$20K in BMO account disappeared
My wife and I have a joint account with BMO. Both of our names are on the statements however we have separate access cards/passwords. We have our investment accounts at TD Waterhouse. I initiated 2 transfers via bill payment on Jan 26th, 1 for $2500 to our daughter's RESP under my TDW account and another for $19,998.88 to max out my wife's TFSA account.
The transfer to my RESP account went through just fine in 2 business days, however after 5 days the transfer still have not reached my wife's TFSA account. So we called BMO on Feb 1 and they said they will launch an investigation which can take anywhere from 10-15 business days. We called TDW ourselves and they said the transfer was blocked because I sent the $20k from my BMO access card login, to my wife's TFSA.(i was under the impression that because it's a joint account that it would be fine since our names are on the account).
So it is now Feb 16th and after multiple phone calls to BMO's support line, they said their investigation department are waiting on a response from TD via a fax or something??? We've already asked to have this issue rushed and escalated. Needless to say, this has caused a lot of stress because this is a large amount. They said to wait until Feb 19 because that will be the 14th business day and if we still have not gotten an update then to call back on Feb 22 Monday.
This is very baffling to me. I mean there should be a paper trail and the money cannot just vanish into thin air right?? Does anybody have any suggestions or options ? If you work for BMO, and reading this. HELP!!!!
The transfer to my RESP account went through just fine in 2 business days, however after 5 days the transfer still have not reached my wife's TFSA account. So we called BMO on Feb 1 and they said they will launch an investigation which can take anywhere from 10-15 business days. We called TDW ourselves and they said the transfer was blocked because I sent the $20k from my BMO access card login, to my wife's TFSA.(i was under the impression that because it's a joint account that it would be fine since our names are on the account).
So it is now Feb 16th and after multiple phone calls to BMO's support line, they said their investigation department are waiting on a response from TD via a fax or something??? We've already asked to have this issue rushed and escalated. Needless to say, this has caused a lot of stress because this is a large amount. They said to wait until Feb 19 because that will be the 14th business day and if we still have not gotten an update then to call back on Feb 22 Monday.
This is very baffling to me. I mean there should be a paper trail and the money cannot just vanish into thin air right?? Does anybody have any suggestions or options ? If you work for BMO, and reading this. HELP!!!!
