The National Bank Cash Advantage Solution is a holding in the holding account and is not the cash balance of the holding account.

See previous report of the same situation.

We did not look into it too closely at first, but today we needed to withdraw some money and ran into an issue. We are not able to withdraw anything because the available cash / cash balance shows $0, while the full balance is showing under Fixed-rate GIC as “NBC Cash Advantage Solution Preferred Rate.”

What is confusing is that there is no maturity date, term, or clear interest rate shown, so it does not seem to display like a normal GIC.

Has anyone else had this happen after the Motive migration? Is this just a display issue, or is there a specific step needed to redeem/transfer the funds out?

davidgeorge said

No fees for RRSP or RRIF, but $150 for TFSA?  

No fees for any migrated investment accounts.

dommm said

I have it in writing via an email from NB customer service that there will be NO transfer fees to transfer an RRSP or RRIF account from NB to another FI as long as your account was migrated from Motive. The only catch from what I understand is the account must be in cash so no unmatured GIC's etc.  

No fees for RRSP or RRIF, but $150 for TFSA?

RetirEd said
Aside from small tax savings, earning more taxable income can affect one's retirement benefits such as GIC and rent subsidies.  

Unlikely in this case, as the OAS clawback threshold does not begin until $100,000, per person, now, which is insane. Someone earning at or above that level in retirement is unlikely to receive any rent subsidies.

Government needs to pause the OAS clawback threshold indexation for 5-10 years to contain spending.

Sandy999 said
What is the easiest way to move my TFSA out of NB? It was forced there when Motive closed. Do they charge a fee??? Thank you.
I want to move it to Oaken or Hubert.  

I have it in writing via an email from NB customer service that there will be NO transfer fees to transfer an RRSP or RRIF account from NB to another FI as long as your account was migrated from Motive. The only catch from what I understand is the account must be in cash so no unmatured GIC's etc.

Otherwise, you could wait until later this summer when the regulatory amendments are in force banning these outrageous transfer fees. As a big bank shareholder, I am more than comfortable with their level of profitability, and would actually prefer them to be less profitable in the medium term as their valuations are out of whack and need to retrench. I would support political direction to OSFI to suspend further increases in the quarterly dividend until they equalize returns to their customer stakeholders. Banks are not unrestricted private sector businesses that can do as they will like other sectors; they enjoy licenses from the federal government to operate, and those licenses can be restricted for the public good. In extraordinary cases, they can be revoked.

Cheers,
Doug

Wrayzor said

Yes, I have concerns about sharing credentials. Your method secures future logins. But sharing of credentials violates most, if not all, banking agreements. And who knows what information is scraped (and where it goes) when the third party has access. It was mentioned here recently that tighter regulations might be put in place on the third party providers. So the concern is more than just me.

There are plenty of alternatives and it's not any burden to avoid Flinks/Plaid for account linking.  

Totally agree....BUT there doesn't seem to be a lot of choice in most cases. When Flink is the only option, I also changed password immediately after linking. May be an overabundance of caution since it seems they all have TFA now. Not saying it's infallible, but expect it's too much trouble to hack your cellphone & your username/password. Most crooks are either too stupid or too lazy.
Am currently waiting for my microdeposits to show up. Will LYK if successful.

RetirEd said
You can wait until December, then withdraw all your cash. There should be no fee for that. You can then deposit it anywhere you like after January first of the new year.

In the meantime, see if you can find a short-term deposit to hold your cash, but mature before December so you can make the withdrawal. Or use a high-interest TFSA.

You should ask them if you can get a better deal on the transfer because of the takeover. Maybe they'll be nice?

I think Oaken and Hubert still don't charge for TFSA transfer-outs, so you shouldn't face that next time.  

What RetirEd said. Only way to go.
Paperwork & loss of interest due to lag time, (month or more in some cases), to snail-mail funds between banks isn't worth my effort
You may be able to get a portion back from the FI you transfer the funds in to, but I'm not aware of any that will refund $150.

In the meantime, see if you can find a short-term deposit to hold your cash, but mature before December so you can make the withdrawal. Or use a high-interest TFSA.

You should ask them if you can get a better deal on the transfer because of the takeover. Maybe they'll be nice?

I think Oaken and Hubert still don't charge for TFSA transfer-outs, so you shouldn't face that next time.