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RSP Transfer will take 43 days?
April 1, 2022
6:17 am
dommm
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I have an self directed RSP account with TD Direct Investing using their Web Broker service. I am transfering cash from this account to another FI & the TD agent confirmed to me that they received my transfer application on March 7th. They also said to expect the transfer to arrive at the other FI on April 18th. Taking this long to do this transfer seems criminal to me?

April 1, 2022
6:39 am
MattS
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its needless!!!!! but we are powerless. If you threaten to move your money as I did and de- big six - banked myself yrs ago, I can confirm they will smile and say no problem. They are making billions, but apparently not on the retail banking side. they wont give 2 rips, trust me

April 1, 2022
9:30 am
Loonie
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In all honesty, I would consider you got off lucky and unscathed if it actually arrives by April 18.
There is no valid excuse for such delays, of course, but they do it because they can get away with it. There is no regulation to compel hem to proceed with reasonable haste.
TDDI is the worst of them, by reputation, as reported to me by experienced staff at receiving FIs.

I would keep after them weekly by phone, starting now, pointing out how much they are costing you in lost income (be specific).
Spouse had a similar experience with TDDI where in it took an extraordinarily long time to do the cash transfer of an RSP. I think it was about 3 months. They ultimately agreed to waive the transfer fee, so it's worth complaining although time-consuming.

April 1, 2022
10:55 am
fabafter50
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I have been waiting ELEVEN WEEKS for Scotiabank to transfer my RSP to EQ. Went into the branch and filled out all paperwork so it was correct. EQ has sent 5 requests, and a very nice employee at the branch has sent two from the branch end. I've sent 5 emails. Called head office. Still nothing. This is not the first time that Scotiabank has pulled a stunt like this with me. I had a phone appointment this morning with the bank manager and he never bothered to call. I waited around for an hour. I am completely disgusted with Scotiabank. There is absolutely no accountability and I have done everything possible on my end.

April 1, 2022
11:11 am
HermanH
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April 1, 2022
11:25 am
Bill
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My bricks-and-mortar bank has been TD for decades, I buy none of their products except I have my main chequing account there. For a few years now I always keep a large amount in it, plus I actively use TD Dir Inv as a discount broker, and I've noticed they "cater" much more to me compared to before these latter two factors were in place.

As I've said before, I believe many businesses have enough data on us to determine whether they want to attract or to repel (i.e. time spent on us is not worth their while) our business. If you're in the latter category for whatever reason that might be a factor in how you're treated by them, i.e. they'd actually like to get rid of you and foist you on their competitors. IMO.

April 1, 2022
2:12 pm
Norman1
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fabafter50 said
I have been waiting ELEVEN WEEKS for Scotiabank to transfer my RSP to EQ. Went into the branch and filled out all paperwork so it was correct. EQ has sent 5 requests, and a very nice employee at the branch has sent two from the branch end. I've sent 5 emails. Called head office. Still nothing.…

Is EQ Bank still refusing to guarantee the RRSP annuitant's signature on the transfer form? See what HermanH found out in the end.

You may need to do what HermanH did. Complete the form. Sign it and get your Scotiabank branch to guarantee the signature before sending it to EQ Bank. That way, when EQ Bank sends it to Scotiabank's RRSP transfer department, the transfer department won't return it to EQ Bank because the request is missing the signature guarantee!

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