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Email this2:01 pm
November 3, 2022
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In considering opening accounts at Achieva, I have investigated their fee structure, and discovered a category that I've not seen at other FIs, at least not in the way it is presented on Achieva's web site.
When it comes to fees for registered plans, the Achieve site has a line stating:
RRSP/RRIF/TFSA Payout
$275/hour (1 hour minimum)
What does this fee cover? By payout, are they talking about transferring registered funds to another custodian?
If so, I thought that there was a statutory cap of $150 on such transfer fees?
If anyone has experience with this particular fee, please share further information.
3:20 pm
August 4, 2010
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It's probably when they have to deal with something like distributing through an estate, where they might be payouts to various beneficiaries, dealing with the executor and paperwork on that, etc.
3:42 pm
October 21, 2013
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I haven't checked out their fee page, but, usually, when there is an hourly charge, it is for research, i.e. looking up old records you requested, or for providing some other special service you requested.
5:28 pm
April 6, 2013
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Never seen any financial institution charge hourly for registered account transfers. It is likely a typo in their service fees schedule. Someone just copied and pasted the T3 Estate Preparation fee twice:
| … | |
| Incoming Wires | $15.00 |
| NSF Charge | $45.00 |
| RRSP/RRIF/TFSA Payout | $275/hour (1 hour minimum) |
| T3 Estate Preparation | $275/hour (1 hour minimum) |
7:38 am
November 22, 2023
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Agree with Norman. I don't think even a big bank would charge that much (and hourly) for a transfer, let alone a credit union.
Most likely they are making a distinction between a transfer, withdrawal, and a payout. My best guess is that a payout is when a the registered account collapses because the holder died.
Anyone who has been an executor of an estate knows that it can be an onerous task.
8:28 am
August 4, 2010
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There may be a distinction between "T3 Estate Preparation", which might be where they have to work with executor to confirm their authorization to act, getting the copy of the will from them, and preparing the "day of death" T3 slip(s) and converting the account to "estate of...".
The executor would then have to submit the last tax filing to CRA and do a bunch of other probate stuff. At some future point, the executor has to arrange to have the account be distributed to one or more beneficiaries, what they are calling the "payout". It could be a goof, but it is possible it really is two separate services that they want some minimum fee for, that aren't the simple case of transferring or closing the account by a (living) owner.
9:00 am
November 3, 2022
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Interesting speculation about Achieva's fees. What I could not find on their web site was the fee to transfer registered funds out to another custodian/institution.
Most FIs list their RSP transfer fees clearly, but the closest thing on Achieva's fee page is this $275/hour fee.
Maybe it's time for me to query them directly?
UPDATE: It took next to no time to get online feedback from Achieva, which is good news in itself.
Turns out there are no fees to transfer registered funds out of Achieva to another institution. The $275/hour fee is for payouts due to court orders - such as bankruptcy proceedings, and probate orders.
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