After attending my youngest daughter’s graduation, I decided to check on my son’s RESP to see just how much money we have so far for his post-secondary education, and thanks to that, I found out that my “Automatic Deposit” (set up many years ago), mysteriously stopped depositing November of 2015. Doing automatic withdrawal audits are important to do periodically.
I called my friendly TD Mutual Fund rep (yes, the RESP is still with TD Mutual Funds, even after I have ranted about them all along, feel free to comment “Do as you say!”), and they don’t know why this happened as well, just that the automatic deposits stopped on November 19th. The bank is now investigating it, after I opened a problem ticket.
This really does underline why it is important to check (periodically) on your saving mechanisms, to make sure they are still working as planned.
Why Withdrawal Audits ?
You should always check your automatic withdrawals are still working as you have planned. You should also be checking this for automatic bill payment systems. It is likely, however, your creditors might tell you quickly if you are not paying them as expected.