• Last Updated:
  • Apr 5th, 2020 11:24 am
[OP]
Newbie
Jan 21, 2015
12 posts
1 upvote
Toronto, ON

Questrade Issue

Hello. I recently opened my TFSA account with Questrade earlier this year. The process went fine. I funded it from my RBC account.

But when I opened a RSP account. They refused to activate it even though the fund comes from the same RBC account. They are holding my $1000. I provided all identifications and bank statement and documents. But they still refuse to activate it. They claim the name does not completely match. My nick name is included in my RBC account as my middle name. I have contacted their CS several times and had discussion about this but no one will help. They have been holding my money for several weeks now. This is the worse time for a corporation to hold money from customers during a pandemic and economic crisis.

I would rather donate my money to the food bank to help Canadians instead of them making profit from it. What can I do to get my money back? Please help.
6 replies
Deal Addict
Sep 19, 2009
2070 posts
867 upvotes
Toronto
JoeCruzer wrote: Hello. I recently opened my TFSA account with Questrade earlier this year. The process went fine. I funded it from my RBC account.

But when I opened a RSP account. They refused to activate it even though the fund comes from the same RBC account. They are holding my $1000. I provided all identifications and bank statement and documents. But they still refuse to activate it. They claim the name does not completely match. My nick name is included in my RBC account as my middle name. I have contacted their CS several times and had discussion about this but no one will help. They have been holding my money for several weeks now. This is the worse time for a corporation to hold money from customers during a pandemic and economic crisis.

I would rather donate my money to the food bank to help Canadians instead of them making profit from it. What can I do to get my money back? Please help.
Be patient and learn from your own mistakes. A name match between accounts when doing electronic funds transfer is a legal / regulatory requirement in Canada.
Member
Sep 18, 2016
330 posts
284 upvotes
Sorry for your run around OP. But I don't see how this is Questrade's fault.
Index Investors, the Vegans of the Investing Industry

Interesting to see that you still don't grasp in the slightest how the principle idea of div investing works.
[OP]
Newbie
Jan 21, 2015
12 posts
1 upvote
Toronto, ON
I asked the question to the CS - Do I get my money back when I closed my RSP account? No one is getting back to me.

I will end up needing my money soon if the lockdown last any longer. I can help family with the $1000 instead of Questrade holding it and making profit from it.

Please help.
Deal Addict
User avatar
Dec 4, 2007
4000 posts
1663 upvotes
Quebec
good luck with that, they hold more than a month almost 100k of my money when i transfered all my rrsp from another bank to questrade. even my money disapear from the original bank, qt still hold it for more than a month.

sorry if you miss some "opportunity" to make nice profit, but you cant do nothing while they make the verification to release your money. i know its really frustrated.
[OP]
Newbie
Jan 21, 2015
12 posts
1 upvote
Toronto, ON
Thank you for sharing your experience. I have decided to get my money back and help family and Canadians during the crisis we are in.
Member
Sep 18, 2016
330 posts
284 upvotes
will not be 1k after taxes
Index Investors, the Vegans of the Investing Industry

Interesting to see that you still don't grasp in the slightest how the principle idea of div investing works.

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