also, Motive organized the registered accounts as deposit contracts. National Bank organizes them as trusts:
CWB will resign as issuer or carrier of your plan and will be replaced by Natcan Trust Company who will take over the administration of your registered plans as trustee. The change in trustee does not impact you. To consult the NatCan Trust Company Declaration of Trust which will govern your registered plan, visit nbc.ca/investment-info.
3:45 pm
October 27, 2013
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My head hurts now...
7:05 pm
November 18, 2017
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Because of the differing term dates and possibly interest rates, each GIC will usually be given a separate account number (or GIC number). There will often be an overall TFSA Plan number containing all the GICs.
RetirEd
1:44 pm
November 16, 2018
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When logged online at National Bank, has anyone been able to view or download a monthly statement for the post-migration portion of November yet (Nov 21 to 30th)?
In my case, there are no post-migration statements available for any of my migrated Motive accounts (now Progress Accounts in CDN$, plus GIC's in Non-registered and TFSA Investment Accounts).
Just wondering if this lack of a November statement is the same for everyone?
If it's everyone, maybe they have not got their act together yet and are waiting until early January before issuing the monthly statements for both November and December. Otherwise, if it's just my accounts, I guess I better contact them to find out what is going on....
2:11 pm
April 21, 2022
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Kyle said
When logged online at National Bank, has anyone been able to view or download a monthly statement for the post-migration portion of November yet (Nov 21 to 30th)?
I have a statement dated November 27 with the last transaction noted November 25.
3:33 pm
April 6, 2013
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Statements for the National Bank investment accounts are quarterly by default:
5.2 Investment Account Statement
Following migration, National Bank will automatically issue investment account statements to you on a quarterly basis, but statements may be issued to you monthly upon request.
Please call the Motive Financial Call Centre at … prior to migration or, after migration, visit a National Bank branch or call the National Bank Client Experience Centre (CEC) at 1‑888‑835‑6281 (toll‑free) to request a change in the frequency of your statements.
8:58 pm
November 18, 2017
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Pretty useless, as they say you have to report errors within 30 days or you'll have to go to authorities for correction!
RetirEd
5:59 pm
November 16, 2018
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JohnnyCash said
Kyle said
When logged online at National Bank, has anyone been able to view or download a monthly statement for the post-migration portion of November yet (Nov 21 to 30th)?I have a statement dated November 27 with the last transaction noted November 25.
That's interesting that JohnnyCash got a statement dated for November 27th - only 3 days post-migration.
Meanwhile, I still do not have any statements available online for my two Progress Accounts in CDN$ that were migrated from Motive (I set my preference for online statements at NBC when I set up my online account on November 24th). I had a dozen or so transactions on the two Progress accounts between November 24th and November 30th, so a lack of account activity is not the issue.
Given that the Progress Accounts are "bank accounts", I had hoped that statements for those accounts would be issued monthly, shortly after the end of each month. JohnnyCash's November 27th statement makes me wonder if the statement schedule will vary depending on the account owner going forward (which would be stupid) or if this is just a temporary statement delay issue post-migration.
In contrast, as Norman1 indicated, the statements for investment accounts (i.e. those containing migrated Motive GIC's, TFSA or RRSP savings accounts) are quarterly by default. Given that, there is no surprise that there are no online statements available for my NBC investment accounts yet. Supposedly the frequency can be increased to monthly by request.
Maybe I will give them a call early one morning to find out what is going on with the statements for my two Progress Accounts.
6:29 pm
April 21, 2022
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Kyle said
Given that the Progress Accounts are "bank accounts", I had hoped that statements for those accounts would be issued monthly, shortly after the end of each month. JohnnyCash's November 27th statement makes me wonder if the statement schedule will vary depending on the account owner going forward (which would be stupid) or if this is just a temporary statement delay issue post-migration.
Perhaps they issue statements like RBC ? I was thinking of changing my last name to Aaron, should be one of the first to get theirs close to the beginning of each month.
4:58 pm
November 16, 2018
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JohnnyCash said
Perhaps they issue statements like RBC ? I was thinking of changing my last name to Aaron, should be one of the first to get theirs close to the beginning of each month.
Thanks JohnnyCash!
I think you are right about the statement schedule - the timing is likely based on the account holder's last name. The monthly statement for my two Progress Accounts was finally available today online and was dated for December 13th. Based on my last name, that coincides pretty well with the RBC schedule that you posted. I did not realize that some of the banks did this - guess NBC does as well. My statements at other banks are dated for the end of the month or the beginning of the next month, so this was a first for me.
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