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Peoples Trust online banking transfer not working
December 29, 2014
11:50 pm
trusquall
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December 30, 2014
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I have been trying to transfer some money out of my TFSA to prepare for some RRSP contribution.

Its been 2 days I get the same message(see below) when I tried to do it online, whether its Now or Scheduled, transfer to the E-saving or external account, nothing works.

Anyone got the same issue?

"Transfer could not be completed. Please contact your financial institution.

Your request cannot be processed at this time. Please try again later. If the problem persists contact us for assistance during business hours (8am-4:30pm PT): 604-331-3465 in Vancouver or toll free 800-663-0324."

December 30, 2014
6:41 am
malquin
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Hi.

I'm not 100% sure but I seem to remember that you have to TALK to them to transfer money out of your TFSA.

Completely impractical but I guess that what one has to put up with to get that rate.

December 30, 2014
10:10 am
NorthernRaven
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If you withdraw from a TFSA, you can't contribute that portion until the next calendar year, and you can get in penalty trouble if you do. Since many (perhaps most) TFSA withdrawals may have been people who aren't fully aware of the implications, they probably want to get a live confirmation before doing the withdrawal.

It could be argued that it is a net consumer benefit, although it means an extra step for those doing, say, intentional year-end withdrawals in lieu of a registered TFSA transfer.

January 1, 2015
10:57 am
musicalmaestro
Ottawa
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Hi there,
I called them about a week ago after having this issue.
Turns out you MUST either email (that seems a little sketchy but convenient, but I digress) or Call them to transfer money out of tfsa.
The guy was friendly and did this quickly, short wait time first thing in the morning too.
Also note, that you cannot set up post dated tranfers to a PT isa FROM TFSA, this can only be done to external accounts.

Hope this helps!

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