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February 6, 2016
6:05 am
JustMe
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Thank you; I know how TFSA works. Issue is IF you lock money NOW, in 2 years it will be again February and again you have to make a decision what to do with 10 months left until year end.
To leave it with zak with daily miserable interest which might be even lower than today?
To open another (oh, no) account at xyz bank who offers slightly better interest for 'selected customers'?
Direct transfers should be no fee transactions but this is Transfer not Withdraw so fin.inst. can have fee, same as for rrsp Transfers.

February 6, 2016
7:56 am
kanaka
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JustMe said

Thank you; I know how TFSA works. Issue is IF you lock money NOW, in 2 years it will be again February and again you have to make a decision what to do with 10 months left until year end.
To leave it with zak with daily miserable interest which might be even lower than today?
To open another (oh, no) account at xyz bank who offers slightly better interest for 'selected customers'?
Direct transfers should be no fee transactions but this is Transfer not Withdraw so fin.inst. can have fee, same as for rrsp Transfers.

Question: Does PT have a fee to transfer TFSA out? If I recall correctly they don't. Their website is down right now, so can't verify.

So if in the quoted example you stay for 2 years.....will there be, at that time other better options?

You can still let it sit in the savings account til December and withdraw and then recontribute in January of the next year at an institution of your choice.

And if you don't have your contribution limit topped up can move out an amount to top up and move to institution of your likings. You will then shift your under contributed amount to the next year.

February 6, 2016
9:43 am
Miron
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kanaka said

Question: Does PT have a fee to transfer TFSA out? If I recall correctly they don't. Their website is down right now, so can't verify.

No, there are no fees, it is written on their website and I also called them just to be sure!

February 6, 2016
11:43 am
2of3aintbad
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2.5% for a 2 year GIC is certainly attractive at this time, but JustMe has pointed out why this is not appropriate for a TFSA. Unless you expect to withdraw the money on maturity (perhaps for retirement or a large purchase), it doesn't make sense to me in a registered account. I had some GICs with Tangerine, in the first few years of the TFSA, because of the small contribution limit and the fact that the GICs were cashable. Once Tangerine removed this perk, I decided to gradually move all maturing GICs to equities. I think it is reasonable to 'chase yield' in non-registered accounts, even if it is only until January 1, 2017 (in savings) or February 2018 (2 year GIC) when more TFSA contribution room is available.

February 6, 2016
11:46 am
Loonie
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I'm willing to bet a buck that by the the time the GIC matures, that there will be a transfer-out fee. If you are thinking of moving your TFSA from Peoples, now is the time to do it.

February 6, 2016
12:06 pm
Miron
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Loonie said

I'm willing to bet a buck that by the the time the GIC matures, that there will be a transfer-out fee. If you are thinking of moving your TFSA from Peoples, now is the time to do it.

You are the winner sf-smile

I was quite surprised there is no fee... that's why I called... I was calculating that if 5,000 people are moving out and have to pay a $50 fee, they can get $250,000 without doing anything ;) What about 20,000 people... 1 million dollars revenue sf-wink

February 6, 2016
3:07 pm
mechone
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just moved my tsfa to one year @2.05 and told them not to renew gic due feb16 will move 100,000 out to zag at 2.5 paid monthly. I did get 2.4 on the gic from pt in the last year. I will also move 100,000 out of cdf into eq this week

February 6, 2016
3:43 pm
JustMe
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I have a feeling PT will lose a lot of loyal customers who will never come back again...
I am strongly considering option of transferring tfsa funds to ZAK. Unless my financial adviser can promise better rate with no risk for 2 years...

But this was the same story with ING, ICICI, PC Financial, ...

February 12, 2016
9:23 pm
Yatti420
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Thanks guys and now that the secret is out (PTC Is one of the last institutions not to charge for T2033 transfers) we can certainly expect one :)

February 12, 2016
9:38 pm
kanaka
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I believe Oaken does not charge either.

February 12, 2016
9:55 pm
reality
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Look what I just found on EQ's customer complaint page that some of you may find interesting...

For Equitable Bank HELOC customers only: If you wish to dispute a transaction or entry made with your Equitable Bank Visa Access Card and you have been through the Bank’s 3-step CCHP, and are not satisfied with the resolution, you may also contact the Equitable Bank Visa Access Card issuer, Peoples Trust Company, at 1-855-683-2881 or refer to their complaint handling process, which can be found at http://www.peoplestrust.com/ab.....r-concerns.

February 12, 2016
10:00 pm
Yatti420
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reality said

Look what I just found on EQ's customer complaint page that some of you may find interesting...

For Equitable Bank HELOC customers only: If you wish to dispute a transaction or entry made with your Equitable Bank Visa Access Card and you have been through the Bank’s 3-step CCHP, and are not satisfied with the resolution, you may also contact the Equitable Bank Visa Access Card issuer, Peoples Trust Company, at 1-855-683-2881 or refer to their complaint handling process, which can be found at http://www.peoplestrust.com/ab.....r-concerns.

PTC has a big business issuing cards..

February 12, 2016
11:54 pm
NorthernRaven
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Equitable only issues VISA cards as a way to access their mortgage-related HELOC, not standalone. So it is more cost-effective to contract out the whole card backend stuff to a bank that does this in bigger volume, rather than duplicating all the VISA setup and interaction.

April 6, 2016
7:35 am
Koogie
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Koogie said

Loonie said

I don't think PT has a transfer-out fee, yet.
I agree with Koogie's criticism on all counts.
I think though that you probably have to initiate the transfer from the incoming end.

What's TDW?

You are right. Their website says: "11. Do you charge TFSA transfer fees?
Peoples Trust Company does not charge any fee to transfer TFSA’s to or from another Financial Institution."

Really ? So it is a pull transaction, instead of a push ? If so, that'd be great. Guess I will call TD and confirm and if so get them to do the needful.

Sorry. Still call them Waterhouse... my brain can't keep up with rebranding...

So I initiated the transfer out from Peoples Trust to TDDI on March 02 by snail mail. I know that TDDI sent the paperwork to PT on March 17 (based on a phone call I got). The funds arrived at TDDI yesterday. Seems to be full and complete, no fees at either end.

Just a timeline for anyone interested.

April 6, 2016
5:54 pm
Loonie
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Thanks. Worth knowing.

April 9, 2016
3:19 pm
Winnie
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In my case timeline looked like this:

- Feb 10 was the last day, when PTC paid interest and my TFSA was closed at Peoples Trust automatically. No fees at all.

- Feb 19 was the first day, when Zag opened my new TFSA with exactly the same balance, as it was at PTC on Feb 10.

No interest for 8 days.

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