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RRSP withdrawals - by phone only
January 19, 2021
2:17 pm
Alexandre
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It used to be that one can request RRSP funds withdrawal by sending secure message through motusbank account web page. I know that, as I did it a year ago.

Not any longer. One must phone motusbank to ask for withdrawal of his/her money from RRSP Savings to regular Savings or Chequing account.

Sent them request for RRSP transfer last week over secure message, got polite reply back that it is only by phone now.

One of the big reasons for me to have RRSP account with motusbank just evaporated.

January 19, 2021
3:42 pm
Loonie
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I'm surprised they ever allowed withdrawal by email. You may have trouble finding another FI that will allow this.

I've done phone withdrawals at a couple of places though, and was glad that was available.

January 19, 2021
4:27 pm
Alexandre
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This is not by email, this is so called "secure email" which is messaging system available after I login to my account. I am fully authenticated at that point, they know who I am, what is my account and even from where I am contacting them judging by IP address they can see.

Telling me I must phone them for security reasons is ridiculous, because if I am already in the account I can move any other funds with no problem. Why is RRSP so special one?

With Tangerine, for example, I can move money from RRSP Savings online, through Web interface, money moves instantly and proper RRSP withdrawal tax will be applied.

I've read somewhere that each customer phone call costs bank from $15 to $25. I suspect secure email would cost about $5.

Tangerine gets it, but not very many banks do.

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