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Email this9:59 am
November 5, 2009
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I've had various accounts with Outlook for around 6 years, HISAs, GICs and a TFSA. Since I joined, it seems to me that Outlook has attempted to become more of a full service bank which I don't need. I just wanted somewhere to park funds and get a fair rate of interest.
The only a/c I have any more is the TFSA and I made arrangements about a month ago to transfer this out to another institution. The other bank mailed me a form to sign and return to them by mail which I did.
Now about a month later, I check my Outlook TFSA on line and it has not changed- no transfer pending or any mention of one.
So I phone Outlook and when I eventually get a call-back and explain the issue, I'm told the transfer request was rejected because the other institution failed to provide a fax number. So as far as Outlook is concerned the matter was closed. No email or phone call or other communication to me. When I requested that I speak to a supervisor, they said they'll try to get back in one or two business days.
What do others think about this? Sure doesn't inspire much confidence.
10:19 am
April 6, 2013
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What was Outlook Financial going to do with the fax number? Fax the cheque or bank draft to the receiving financial institution?!? 
Scotia iTRADE doesn't provide their fax number in their registered account transfer form.
First screwup by a new Outlook Financial employee?
10:53 am
November 5, 2009
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Thanks, that's interesting, ScotiaItrade's form is quite a lot more involved than mine (CTFS). CTFS had told me that the procedure was that Outlook would mail them a cheque after they received my completed form.
I've no idea why in this age Outlook couldn't simply send the funds electronically. But for Outlook to just reject the transaction and not notify me is inexcusable, I think.
Now it looks like I have to re-initiate the whole process unless there's a better way.
11:12 am
September 18, 2020
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leigh said
Thanks, that's interesting, ScotiaItrade's form is quite a lot more involved than mine (CTFS). CTFS had told me that the procedure was that Outlook would mail them a cheque after they received my completed form.I've no idea why in this age Outlook couldn't simply send the funds electronically. But for Outlook to just reject the transaction and not notify me is inexcusable, I think.
Now it looks like I have to re-initiate the whole process unless there's a better way.
I don't understand why, with almost every bank using wire transfers, a major bank like CIBC still uses cheques. And what's worse... the cheque got lost in the mail, and after two months of waiting for it to be resent, the receiving bank finally received it... I've already wasted two months' worth of interest.
11:55 am
April 6, 2013
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leigh said
I've no idea why in this age Outlook couldn't simply send the funds electronically. But for Outlook to just reject the transaction and not notify me is inexcusable, I think.
…
Can't use direct deposit or wire transfer because neither can carry the documentation that has to go with the registered funds.
Outlook does not have any grounds to reject the transfer request because there isn't a fax number. They were going to mail the cheque and the documentation to Canadian Tire Bank anyways. It's not likely that Canadian Tire Bank would have the hookups to ATON and supporting systems, that investment dealers have, to do a full electronic transfer.
12:35 pm
November 5, 2009
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Thanks Noman, I guess it's somewhat more complicated for trading type transfers hence the more involved request form of Scotia iTRADE.
Anyway, I got back to CTFS customer service, (so much more helpful) and they told me they will try again to pull the funds from Outlook but it'll likely take another couple of weeks (of lost interest and fustration).
12:47 pm
April 6, 2013
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Yes, it is more complicated for a brokerage account. One can transfer the account in full or just some of the holdings. One can also transfer the specified holdings in-kind or direct a sale and transfer the cash from the sale.
Direct registered account transfers are complicated because of the documentation that needs to go with the money to ensire that arriving funds are handled properly. The only way every financial institution knows how to handle is a cheque mailed with a completed transfer form.
Scotia iTRADE allows clients to do a bill payment to their RRSP or TFSA account from almost any financial institution the client can pay bills at. But, those bill payments end up being recorded as new contributions, not direct transfers from another RRSP or TFSA.
6:22 am
November 18, 2017
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I've been told by two institutions that statutes require TFSA transfers go by mailed cheque, one earlier this year and the two previous over two years ago.
RetirEd
9:01 am
April 6, 2013
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That's false. Investment dealers don't need to mail cheques and stock certificates to each other to settle direct registered accounts transfers.
Interactive Brokers Canada actually refuses to handle any non-ATON transfers.
10:19 am
November 5, 2009
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In my case, I was merely talking about straight funds not stocks or trades. I have no room left in the TFSA so it has to be done this way or else wait until the end if the year and handle it by myself.
Since initiating this transfer process I've come across so many horror stories that I now wish I'd never done it.
10:58 am
April 6, 2013
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There are lots of horror stories about direct registered account transfers. But, many of them do complete without incident after a few weeks.
I was routinely transfering RRSP's between institutions for many years when I was going through a deposit broker for GIC's. When each GIC matured, it was always another institution that was offering the best rate. So, each RRSP was directly transferred.
6:36 pm
November 18, 2017
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I was also speaking about GIC and savings transfers. No experience with investment brokers.
RetirEd
11:59 am
November 5, 2009
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It's about six weeks now since I tried to initiate a TFSA transfer from Outlook to CTFS and it's just come to a standstill. Whats more, no one from CTFS has bothered to let me know.
I called them and was told that TFSA transfers had to be done by mailing a physical cheque and they don't use digital transfers because the sending institution would have to provide a security guarantee of my signature, which virtual banks cannot do.
I don't get it. I've moved larger amounts around between institutions digitally myself many times, quickly and without any trouble.
12:34 pm
August 4, 2010
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Registered accounts and their transfers are a distinct thing in themselves, have to be reported to CRA, etc. Brokerages have a system to do things fairly smoothly between themselves, but anything with a bank/credit union/lifeco one either side is still often the paper cheque delivery. The initial paperwork from acquring side to relinquishing side is usually faxed, though.
The acquring side usually makes you physically sign the transfer form, but a scan of that sent back to them is okay. I think there is work being done to standardize bundling up the cheque and the paperwork that accompanies that digitally for delivery, but it mostly isn't ready for prime time yet. You are dependent on both Canada Post (I think, although some places may use other delivery methods), and just how busy small back offices are to get the paperwork done and out the door.
Six weeks is rather excessive though, and I did have one case years ago where an RRSP transfer cheque from Canada Life to TDDI fell through the cracks somewhere in the chain, and had to be reissued.
1:05 pm
November 5, 2009
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Thank you, Northern Raven, yes, in my case, I requested the TFSA transfer from CTFS and they provided a form which I signed and mailed back to them on May 17. CTFS then mailed it to Outlook on May 26.
I'm concerned that CT didn't bother to let me know they were unable to continue with the transfer, causing me to have to call them to find out the reason.
I think I may have spoken to a new or inexperienced call centre person from Outlook handling my first enquiry because I did later receive a call-back from a helpful supervisor at Assiniboine Credit Union, Outlook's parent. So maybe things are looking up.
2:50 pm
April 6, 2013
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A signature guarantee may be required. But, the guarantee does not have to be by the acquiring financial institution. The signature can be guaranteed by any appropriate guarantor like a bank or a Medallion program participant.
In a previous case, the guarantor was actually the relinquishing instititution, Scotiabank, for a direct RRSP transfer from Scotiabank to EQ Bank!
EQ Bank had refused to guarantee the signature on the RRSP transfer form.
3:57 pm
November 5, 2009
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That's the question. Is the signature guarantee really a legal necessity and if so, why?
Because to withdraw the equivalent amount of funds from the TFSA at year's end for instance can be done by myself digitally on line quite simply and quickly without any other verification of my identity other than the standard questions etc. that Outlook uses to do so.
8:08 pm
April 6, 2013
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No, it is not legally necessary for the signature to be guaranteed on a registered account transfer form.
Just like it is not legally necessary for a bank confirm employment and salary for a mortgage. But, most banks will refuse to give the mortgage if the borrower refuses to let the bank contact their employer to confirm claimed employment and claimed salary.
The signature guarantee is not just a verification of identity. There is also an indemnity backing the guarantee. An F-prefix Medallion signature guarantee comes with US$100,000 of indemnity. A Z-prefix one comes with US$14 million of indemnity.
2:14 am
November 18, 2017
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NorthernRaven and leigh's experience parallels my own. But it's applicable only to TFSA transfers, not withdrawals. (And I've never transferred an RRSP.) When I left Tangerine, the TFSA took over five weeks to get filed to Toronto, cheque issued at Toronto, and mailed to Vancouver. The receiving institution was kind enough to backdate the transaction by nearly a week; This is why I always suggest doing such transfers by the start of December if year-end crediting is required. I've since done two more, much more recently than the Tangerine one.
RetirEd
1:59 pm
November 5, 2009
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Researching the "Direct Transfer In" form, T2033 which Outlook say they need and has the the signature guarantee included, it looks like that form is for RRSP and RRIF transfers and not for TFSAs at all.
Just now I had a call from another person at Outlook to verify that it was really me asking for the TFSA transfer. When he was satisfied, he told me they will mail a draft to CTFS on July 7th and they will charge me $50 penalty. They refused to waive it.
So they didn't need CT's fax number and they didn't need the special form after all. It will be over two months by the time the funds are transferred and I've just been given a totally unnecessary run-around by customer service people not sure of the proper procedure.
