Students

Heritage Education Funds

  • Last Updated:
  • Jul 5th, 2019 10:09 am
[OP]
Newbie
Nov 19, 2013
4 posts
2 upvotes
North York, ON

Heritage Education Funds

Hey I was wondering when they usually deposit back your money? From what I remember, it was around August? Also whats is it called when they deposit it in your bank? I received money from CANADA GSL, MOAG MSP and OTG MSP and I have no idea what any of those mean. Thanks!
15 replies
Newbie
Jul 24, 2014
3 posts
1 upvote
Oshawa, ON
When my son’s plan matured last year, Heritage Education Funds deposited the principle (the funds that I had contributed) within the first week of August, because I had submitted all of my required documents (including the maturity application, banking information, void cheque and proof of school registration) by July 31st. The money was posted to my account listed as “Heritage Education Funds”. My rep was great! Once my son figured out which school and program that he wanted, and was registering, we had already reached out to her and she helped us with the apps and gathering the documents needed to speed up the process. But she also referred us to this page on the company site, www.heritageresp.com/maturity that really helped. So I really recommend you reach out to your rep for help or just call the customer service at 1-800-739-2101. Hope that helps. Our Heritage Education Funds plan really did help benefit our son, so I am happy to spread the word!
Moderator
May 28, 2012
11379 posts
3600 upvotes
Saskatoon
MariaLopez82 wrote: When my son’s plan matured last year, Heritage Education Funds deposited the principle (the funds that I had contributed) within the first week of August, because I had submitted all of my required documents (including the maturity application, banking information, void cheque and proof of school registration) by July 31st. The money was posted to my account listed as “Heritage Education Funds”. My rep was great! Once my son figured out which school and program that he wanted, and was registering, we had already reached out to her and she helped us with the apps and gathering the documents needed to speed up the process. But she also referred us to this page on the company site, www.heritageresp.com/maturity that really helped. So I really recommend you reach out to your rep for help or just call the customer service at 1-800-739-2101. Hope that helps. Our Heritage Education Funds plan really did help benefit our son, so I am happy to spread the word!
I smell a shill, but if you are not, then congratulations is in order, for you are one of the rare people with a positive experience in this group RESP.
Member
Jun 25, 2010
412 posts
70 upvotes
Hamilton, ON
Mars2012 wrote: I smell a shill, but if you are not, then congratulations is in order, for you are one of the rare people with a positive experience in this group RESP.
Gotta give credit for posting 2 months later though.
Newbie
Jul 24, 2014
3 posts
1 upvote
Oshawa, ON
Mars2012 wrote: I smell a shill, but if you are not, then congratulations is in order, for you are one of the rare people with a positive experience in this group RESP.
Definitely not a..."shill". Thankfully I did have a great experience and actually I had been referred to Heritage Education Funds through a colleague at work who also had a great experience enrolling all 4 of her kids with Heritage Education Funds RESPs and her daughter is now on her second year of university, without a complaint. One thing to keep in mind that unfortunately people don't always naturally think to write positive reviews when they have positive experiences, but rather only when they have had a poor one. I strongly believe that behind the several negative threads here on Red Flags there must be many happy customers out there. I beleive that every product and service has its pros and cons, and please do not get me wrong, I am not saying that Heritage is perfect for everyone, but if you are looking for a long term Education Savings Plan with a credible Group RESP provider, I highly recommend Heritage Education Funds. Hope that helps!
Moderator
May 28, 2012
11379 posts
3600 upvotes
Saskatoon
MariaLopez82 wrote: Definitely not a..."shill". Thankfully I did have a great experience and actually I had been referred to Heritage Education Funds through a colleague at work who also had a great experience enrolling all 4 of her kids with Heritage Education Funds RESPs and her daughter is now on her second year of university, without a complaint. One thing to keep in mind that unfortunately people don't always naturally think to write positive reviews when they have positive experiences, but rather only when they have had a poor one. I strongly believe that behind the several negative threads here on Red Flags there must be many happy customers out there. I beleive that every product and service has its pros and cons, and please do not get me wrong, I am not saying that Heritage is perfect for everyone, but if you are looking for a long term Education Savings Plan with a credible Group RESP provider, I highly recommend Heritage Education Funds. Hope that helps!
I feel the same way about group RESPs that I do about Investor's Group products...when you have to go through all sorts of hoops and abide by every little (often hidden) condition to get your money back, well, there are much better alternatives. Quite frankly, I can't see one advantage of going with a group RESP over a self-directed one at the bank.
Deal Expert
User avatar
Jun 9, 2003
24880 posts
2016 upvotes
Markham, ON
MariaLopez82 wrote: When my son’s plan matured last year, Heritage Education Funds deposited the principle (the funds that I had contributed) within the first week of August, because I had submitted all of my required documents (including the maturity application, banking information, void cheque and proof of school registration) by July 31st. The money was posted to my account listed as “Heritage Education Funds”. My rep was great! Once my son figured out which school and program that he wanted, and was registering, we had already reached out to her and she helped us with the apps and gathering the documents needed to speed up the process. But she also referred us to this page on the company site, www.heritageresp.com/maturity that really helped. So I really recommend you reach out to your rep for help or just call the customer service at 1-800-739-2101. Hope that helps. Our Heritage Education Funds plan really did help benefit our son, so I am happy to spread the word!
SO F'ing busted....it's not real...

http://ca.linkedin.com/pub/maria-lopez/36/1a1/5b3

shame shame on you.


Clear example of how these guys are crooks
Moderator
May 28, 2012
11379 posts
3600 upvotes
Saskatoon
thelefteyeguy wrote: SO F'ing busted....it's not real...

http://ca.linkedin.com/pub/maria-lopez/36/1a1/5b3

shame shame on you.


Clear example of how these guys are crooks
So can we assume that people who work for this company are out and out liars? Coming on here to shill and then lying about it? Why would anyone trust them with even a nickel?
Jr. Member
Apr 28, 2010
130 posts
47 upvotes
My experience with getting back the money my parents invested for my education was pretty awful.

1) The customer service reps will just send you the link that faker above me posted and tell you read that.
2) I had to jump through so many hoops to get the process to which I could get the rest of my money back (they give you your principal no problem)

Not worth the hassle.
Newbie
Jan 27, 2009
2 posts
Oakville
I know this is an old threat but reality is something like RESP is a long term commitment and experience so it does not really get old.

I have had 3 contracts with Heritage for my 3 kids. We started all just about the same time nearly 18 years ago and this year the 3rd has started University.
At first the sales group also did some of our insurances and they came to our home and were quite helpful. Once we signed up though it seemed the "office" got sold and reorganized several times.

The after years of paying in (and there were a few very challenging years where they had no flexibility at all) it was time to cash out.

My experience has been awful and truly in the lower 25 percentile of experience in the professional services world. I thought when I had to argue and work to get my first set of funds released that that was a once off. But by now on my 4th year of pain and every single year the same. Supply documents as requested and they need more or cannot accept or whatever the excuse for delay is. Some documents are specifically provided by the schools for the RESP process but still not acceptable. Which just causes so much hassle and wasted time. I get sometimes there are issues that need help but that is what customer service is supposed to help with and if you look at the fees these guys take it it borderline outrageous.

In contrary my partner went with one of the big banks and payin and payout was like a non-event.

I certainly cannot and would not recommend Heritage RESP. In fact I regret that we ever got involved and wish we would have done more research at the time.
Newbie
Nov 1, 2018
1 posts
Thanks for the info, I'm pretty scared about this re-accruing fact of Heritage not release peoples money, especially since I am 12 years into an RESP with them and it's likely not worth it to drop out now, or maybe it is... Is there any advice you can give to help expedite the release of funds?

Thanks in advance.
Newbie
May 11, 2017
59 posts
12 upvotes
We have found no trouble getting our funds each year (3 years of university behind us so far) but the return has been dismal. Approx $8000 in the first year and $2300 each year so far. Plans been in place since she was an infant.
Newbie
May 27, 2019
1 posts
Getting your money out is a confused process. I'm mild mannered but I was fuming by the end. I would never use this company if I could go back in time.
Newbie
Aug 26, 2017
5 posts
We have been with them for 12 years and We just closed our kids accounts. They took 20%off and it takes 45 businesses day to process. Wow!!!!what a rip off and 6-8 weeks for the process....

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