RESP This Round Finally Ends ?

in Rant, Registered Education Savings Plan

As part of my RESP stories this one is more of a rant. This was the first time I tried to do an RESP withdrawal of funds. At the time of writing this (2009) the rules were simpler. Now you must also have a proof of enrollment to get at the funds. I was unaware of the RESP withdrawal rules at the time, thus my frustrations.

I have been trying to do an RESP withdrawal from a TD Mutual Funds RESP (Registered Education Savings Plan). See the previous links at the bottom of this post, for more information. I can report that, yes, I have finally completed an RESP withdrawal from the TD Mutual Funds system.


As a prologue to my attempt at explaining why things took a long time for this part of the plan, I will plead guilty that I procrastinated a little, because most of the cost of my daughters’ tuition was sitting on my PC Financial Mastercard (which got me a lot of PC Points!), but about 2 weeks before my bill was due I decided to finally act, and try to set up an appointment to get at my TD Mutual Funds RESPs (Family) for my daughters.

First I called the front desk of the branch I normally deal with, no answer, so I decided to call back. When I called back, still no answer, and again the third time I called, so I finally left a message (when in Rome, I suppose, although if I had talked to the person who answers the phone, I could have made my appointment then, but I decided to leave a message that I wanted to make an appointment with the person I normally deal with at the branch). I then waited for a call back.

I got a call back, to my office, but I wasn’t there (two days after I left the message). I called back and left a message directly with the person who called, with the note NOT to call me after a certain time at work, to instead call me at home, to set up an appointment (you can see where this is going, can’t you?). This game of phone tag continued, with messages being left at my work after hours, until I finally gave up and went directly to the branch (this is 8 days into the 14 days allotted before I had to pay my bill).  Wasn’t this in a Seinfeld episode?


Once I finally met the receptionist, I was told that the person I wanted to deal with was very busy. I should have called to make an appointment.

Dear reader, I kept my cool (very hard to believe, I know), and did not respond, I was then told that the representative was too busy tonite, and that since she was going on vacation so I was going to have to deal with someone else if I wanted it done in the next few days. I finally was given an appointment with a gentleman the night before my Mastercard bill was due. I must be fair and say I did drop by on a Thursday night, but was given an appointment on the following Tuesday (admittedly due to the Thanksgiving weekend).

All of this because there is no on line capability to actually cash in my daughters’ RESPs, with TD Mutual Fund RESPs.

Tomorrow, we actually get to the actual cashing in of the RESPs.

Read my article on RESP withdrawal redux, where I talk about the RESP withdrawal rules. I do not mention the Letter of Enrollment, and that is key to the RESP Withdrawal.

The other posts about this particular attempt at extricating money includes:


  • Lewin October 23, 2010, 11:36 AM

    RBC works similarly: It’s easy to add money online, or upgrade your services, but any withdrawal or downgrade requires talking to an actual person (on phone or in person) so they can try to talk you out of it. Last week it took me 15 minutes on the phone to remove the overdraft protection on my chequing account (and its $3/month fee).

  • larry macdonald October 19, 2010, 11:21 AM

    Had me chuckling this time, Alan. Reminds me of my former TD Bank branch.

    • bigcajunman October 19, 2010, 11:22 AM

      It is funny NOW but not during that is for sure.

  • Joe October 19, 2010, 12:42 AM

    Are bankers so lacking in common sense that they cannot follow simple instructions as to when to call you on either your home line or your office line?

  • Michael James October 18, 2010, 8:51 AM

    This RESP saga is getting to be epic. Maybe you should call up the bank and say you want to buy $500k of expensive mutual funds, but first you want to take care of a small matter with your RESP.


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