Im sure it was in the fine print somewhere or told to me when i set up the account..but when face to face with the teller asking her if it was OK to take it out and put it back or if i should just take it from another account (not with RBC)...she said it was fine..no prob to take it out or put back..im just upset she left out the part where i'd be penalized for doing so
TSFA confusion
- Thread starter George The Curious
- Start date
Im sure it was in the fine print somewhere or told to me when i set up the account..but when face to face with the teller asking her if it was OK to take it out and put it back or if i should just take it from another account (not with RBC)...she said it was fine..no prob to take it out or put back..im just upset she left out the part where i'd be penalized for doing so
Why would there limits on depositing money into an account? Why would anyone even think that..
If the bank knows there is a limit they should cap u and not let u deposit...it seems like a dirty trick....
I get it now but still a heads up would have been nice
And if i am doing the checking what is a financial advisor for?
Well, in my mind, I was still within the contribution limit because I just put back the same amount I took out a fortnight ago. I know it's written on cra website but this rule is quite counterintuitive and against common sense.
What most people are only starting to realize is that most bank employees (tellers, managers) are NOT money management experts and only know the bank procedures taught to them. They may know little to nothing about tax rules or sound investment principles.
What's more dismaying, even some (many?) of the so-called financial advisors at banks are little more than product salespeople. If you ask for a financial advisor, you really have no idea of the qualifications of the person the bank puts in front of you unless you ask.
http://www.cbc.ca/marketplace/episodes/2012-2013/show-me-the-money
Similar threads
