Written in 2015 when I tried to deposit funds into my son’s RESP. Sounds simple, but yet another blocked transaction happened. Stay away from Bank Mutual fund accounts.
Again, I am tripped up by my “investing profile” at TD? Yes, due to my Mutual Funds account investing profile was not “up to date”. Thus, my risky transfer from a Money Market Fund, to a Bond Fund was blocked. What do I mean by blocked? It was disallowed and my money remains in the Money Market Fund.
I sent the following message:
So AGAIN, my transaction in a TD Mutual Fund account is BLOCKED because my “Profile” is not up to date? I was just in my bank branch, having to do the EXACT SAME THING for another Mutual account, yet I must do it again?
Can I do this online? If not, why not? My level of frustration with this system is nearing a critical level, and feel that while it is good that you care enough about your customers to ask them about their investing needs, I am also growing weary of having to wander into my local branch to update my profile once a year.
I figured I’d hear nothing back, however, I got the following even more frustrating message back, using the secure message feature of TD’s On-line banking interface.
Thanks for connecting with us. I am happy to offer further guidance.
The idea of reviewing your investments once a year is to make sure they still align with the level of risk that you are comfortable with. Since your investment goals and some events in life might have changed, by reviewing your profile, you are reducing the chance of being affected by unpredictable changes.
You can revisit your priorities and review your Mutual Funds Investment profile by calling us at 1-866-222-3456 option 5. A licensed representative will be happy to assist you with your Mutual Funds from the comfort of your home.
I trust this will help. Please let me know if you have any other questions.
Blocked Transaction Next Steps
How does this address my query? How is this helpful? Telling me that yes, you need to review your investing profile every year seems to suggest my e-mail was not quite understood?
This has now convinced me. I only have 2 TD Mutual fund accounts left, and I will be closing those, enough is enough.