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Updated timeline
October 2, 2013
6:06 pm
Rick
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Since the original post is a couple years old, thought I'd add another version since things have changed quite a bit since then. Coast Capital got on my bad side (If they want to call it "haggle free", they should offer better rates or just call it what it is..."Take it or Leave it"). I decided to move my everyday banking over to CDF. They have good rates and my wife has her TFSA in Canadian Western bank. CDF said we could move it over without being dinged a transfer fee since they are one in the same. So here it is:

Sep 16, 2013 - Filled out the on-line application for a KeyDirect Checking and KeyRate Savings account and submitted it.

Sep 17, 2013 - Mailed a check Dated Sep 18, made out to myself, signed by the wife and me (joint account) with "50/50 Checking/savings" in the memo line.

Sep 27, 2013 - Received notice in the snail mail that they had received my check, opened and back-dated my accounts to Sep 20, and watch for my welcome package in 7 to 10 business days. If I wanted to get on line sooner, Give them a call.

Sep 30, 2013 - Called up and got my account number and temporary PAC to log on. Logged in no problem and set up my bills. Also set up a transfer from Coast Cap for Oct 4. Bad part....doesn't show your saved banks to set up a transfer, apparently for "security purposes", had to enter it manually. Also doesn't show your "scheduled transfers" after you set one up. There is a link, but it for "future upgrades" and doesn't show anything as of yet.
Printed and filled out/mailed the on line form, along with a copy of my last statement, to transfer my RSP saving account from CC. According to the nice lady on the phone, CDF will reimburse up 50.00 with proof of charge from the originating bank.
Also received our PINs via snail mail for the debit cards we should be receiving anytime now.

Oct 01, 2013 - Got one cent interest on my initial 5.00 deposit in my KeyRate savings sf-laugh . Printed and submitted a payroll deposit form to my and the wife's company's to have our paychecks direct deposited.

Oct 02, 2013 - Got an email confirming the pending transfer on the 4th.

Oct 04, 2013 - Checked the CC account and the scheduled transfer I set up for today was withdrawn overnight. Strangely, nothing has shown up in the CDF account as of 17:30 PDT on the 4th. My People's Trust account shows my transfers in the account before the funds are actually yanked from the originating account. The "immediate" transfer I set up on the 3rd did not go through. I did receive an email @ 07:30 saying that the funds will be transferred overnight on Oct 8th. I set it up on the 3rd and it won't go through until the 8th??? Time lag is not impressing me much AT ALL! Get back to you on when the funds actually show up in my account.
Wife received her new CDF debit card today. Assume mine will show up next week since it's Friday and won't be any more mail until at least Monday.

Oct 5, 2013 - Checked first thing, funds from the scheduled transfer are now in my KeyRate Savings account. Date on the deposit is Oct 4

Oct 7, 2013 - Received my debit card in the mail, phoned CS and had it activated....no problamo. While I had them on the phone (Lawrence....nice guy), I inquired on the status of my RSP transfer. It was received on the 4th, and will be forwarded to CC today or tomorrow, then we are just waiting for CC to send the money to CDF. As i want to start making my regular contributions this week, I asked if we could open the KeyReach RRSP savings account over the phone with an initial deposit from my KeyRate savings. He asked for an email making the request be sent to his email address, and it would be forwarded and the account should be open in a day or two. We'll see how it works out.

Will update as events unfold!

October 2, 2013
9:02 pm
Peter
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Thanks for sharing! That's very good to know that CDF will reimburse you for up to $50 of RSP transfer costs.

October 3, 2013
10:10 am
frank888
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Informative post, Rick. As a new CDF customer I share your frustration regarding transfers having to be
done manually. Very different experience for me, being a long time ING customer,where all external accounts are "linked" to my ING accounts. Thanks for your update about CDF.

October 3, 2013
5:36 pm
Rick
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frank888 said

Informative post, Rick. As a new CDF customer I share your frustration regarding transfers having to be
done manually. Very different experience for me, being a long time ING customer,where all external accounts are "linked" to my ING accounts. Thanks for your update about CDF.

Yes...not quite as easy as ING, Ally (was), or Peoples Trust. It looks like they are still adding/changing the website, so hopefully it will improve sometime in the future. It took 3 days to get this email:

"This e-mail is verification that your transfer has been received and setup in our system as per application number 1********6.
The request is set to take place overnight on October 4th, 2013."

If it does take place overnight on Oct 4, I assume it won't actually come out of my CC account until at least Monday.

Requested another "immediate" transfer today, Oct 3, We'll see how long it takes to go thru. I assume once our paychecks get direct deposited, transfers between CDF accounts will be instantaneous.

They DO use the check you send them to link the accounts, but there is nothing on the web site to confirm they are actually linked. Had to phone up CS after two days just to make sure that they were linked and a transfer was in the process. The "security Purposes" reason they gave me for not listing my linked accounts seems like overkill to me. You have know your account number, PAC, Security picture and phrase shows up...that should be enough "security" to keep linked accounts accessible on line....kinda like every other bank I deal with.

October 8, 2013
6:54 pm
Rick
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Rick said

Since the original post is a couple years old, thought I'd add another version since things have changed quite a bit since then. Coast Capital got on my bad side (If they want to call it "haggle free", they should offer better rates or just call it what it is..."Take it or Leave it"). I decided to move my everyday banking over to CDF. They have good rates and my wife has her TFSA in Canadian Western bank. CDF said we could move it over without being dinged a transfer fee since they are one in the same. So here it is:

Sep 16, 2013 - Filled out the on-line application for a KeyDirect Checking and KeyRate Savings account and submitted it.

Sep 17, 2013 - Mailed a check Dated Sep 18, made out to myself, signed by the wife and me (joint account) with "50/50 Checking/savings" in the memo line.

Sep 27, 2013 - Received notice in the snail mail that they had received my check, opened and back-dated my accounts to Sep 20, and watch for my welcome package in 7 to 10 business days. If I wanted to get on line sooner, Give them a call.

Sep 30, 2013 - Called up and got my account number and temporary PAC to log on. Logged in no problem and set up my bills. Also set up a transfer from Coast Cap for Oct 4. Bad part....doesn't show your saved banks to set up a transfer, apparently for "security purposes", had to enter it manually. Also doesn't show your "scheduled transfers" after you set one up. There is a link, but it for "future upgrades" and doesn't show anything as of yet.
Printed and filled out/mailed the on line form, along with a copy of my last statement, to transfer my RSP saving account from CC. According to the nice lady on the phone, CDF will reimburse up 50.00 with proof of charge from the originating bank.
Also received our PINs via snail mail for the debit cards we should be receiving anytime now.

Oct 01, 2013 - Got one cent interest on my initial 5.00 deposit in my KeyRate savings sf-laugh . Printed and submitted a payroll deposit form to my and the wife's company's to have our paychecks direct deposited.

Oct 02, 2013 - Got an email confirming the pending transfer on the 4th.

Oct 04, 2013 - Checked the CC account and the scheduled transfer I set up for today was withdrawn overnight. Strangely, nothing has shown up in the CDF account as of 17:30 PDT on the 4th. My People's Trust account shows my transfers in the account before the funds are actually yanked from the originating account. The "immediate" transfer I set up on the 3rd did not go through. I did receive an email @ 07:30 saying that the funds will be transferred overnight on Oct 8th. I set it up on the 3rd and it won't go through until the 8th??? Time lag is not impressing me much AT ALL! Get back to you on when the funds actually show up in my account.
Wife received her new CDF debit card today. Assume mine will show up next week since it's Friday and won't be any more mail until at least Monday.

Oct 5, 2013 - Checked first thing, funds from the scheduled transfer are now in my KeyRate Savings account. Date on the deposit is Oct 4

Oct 7, 2013 - Received my debit card in the mail, phoned CS and had it activated....no problamo. While I had them on the phone (Lawrence....nice guy), I inquired on the status of my RSP transfer. It was received on the 4th, and will be forwarded to CC today or tomorrow, then we are just waiting for CC to send the money to CDF. As i want to start making my regular contributions this week, I asked if we could open the KeyReach RRSP savings account over the phone with an initial deposit from my KeyRate savings. He asked for an email making the request be sent to his email address, and it would be forwarded and the account should be open in a day or two. We'll see how it works out.

Qct 8. 2013 - The funds I requested for an "immediate transfer" were removed from my CC account first thing this morning, but, like the other transfer, have not yet appeared in the CDF account as of 18:30. Still no sign of my RSP savings account and the Welcome Kit has still not appeared as of day 7 since notification.

Oct 9, 2013 - Funds from the "immediate transfer" I initiated on Oct 3 has finally shown up in my savings account. Everyone has their own definition of immediate, but 6 days from request to deposit falls no where in the realm of immediate. In other news...the RSP funds I requested be transferred from my KeyRate savings were withdrawn, but the RSP account does not show up online. Still no Welcome Kit.

Oct 10, 2013 - Called CS today Re my RSP transfer. Apparently, it is accessible via a different client number. Registered and non-registered accounts require a different account. Log in page makes it easy by selecting which one you want to access with a drop down menu after you register it. No big hurry so will wait for the PAC to arrive in the mail. Still no Welcome kit 9 business days after notification.

Will update as events unfold!

October 9, 2013
6:08 pm
Deb
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Hi Rick,

I deal with Canadian Direct Financial as well. I found that although the initial set up takes a while as it does with all new online bank accounts, subsequent transfers back and forth between my external bank and CDF go through very quickly, no more than 2 days between initial request and completed transfer. Agree that Lawrence Lorimer, the manager, is a pleasure to deal with. He responds to any queries personally and promptly, which I can't say for some other online banks I deal with. Overall, I've been pleased with their service.
Good luck!

Deb

October 10, 2013
5:47 pm
Rick
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Deb said

Hi Rick,

I deal with Canadian Direct Financial as well. I found that although the initial set up takes a while as it does with all new online bank accounts, subsequent transfers back and forth between my external bank and CDF go through very quickly, no more than 2 days between initial request and completed transfer. Agree that Lawrence Lorimer, the manager, is a pleasure to deal with. He responds to any queries personally and promptly, which I can't say for some other online banks I deal with. Overall, I've been pleased with their service.
Good luck!

Deb

Thanx Deb! looking forward to getting everything finalized. Big day tomorrow...paycheck is scheduled to be deposited for the first time. Timeline on how that unfolds will be the deal breaker an whether or not they earn my business. Can't work with an institution that delays posting my paycheck any less than same day.

October 11, 2013
5:57 pm
Rick
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Oct 11, 2013 - PAYCHECKS DEPOSITED!!! sf-laugh Checked on line first thing @ 0600 and both my wides' and my paychecks were waiting for in the KeyDirect Chequing account. Paid all the due bills I had set up prior, no holds on our money and payments were deducted immediately. Easy to do and pretty much the same interface as every other on-line bill payment system I ever used. My computer even offered me amounts I had previously paid via Coast Capital as an option when I clicked on the amount to pay. Disclaimer says allow 3-5 business days for payments to go thru. Realize that there are a lot of variables as to when payments are received and posted by the payees on their web site, but will check them and let you know when they actually get credited on my accounts. One thing I found different was I could not figure out how to set up a recurring bill payment. Recurring EFT's were no problem, but can't seem to do recurring bill payments. My cell phone, Hydro and Natural Gas bills are the same every month and had them set up to be paid automatically in CC. Will check with CS to confirm. Which brings me to a MINOR sore point. Phone help is only available M-F until 1700 MST, which is 1600 on the wet coast, and none on weekends. Have to find time during the day to call with inquiries/requests.

WELCOME PACKAGE ARRIVED TODAY!! 10 days exactly. Welcome letter, CDIC brochure, EFT funds transfer agreement (which I had already filled out on line) and stop payment form were included. Was minorly disappointed there were no cheques. sf-cry Was expecting the first fifty free ones made out in the names / address we opened the account under. Got a form to fill out all that info and mail in with the enclosed SASE included in the package. People's Trust won't let me add them to their linked accounts without a void check, so I guess they'll just have to wait until I get some before I can transfer them any more of my savings. Also a Borrower disclosure option clause form that must be filled out and returned withing 30 days. This is for the $3000.00 overdraft protection I included when I signed up on line. Don't plan on using it, brutal interest rate, but always nice to have for emergency's or my occasional accounting faux pas. Considering the KeyFlex mortgage line of credit at prime + .5%, but have to look into the details first. Don't want a lien on my house, assuming that's how it works. Also had a fee schedule for all their accounts as of June 13, 2013:

https://www.canadiandirectfinancial.com/Personal/BecomingACustomer/ServiceFees/

The kit also contained nice glossy sheets with all their different account offerings and the associated fees. For the KeyDirect Checking, it has a list of minimum balances and fees for services associated with not maintaining the balances. eg. $2.00 monthly fee, .75 ATM withdrawals, .60 bill payments, .60 EFT's. $5.000.00 minimum balance for free transactions or 15 free transactions for every 1000 minimum monthly balance. All of which contradict the fees according to the separate fee schedule. Assume this is old literature as the fee schedule was updated on June 13 of this year.

HAPPY THANKSGIVING!!

Will update as events unfold!

October 15, 2013
6:49 pm
Rick
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Oct 15, 2013 - Got the PAC for my RSP account in the mail. Tried logging on (twice) using the account number I got over the phone from a CSR last week and it was not accepted. Called the 24/7 support line and he had me try it again and I was locked out because of 3 unsuccessful tries. Have to phone during regular banking hours to have it reset.

1 of the 4 bills I paid before banking hours on Oct 11 has gone thru as of 18:30 PDT. To be fair, it was a long weekend.

RSP funds I requested to transfer via snail mail Sep 30 still sitting in CC.

Got an email responding to my inquiry re setting up recurring bill payments:
"Hello
The bill payment feature is only available as a one time request. Currently we do not know if this is going to be changed in the future or not.
Thank you
Sincerely,
Canadian Direct Financial"

Too bad. Makes that much more work for me.

October 16, 2013
7:49 pm
Rick
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Oct 16, 2013 - All payments made on the 11th have now been posted on their respective web sites. One even showed the posting date as Oct11.

Talked to CS on my lunch break and got my RSP account PAC reset. Said it could take up to 24 hours, but was able to log in when I got home 5 hours later. Set up a weekly recurring transfer from my KeyDirect Checking to my KeyReach RRSP savings. If I did it properly, I had to authorize a transfer from another financial institution (Canadian Direct Financial) and type in the account number because My RSP and Daily checking/savings are separate accounts. Was told I would receive an email confirming the transferand to allow up to 3 days for the transfer to go through. Never seen anything like that before. What a strange way to have to transfer money from one account to another within the same institution. Wonder what would happen if I accidentally typed in the wrong account number. Hmmmmm...

Oct 17, 2013 - Received a confirmation email @ 0838 that my recurring transfer request had been received and will be processed overnight on Oct 18. Guess I did it right sf-laugh I set it up on line in my RSP account, and it shows up as a scheduled transfer in my KeyDirect checking account...which I can only access by logging out of my RSP account and log back in to my non-registered accounts. Still find that odd. I have experience on line with Coast Capital, ING Direct, HSBC, Peoples's Trust and Ally, and I have never seen anything like this when it comes to transferring funds between my own accounts. Do any other institutions work this way???

October 18, 2013
6:44 pm
Rick
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Oct 18, 3013 - Lots of stuff happening today. Start with the bill I had scheduled to be paid today from my KeyDirect Checking account. Logged in at breakfast and noticed that yes, the bill had been paid. They had taken the money OUT of my KeyReach savings account, deposited it into my KD Checking, and paid the bill. WTF???? Called up CSR on my break to find out why this happened. I must say, ALL the CSR's I've talked to in the last few weeks have been very helpful and exemplary in their service, tone, attitude and been a pleasure to talk with. Anyway...turns out I do not have a line of credit until the Borrower Disclosure form I mailed in earlier in the week arrives and gets processed. The bill had been processed at 02:30 in the morning, but the paycheck didn't get deposited until a hour or two later, therefore I went into an overdraft I didn't have, so the funds were automatically transferred to cover the payment. OK....so was I charged any fee for this and what's going to happen in the future?? No...no fees applied. When the form gets processed and I have a line of credit, I will dip into that and the bill(s) will be paid. OK...so am I charged a fee or interest for going into my LOC for a few hours until our paychecks get deposited? No...any fees and / or interest is charged on the balance in your account at the end of the day, after all transactions are completed. Same as my experience with Coast Capital. All right then. I'll chalk that one up to the learning curve and make sure the info I was given was correct.

The transfer I set up from my KDC account to my KRS RRSP account has not gone through as of 18:00. CSR said it will go through overnight tonite. I guess if I want it to actually be in my account in the morning, I'll have to set it up to go happen on the day before instead of the day of. When I conveyed my dismay at the entire process of transferring funds and paying bills on line to the CSR, she said that they were aware and that the process of "upgrading" the system has already begun and will be complete by the end of 2014. I would like to have a chat with whoever is in charge of that process.

Funds in my Coast Capital RSP are still sitting there, waiting to be transferred.

Called CS again to have a per-authorized debit form emailed so I can link my People's Trust account. Was emailed within the hour and, thanx to Aida at PT, who got my email minutes before quitting time, I am now linked with PT.

Had the Welcome Kit for my RSP account waiting for me in my mailbox when I got home. It included all the glossy literature for their other banking services as well as a welcome letter and some info on beneficiaries, tax receipts and statements. There were also forms for RSP transfers, an internet banking agreement, the fee schedule and the EFT transfer agreement. Basically all the stuff I got in my initial welcome kit customized for RSPs.

Getting near the end of the whole transfer process. Will update as events unfold and summarize when it's all finished.
HEY!!!! Thanx for checking it out!! sf-laugh

October 21, 2013
11:33 am
Rick
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Got the PAC for my RSP account via snail mail today as well as the hard copy of the pre authorized debit form.

October 22, 2013
6:04 pm
Rick
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Oct 22, 2013 - Called customer service today to get the status of my line of credit. Was told that is being processed today, and will definitely be in place for my bill payments on Friday. If true, I don't expect my payments to be transferred from my savings to my checking before being paid. Also don't expect to be charged any interest for going into the LOC BEFORE our paychecks are deposited. Wouldn't it just be easier if they set it up to pay the bills AFTER the paychecks are deposited?? Say, I don't know, opening of the business day??? sf-confused

October 25, 2013
5:56 pm
Rick
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Oct 25, 2013 - Yep...they did it again. Woke up this morning to find that they had transferred money out of my savings account to cover the bills I had set up to be paid today. Of course both our paychecks were now sitting there untouched. Call CS and talked to Steven, same guy that I talked to on Tuesday and told me that my LOC was being processed that day and should be in place to cover the bills today. He remembered our conversation and apologized. After a bit on hold, he came back and assured me that he had taken care of the situation personally, this would not happen again, and any charges incurred would be fully refunded to my account. We shall see. Have more bills scheduled on Nov 8. Still find it odd that my bills are paid overnight but the weekly transfer tro my RSP account doesn't get transferred until the following evening, even though they are all scheduled for the same day.

Side note. Coast Capital has finally released my RSP funds. Hopefully will be in my CDF account by the end of next week.

October 29, 2013
6:06 pm
Rick
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Oct 29, 2013 - Test transfer from another institution. Deposited funds to my CC and did a transfer from the CDF web site on Tuesday, Oct 29 @ 1800 PDT. Lets see how long it takes for the funds to show up in my CDF account, initiated during the week with no weekends or stat holidays getting in the way. sf-wink

Oct 30, 2013 - Got an email from CDF time stamped 0659 (13 hours after request) confirming my immediate transfer will take place overnight on Nov 1. sf-confused

Nov 1, 2013 - Funds taken out of CC sometime between 0600 and 1100. Not posted into account as of 1700. 2330 - Decide to check before bed...funds are now in account. 3 days 5 hours from initial request to funds in account.

November 1, 2013
5:35 pm
Rick
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Oct 31, 2013 - Got an email informing me that they had received my RSP funds from CC and they would be posted to my account within the next 2 business days. Really??? You have the check on Thursday and it will be in my account by Monday. One thing I will say about ING...when I transferred my funds, they started paying me interest the day the application went through. I mailed the forms to CDF on Sept 30, they sent me an email that they were received, processed and forwarded to CC Oct 10 via snail mail. CC got the forms and processed them, emptying my account and sending a check on Oct 25. CDF gets it on the 31st and it takes 4 days to show up in my account. Whole process takes 36 days from initial mailing to cash in my account, including 10 days in limbo earning no interest. Not the worst time I've ever experienced, but definitely not the best either. I realize there are variables when two banks have to depend on each others timeliness and cooperation, but the timelines in any of the transfers I've done so far, except between my checking and savings, including between my checking and RSP accounts, is not impressing me at all. Even Peoples Trust only takes 1 day. When I set up a transfer for Thursday, the money is out of the sending bank Friday morning and into PT Friday morning. Transfers from my own accounts to my RSP accounts within the same institution using Coast Capital, ING, and HSBC were instantaneous. CDF - 3 days.

Still no checks. Rarely use checks, but been putting off some home maintenance I need them for.

Getting near the end of the whole process. Once the checks appear and the bills get paid next Friday I will summarize.

November 1, 2013
6:25 pm
Peter
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Rick said
Still no checks. Rarely use checks, but been putting off some home maintenance I need them for.

If I recall correctly from when I signed up last year, I also did not automatically receive cheques like I had expected. I had to call in specifically to ask for the first batch of cheques.

November 1, 2013
8:07 pm
Rick
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Peter said

Rick said
Still no checks. Rarely use checks, but been putting off some home maintenance I need them for.

If I recall correctly from when I signed up last year, I also did not automatically receive cheques like I had expected. I had to call in specifically to ask for the first batch of cheques.

Filled out the Check order form and mailed it in with the Borrower Disclosure on Oct 12

November 4, 2013
6:05 am
Rick
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NOV 4, 2013 - Curious as to why no interest was paid on the paltry amount I had transferred into my RSP savings account. Checking their rate schedule, I found this little tidbit:

4) Interest is calculated on the daily closing balance and paid December31st. The minimum contribution for the KeyReach RSP Savings Account is $50.

How odd. Didn't think anybody, even the Humongous Five, still did that. Makes the account more like a GIC than a savings account.

Completed on line registration for opening a TFSA, filled out, signed and mailed the transfer forms along with a screen capture of my CWB TFSA activity/info. Did not have an actual statement from CWB, but CS assures me that a copy of my online info will suffice as long as it has all the required information included. Asked again if there would be any fees for transferring from CWB to CDF and was assured that since they were one in the same, there would be no fees. Also phoned the CWB branch we had the account in and gave her the heads up the account would be moving to their on-line sister. She also said there would be no fees or charges since it was all done within their own system.

While I was talking to CS, I inquired about doing the same for reimbursing the fee charged by CC to transfer my RSP funds to CDF. She said that a printout of my on line statement would also be fine for that as well. I asked if I could email and she said yes and provided me with an email address to do so. Did the printout, attached it as a PDF and emailed it straight away.

Funds from CC still not deposited to my RSP savings account, but today is the 2nd business day since my email notification, so I am expecting to see them by at least end of business today.

November 5, 2013
5:57 pm
Rick
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Nov 5, 2013 - Checks arrived today. sf-laugh

Still no funds in my RSP account. Here is a quote from the email I received Oct 31 @ 1305:

We have received your RRSP transfer request back from Coast Capital, you will see the funds deposited into your RRSP Savings account within 2 business days. If you have any further questions, please do not hesitate to call our toll-free number 1-877-441-2249 or email cdfinfo@cwbank.com .

If you count the day I received the email, that's 4 business days and still no funds earning any interest.

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