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RDSP update and a TD Explanation

in Autism, Registered Disability Savings Plan

This was written in 2013, and I note that with this RDSP Update TD said they would fix my issues with depositing, however, as I have stated, this has not happened.

After my article TD and their RDSP Program, I received a phone call from a 1-800 number at my office (for my real job).  I get a lot of “phone spam” at my office, and normally I don’t answer such calls, however, I did answer. I was shocked to be speaking to someone from the TD/Waterhouse team that wanted to talk to me about my RDSP posts.

My first reaction was fear that TD had unleashed one of their Media Piranha (or worse one of their Great White Shark Lawyers) on me, but no this gentleman was very polite and cordial. My next reaction was, how the heck did you guys sleuth from my On Line Persona of the Big Cajun Man who I really was, but that isn’t that hard.

The gentleman on the phone wanted to chat with me about my post about RDSPs, so I jumped on that and pretty much regurgitated my posts and my concerns about being able to do anything on-line (and I also outlined how painful it had been to set up the account in the first place). I must admit the gentleman was quite patient listening to my diatribe about my woes with the system, but I actually got a very plausible explanation on why I couldn’t do what I want.

Simply put, it is a system flaw, that won’t allow me to trade within the account or transfer money to the account. The flaw has to do with the account naming, and how the system deals with it (from what I understood this is an issue with a few other account types as well). This seems plausible to me, as I have spoken to various TD folks along the way and they have said to me (in confidence) that there is a great need for a streamlining of how all the TD accounts interact with each other. This arises from the TD/Canada Trust merger and also from an aging infrastructure (this is my conjecture, for any TD folks reading along here). So this is a “system bug” that needs to be remedied before I can do what I want (which is to transfer money in easily, and to make trades in the account as well).

When Will it Be Fixed?

That was the good news, the bad news was that this fix is being included with a larger system change and really won’t be available until the end of 2013.  So I will have to wait until early next year before I can do what I want is the message that I got.

NOTE: For now the ONLY way to deal with my son’s RDSP is over the phone, it is not accessible from a TD bank branch either (I was in doing RESP work and asked, and was told, we don’t do that here), so you must use the TD/Waterhouse 24 hour phone folks to do any transactions for your RDSP.

I appreciate the fact that TD reached out to me to explain and possibly placate my rantings, I just wish they could fix this problem.



  • Bet Crooks February 16, 2013, 1:50 PM

    Interesting that big brother is watching you! Kind of makes you wonder why they don’t invest the same $$ into their IT department as they do into their media relations department.

    Here’s hoping the change goes through smoothly and soon. And you should feel some personal satisfaction in knowing that your public airing of these problems may very well have ensured this fix gets put higher up the list!

    • bigcajunman February 16, 2013, 4:08 PM

      I think I am most proud of the fact that I didn’t knuckle under either. Yes, here is hoping they can put the fix in very soon!

  • Greg February 12, 2013, 9:36 AM

    TD sure seems like a pain. Ever think of using different financial institutions?

    • bigcajunman February 12, 2013, 9:49 AM

      I am already, with PC Financial, it’s just a question of what puts me over the edge to move on. If you search on “Change Bank” you’ll see my many stories of the banks I have already left!

      • Greg February 12, 2013, 11:00 AM

        I see. Given all the trouble you had with withdrawing from RESPs at TD I’m curious why you chose them for your RDSP. My experience withdrawing from RESPs with MD Financial was easy, phone calls and emails with efficient people who knew what they were doing.

        I guess the options for RDSPs are somewhat more limited, I only see 12 institutions offering RDSPs at http://www.hrsdc.gc.ca/eng/disability_issues/disability_savings/financ_org.shtml.

        • bigcajunman February 12, 2013, 11:14 AM

          I had already opened and deposited money into the RDSP BEFORE I started taking money out of the RESP (I think). Maybe I am just a GLUTTON for punishment too?

  • schultzter February 12, 2013, 8:59 AM

    I have to admit after I diatribed about TD’s RESP e-accounts I was contact by “someone from the vice-president’s office” so I have a real love-hate feeling towards TD.

    On the one hand they’re incredibly proactive and take their customer service to a whole new level.

    On the other hand, they also gave me the “that’s how our system works, we know it’s not perfect, but it will take time to fix” explanation.

    So as much as I would have loved to have kept my RESP’s with TD I just couldn’t – it wasn’t workable. Unfortunate.

    • bigcajunman February 12, 2013, 9:49 AM

      Agreed! This might be the straw that broke the camel’s back, and I may move all my money into my mattress.

  • LifeInsuranceCanada.com February 12, 2013, 7:21 AM

    Aah, the old ‘it’s the computer’s fault’ trick!

    But there’s a deeper lesson here. Sometimes good customer service doesn’t require an answer or even a rationale reason. Sometimes it’s enough to simply pick up the phone and give customers information and a status update.

    • bigcajunman February 12, 2013, 7:31 AM

      But that might entail caring about your customers, right?


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