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Email this7:27 am
October 22, 2015
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Question for the community. I have three GIC RRSP's coming due in September. I want to get them out of where they are (Tangerine and PC Financial) and move them to a smaller bank where I actually may get some interest. Of course I will get charged $45 per RRSP to get them out, but I wondered if anyone had any luck getting the incoming bank to cover any or all of those transfer fees?
Thanks in advance! 
7:58 am
December 23, 2011
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Some will. And may only offer once. Can you accumulate the GICs into a GIC savings account and minimize the number of transfers? Ask the incoming FI what they will do for you.
9:15 am
August 4, 2010
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Brokerages will often reimburse transfer fees from other brokerage accounts - they are assuming there will be a benefit to them with ongoing transactions. I don't know if I've seem much about people getting reimbursed for vanilla RRSP accounts between banks - I'd guess it would be rarer, since there would be less future benefit. And especially with a small, high-interest bank, they are putting their money into the rates, not sweeteners.
9:50 am
October 21, 2013
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Most banks and credit unions which, themselves, charge for transfers-out, will reimburse you, to a limit. They get it back when you leave them later. You have to ask them individually, as these policies are not written down anywhere for the public to access. Get it in writing by email. You shouldn't have a problem, in most cases, with the $45 that Tang charges. I don't know what the fee is at PC, but $50 should not be a problem either. Some FIs limit the amount they will reimburse in accordance with the size of the account.
The ones that don't charge a transfer-out fee will not reimburse, which is understandable.
Before you actually order the transfer, you should contact Tang and PC and see if they will compete on rates. No harm in asking.
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