RDSP: Banking Challenge Ignored

inRant, Registered Disability Savings Plan

I wrote this in 2014, and have not heard anything from any major bank in Canada on the subject of RDSPs. The only time I do talk to a bank about RDSPs, is when I call to move my son’s money around.

I have waited 2 months for any bank or their representative to respond to my challenge laid down in RDSP: Question for Canadian Big Banks, and I am chagrined to say that none of them have even sent me a “Shut up you silly man” e-mail or comment yet.

Pablo Picasso's Don Quixote
Pablo Picasso’s Don Quixote (which is who I feel like right now)

I have done my best, I have complained to TD/Waterhouse about how archaic their deposit system is for their RDSPs, I have called out every other major bank for not offering anything other than GIC’s and Bank Based Mutual Funds for their RDSP solutions, and I have whined all over David Hodges at Money Sense (see the article), but nothing seems to want to change.

What are some next steps we can try? I would suggest that if you feel strongly about this contact your bank and voice your concerns, and if they ignore you, contact your member of parliament, as I will be doing today (my member of Parliament is Pierre Poilievre and he even has twitter, so let’s see what he does with a Tweet as well). Can an MP do anything about this? Maybe not, but maybe they need to be aware of it.

I would also suggest Tweeting your bank and ask them why the RDSP is being treated so shabbily ( maybe link to my original post as background ).

If you follow me on Twitter, you will see a sample tweet around 9:30 AM today (it is to my Bank TD asking why their deposit system is so cumbersome). I am not espousing SPAM’ing the heck out of the Twitter world with this, but it does seem that Tweets get addressed more than E-mails these days.

Maybe I am acting like Don Quixote on this subject, tilting at the Windmills that are the Canadian Big Banks, but I am tired of settling for the “we will get around to it eventually” response I get from anyone I talk to about this.

Epilogue

I’d love to say I spoke to folks and things got much better, but that would be a lie. I suppose it is time to start tilting at this windmill again.

{4 comments}

  • Garry SelfJanuary 7, 2021, 11:29 PM

    So, unofficially, you may be able to make a payment in your RDSP account using the Bill Payment feature of your chequing account.
    I have heard of it working with both CIBC and Tangerine, but I have also heard of it failing for someone with a TD account. Go figure!
    Use this with care – try with a tiny amount if you want to experiment.

    Reply
    • bigcajunmanJanuary 8, 2021, 7:32 AM

      Interesting, I will see if that angle might work for me! Thank you for the update.

      Reply
  • Brian Poncelet,CFPMarch 27, 2014, 4:13 PM

    BCM,

    As bad as the banks are insurance companies are worse! My understanding is no insurance companies offer RDSPs. On the bright side you could have EFT’s, stocks, etc., National Bank is the custodian…these would be SMA accounts.

    Hope this helps.

    Brian

    Reply
    • bigcajunmanMarch 27, 2014, 4:35 PM

      A glimmer of hope? I will look into this.

      Reply

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