As most of you know, I have my son’s RDSP with TD, and it has been a learning experience for myself and I suspect for TD as well (we were very early adopters of the program), so I have gone back to TD to find out whether they have fine tuned their system to make it easier for parents of children that have disabilities (or loved ones).
I first asked TD via an e-mail, but I received a response which told me they could not reply to my query and that I should call the TD Waterhouse Customer Service line.
As a reminder currently the way I can put money into a TD Waterhouse RDSP (I believe the only RDSP possible with TD, currently) is:
- Place money into my TD Waterhouse “Normal” trading account
- Usually this is done by transferring money from my TD Chequing account to this account, if I do this, it takes a day or two to “clear”
- Call the TD Waterhouse folks on the phone, and ask for the money to be transferred to my son’s RDSP account. This normally does not happen instantaneously either, so another short wait.
- If I wish to buy ETFs, Index Funds, Bonds, GICs or whatever, I must then call back once the money has cleared, or tell the rep I am talking to when I make the transfer what I want to do with the funds being transferred in.
- When the Grant part from the government arrives (usually within a few months), if I wish to use the money to invest, I must then call back and instruct the TD Waterhouse rep what to do with the money.
No, this is not incredibly painful (i.e. I don’t have to go into the branch, I at least can do it in my house), I would prefer if:
- I could set up an “auto-saving” vehicle that purchases an Index Fund (or something similar) every two weeks (when I get paid), thus making saving automatic.
- If I could at least transfer and purchase equities on-line without having to talk to the nice folks at TD Waterhouse (i.e. do this all on-line)
Neither of these options are now available.
Last week I called TD Waterhouse Customer Service line and got a hold of a very polite chap called Rob, who listened to my questions, excused himself to go check with his supervisor and returned to tell me that nothing had changed, the system is still not optimum (in my opinion). I thanked Rob as he was sympathetic and very courteous with me (I think I was polite as well, but I can’t say for sure).
So here I sit, in the same place as I was in January, using a technically cumbersome system to try to set up a life savings program for my disabled son. If anyone else from TD wishes to comment or contact me I am available (you guys have already called me at work, so you know who I am).
Other RDSP Posts to Read:
- RDSP Completion of Initial Work which sums up what had to happen to set up my son’s RDSP with TD
- Registered Disability Savings Plan an introduction to the program.
- New Financial Programs are Never Easy I outline the steps we took to actually set up the account with TD
- No You Are Not Married to Him outlines the issues we ran into with my wife’s identity that got tripped by applying for the program
- RDSP the Journey Continues continues the saga of attempting to put money into the RDSP.
- The RDSP The Journey Continued is me ranting about how long it took to actually transfer money to the account (while watching the Monaco Grand Prix).
- RDSP: The Other New Government Savings Plan which is a guest post written as an overview of the program as well.
- RDSP and TD Aggravations is where I stood at the start of this year