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Email this9:59 am
November 5, 2009
Online
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
Offline
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
Online
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
Online
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.
