Guys, why does it take 6 weeks to transfer cash from my RRSP at one bank to my RRSP at another bank a few blocks away? Don't banks know that we have computers now?
Could be backlog from the back office at transfer out bank.Guys, why does it take 6 weeks to transfer cash from my RRSP at one bank to my RRSP at another bank a few blocks away? Don't banks know that we have computers now?
Quite surprising since they have JV with Mellon Bank here (CIBC Mellon). Mellon is quite efficient among of the custodian banks in US and Bank of New York is the main competitor.The bank was CIBC Wood Gundy.
To the best of my knowledge, it's common procedure to cut a cheque and courier to the other institutions if it's outside downtown area.I was surprised in this modern age that they actually cut a paper cheque which is sent via Canada Post to the other institution. Don't they know we have computers now?
Damn, that guy exposes the secret on how things run behind the scene, something I try not to describe in details, for fearing to make Rockslinger piss off even more.
CIBC was paying 1.15% interest and ING was paying 3% interest at a time when people thought the equities market was going to hell. No, I will not hand my money over to Madoff, Earl Jones and/or Jack Lawrence.Why the hell would you ever transfer from one bank to another bank?
Shouldn't this be in the "GIC Maturing" thread?How would you like 7%?
There are no laws per se regarding the business days to complete transfer but my guess will be barring that hiccup at ING, CIBC would probably say more days than on average to make the transfer more of a hassle or more importantly give you a "pleasant" surprise when the transfer is completed earlier than expected. It's under promise over delivered glimmick.Oh, the whole transfer process took 42 days. CIBC said delay was because ING forgot to tick one of the boxes on the transfer form. Otherwise, it would have taken "only" the regular 28 days. Isn't there some kind of law that says transfers must be completed in 10 business days. Yes, I was also charged a $135 transfer fee.