Canadian Personal Finance Blog

As my regular readers know, I complain about TD very often, since they are my bank of choice (for now), and I am also a shareholder, and I must again pull out this topic.

Today I received confirmation from TD Waterhouse that my new RRSP account had in fact been created (I actually did this last week in a TD Branch). The documentation included with the confirmation package said, I needed to send in proof of identification, if I hadn’t already  to activate the account (I had to re-read that to figure it out), which annoyed me, but I let that one slide (I had my license copied enough times in the branch). So I am assuming my account has been set up (this might bite me later).

I then had an epipheny that I had not seen the account appear on my TD Web Access page, but figured, maybe I hadn’t noticed, so I logged in, but NO the account was not on my account list, and that is when the bottom dropped out of my patience.

I had spent over an hour setting up accounts and now they don’t show up on the web access page? I had actually asked to ensure I had access to the E-Funds (that the Canadian Capitalist uses in his Sleepy Portfolio) that are ONLY available through the web, yet no sign of the account, on the Web Portal.

I then had to call into TD Waterhouse and spend another 25 minutes getting this 1 account added to my web access. At the end of it I was livid that I had to spend that much more time to get access to an account that was obviously set up to be web viewable.

The problem seems to be that TD’s “computer systems” for building accounts between their various “parts” (TD, TD Waterhouse, TD Mutual Funds, TD Credit, TD Visa, etc.,) don’t seem to talk much, and they all use their own darn forms and ways to build new vehicles for their clients. In this day and age, this is ludicrous, but I have heard that TD is looking at revamping this in the next 10 years. 

If anyone from TD is reading this, please feel free to pass on to your leaders that as a Shareholder I am appauled at this cavalier attitude toward your account holders and worse still it is bad business, so as a shareholder I am even more sickened.

A more streamlined system that allows for customers with all of the various TD vehicles integrated create new vehicles and services, needs LESS human help to do things and the more automated it is, the less you have employees that must interface with IRATE customers like me! Less employees, means more profits. Ease of use is simply good business practices.

TD please clean up this mess, soon!

No wonder I don’t like paying bank fees.

Fruitful Bank Trip

My visit to the bank was quite fruitful.  I arranged to get money out of an RESP (evidently there are two ways of doing it):

• EAP which takes out the CESG portion of the RESP
• The other thing that takes out the other part, which I did

Tax implications? No bloody idea, I’ll figure that one out in February.

Opened a self-directed RRSP with TD, and ensured I could get at their E-Series index funds (another point well made by the Canadian Capitalist).

Opened a Locked In Retirement Account, well sort of did, filled in the forms, yet another system in TD which is all paper based. Found out from our service rep there are 5 different systems she deals with (at least) and none of them talk nicely to each other and many are still mostly paper based. Maybe TD can use their HUGE profits to fix that?

Finally, I got free banking for a while too. This time I phrased it in a way that made our rep happy to give it to us, and thus I don’t have to pay for banking for a while longer.

I love it when a plan comes together!

Owe for 3 on Stocks

After bad mouthing Scotiabank, BMO and Nortel yesterday, on Wednesday they all rebound back…

• Nortel up 5%
• BMO up 3.6%
• Scotiabank up 2.26%

I can sure pick them, can’t I? I have pointed out this is NOT where to get your hot stock tips, have I not? One day does not a trend make, and given most stocks were up, could be just a “follow the leaders rally”, but again, don’t take my advise on that one.

Humor

Here is a rhetorical question for the lady readers, would you go to LaSenza to a “Sports Bra Blow Out” sale? Something about that advertising doesn’t sound right to me.

BMO Numbers Stink

Is now the time to buy then? I have no bloody idea, but it is an interesting question to ask.

BMO announced their numbers on Tuesday Morning, and they were crappy. Not crappy like Nortel numbers (which are really crappy), crappy where they didn’t make enough money to make analysts happy. Does this mean we should all run out and buy stock because they did such a bad job? OK, maybe I phrased this incorrectly, but that is basically what I am hearing from some analysts, “Buy now because the stock is lower, and it is a stock with good solid foundations”. 

If a company performs badly and puts out bad numbers, and the stock drops in values, I should buy the stock? This is an over simplification, but that is some of the advice I have heard, and that I heard during the Tech Bubble explosion too.

I have never really figured out when is the best time to buy stock, so I just buy when I have the money and hope for the best. An odd tactic, but that is the way it works for me.

Scotiabank Sucks Too

Scotiabank announced at 2:00 PM and their numbers did not make analysts dance for joy either. Should we go out and buy Scotiabank now too? Don’t ask me, I just report this stuff, should you invest in a company that had their profits drop by 2%? At least they have profits, is one way of looking at it.

Today Bank Attack

Today, I walk back into my bank and will attempt a few precise financial manoeuvres:

• Set up an RRSP for me
• Investigate how to set up a locked in retirement account
• How to extract money from an RESP, which is interesting
• Try to get no fee banking for another year

I want 4 out of 4 success, I’ll keep you all posted.