Personal Finance

Transferring joint account from BMO Nesbitt - two signatures needed?

  • Last Updated:
  • Oct 2nd, 2014 11:28 pm
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[OP]
Deal Addict
Apr 7, 2011
1571 posts
265 upvotes

Transferring joint account from BMO Nesbitt - two signatures needed?

I have a joint account that we want to transfer out of Nesbitt because they're gouging us. It's an RESP so we want to transfer in kind instead of in cash.

Does anyone know if both of us need to sign the paperwork for the transfer - the account is set up as either/or for trades. The concern is that BMO will jerk us around a bit because of my parent moving their entire portfolio out.
5 replies
Sr. Member
Apr 28, 2014
675 posts
175 upvotes
Oakville, ON
Sum_guy wrote:
Oct 2nd, 2014 9:26 pm
I have a joint account that we want to transfer out of Nesbitt because they're gouging us. It's an RESP so we want to transfer in kind instead of in cash.

Does anyone know if both of us need to sign the paperwork for the transfer - the account is set up as either/or for trades. The concern is that BMO will jerk us around a bit because of my parent moving their entire portfolio out.
I asked my good old pal Google. He found the BMO Nesbit Burns Client Agreement for me.

https://www.bmo.com/pdf/nesbitt/Terms_En.pdf

Page 5, top left is a Paragraph on joint accounts which reads:
24. Joint account If this Agreement is signed by more than one Client, the liabilities and obligations hereunder shall be joint and several (in Quebec, solidary) and each of the Clients agrees that each has full power and authority to direct BMO Nesbitt Burns to take any action whatsoever with respect to the Account and BMO Nesbitt Burns is hereby authorized and directed to act upon the instructions of any one of the Clients with respect to the Account provided that BMO Nesbitt Burns shall have the right at any time, in its discretion, to require written authorization signed by all Clients to the Account. Any notice relating to the Account, including contracts of purchase and sale, may be sent to any one of the Clients and shall be binding upon each of the Clients. Any Client acting alone shall have the full power and authority to consent to amendments to, or modify or waive any of the terms or provisions relating to, the Account. Where the Account is a Joint Account, the Clients must also complete the Joint Account Agreement.
So if they want to be dickheads and require both signatures, they can do it as its in the Terms and Conditions.
Deal Addict
User avatar
Jan 4, 2009
3781 posts
1626 upvotes
on the links
I've transferred out a joint account from NB before and both of us signed. Why? because it was the simple thing to do.

What's stopping you from getting all the signatures?
Penalty Box
Dec 27, 2013
8003 posts
3957 upvotes
Toronto
Sum_guy wrote:
Oct 2nd, 2014 9:26 pm
I have a joint account that we want to transfer out of Nesbitt because they're gouging us. It's an RESP so we want to transfer in kind instead of in cash.

Does anyone know if both of us need to sign the paperwork for the transfer - the account is set up as either/or for trades. The concern is that BMO will jerk us around a bit because of my parent moving their entire portfolio out.
yes, 2 signatures are needed for a joint account transfer out from any and all financial institutions.
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
Op can't get both signatures for some reason I guess?
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[OP]
Deal Addict
Apr 7, 2011
1571 posts
265 upvotes
ELiTE KiLLaH wrote:
Oct 2nd, 2014 10:57 pm
Op can't get both signatures for some reason I guess?
It's doable but my parents don't live near me so it would mean taking a day to meet up just to sign some forms. Not impossible just inconvenient and adds to the time it will take to do this. I was hoping the get it done by the 31st.

The BMO advisor has been jerking us around, first they said that we'd need to cash out the account taking a tax hit. Just stupid stuff like that.

Once things get transferred i'll need to follow up and see how (or if) the government contributions have been apportioned. It's a family RESP so it may be buggered up. I'm seriously unsure if there have been regular government contributions or if that's been lost because of errors on Nesbitt advisor's side.

Thx all by the way.

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