Personal Finance

Having a hard getting Royal Bank of Canada to transfer a RRIF.

  • Last Updated:
  • Mar 10th, 2020 1:45 pm
[OP]
Newbie
Mar 2, 2020
8 posts
1 upvote

Having a hard getting Royal Bank of Canada to transfer a RRIF.

Last November My wife had RRSP's in three separate separate Banks and the deadline for converting them into a RRIF was approaching.
We decided to consolidate then into one TD direct investing account before their conversion.
RBC direct also had a non registered account. The Non-registered account Transferred over by the last week of December. But no RRSP.
Around the middle of January She received a form to convert the account to a RRIF, also around this time they locked the account.
TD suggested starting over and imitated a new transfer. February TD called and said they won't transfer until she calls them.
Wife called and was told they won't transfer until she updates her profile. She signed a profile and took next it to the nearest branch and was told it would sent by the end of day.
Two weeks later still no transfer and account still locked . Called again, was told The signed profile had been received and that the transfer would get top priority.
One week later still no transfer and account still locked.
Heading into five months now, Anyone know of a way of getting some action? Any government agency? Frustration over the top.
2 replies
Deal Expert
Aug 22, 2011
32019 posts
17904 upvotes
Ottawa
ded27b wrote: Last November My wife had RRSP's in three separate separate Banks and the deadline for converting them into a RRIF was approaching.
We decided to consolidate then into one TD direct investing account before their conversion.
RBC direct also had a non registered account. The Non-registered account Transferred over by the last week of December. But no RRSP.
Around the middle of January She received a form to convert the account to a RRIF, also around this time they locked the account.
TD suggested starting over and imitated a new transfer. February TD called and said they won't transfer until she calls them.
Wife called and was told they won't transfer until she updates her profile. She signed a profile and took next it to the nearest branch and was told it would sent by the end of day.
Two weeks later still no transfer and account still locked . Called again, was told The signed profile had been received and that the transfer would get top priority.
One week later still no transfer and account still locked.
Heading into five months now, Anyone know of a way of getting some action? Any government agency? Frustration over the top.
https://www.rbc.com/ombudsman/index.html

Top