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).

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.

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.

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.

Scotia iTRADE doesn't provide their fax number in their registered account transfer form.

First screwup by a new Outlook Financial employee?

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.

Anyone else having trouble with this?
After careful reflection, hubby and I decided to leave a very small amount in our personal accounts for maturing GIC's, and a small joint account with cheques, so on maturity we could transfer cash to the joint account and write a cheque to ourselves to deposit at our mainstream bank. We used me-to-me transfers every month, they were an essential part of online banking. We used the accounts for savings and big purchases like home renovations, vacations etc which would be a pain in the .. with the new system.
So we're opening a new HISA with me-to-me transfers with the balance. I sure hope other institutions don't phase them out!

Merger Update: Merger commitments in action and bringing our systems together
As we continue moving through the merger process, we remain focused on providing clear updates to help you feel supported throughout this transition. We are very excited about the next phase of the merger and have some important news to share about changes that will affect you.

Bringing our banking systems together
We are pleased to announce the dates for our banking system and digital banking conversions. This will take place over the course of two weekends. The legacy Caisse conversion will occur during the weekend of March 21-22, 2026, followed by the legacy Westoba conversion scheduled for October 10 –11, 2026.

More system changes after Hubert -> Access CU and Motive -> NBC.

P.S. It did not mention an Outlook Financial conversion so may be the only conversions are Caisse and Westoba converting to the Assiniboine CU system.

RetirEd said
cgouimet: For CRA to administer the millions of TFSA accounts, they have to field and track all the financial institutions' movements of cash into and out of registered status, not to mention things like recontributions and "in kind" complications. And track down all the inevitable errors and complaints.  

They also do that for RSP's without the same complication of withdrawals that can't be "reversed" until the following year.

There is a reason some discount brokerages in particular have account administration fees for account sizes less than certain threshold values, e.g. $15k or $25k.

The point remains that no one should really complain about reasonable A&G fees, and especially transfer out fees for leaving the entity.

AltaRed said
I suspect most FIs would have wished TFSAs had never been foisted on them by Ottawa. RRSPs were doing quite nicely by themselves.

The costs of administering TFSAs with their withdrawal and re-contribution mechanisms is not in shareholder/member best interests. FIs are not charities, i.e. they have to cover their A&G. Nor did Ottawa ever say these accounts should be administered at no cost.  

I sure would like to know what the rationale was for the contribution/withdrawal complications...

The costs of administering TFSAs with their withdrawal and re-contribution mechanisms is not in shareholder/member best interests. FIs are not charities, i.e. they have to cover their A&G. Nor did Ottawa ever say these accounts should be administered at no cost.