Where is my money?

[Derek Sutton]

So my company does rrsp matching through Manulife. I looked at my account on Friday and noticed that I had no contributions for May. Sometimes it takes a few days after I get paid for the money to appear in my account, but it has been over two weeks now for my May 15 pay cheque. I'm pretty sure it will get there shortly but I'm missing out on interest in the mean time. I callled in to Manulife baout it on Friday, but sonce it was a Friday, I was told I'd be getting an email today, I did not receive anything so I will call them tomorrow. Anyways I just am lookoing for some more info on where my money "sits" before it appears in my account.

[Slava]

So my company does rrsp matching through Manulife. I looked at my account on Friday and noticed that I had no contributions for May. Sometimes it takes a few days after I get paid for the money to appear in my account, but it has been over two weeks now for my May 15 pay cheque. I'm pretty sure it will get there shortly but I'm missing out on interest in the mean time. I callled in to Manulife baout it on Friday, but sonce it was a Friday, I was told I'd be getting an email today, I did not receive anything so I will call them tomorrow. Anyways I just am lookoing for some more info on where my money "sits" before it appears in my account.

I would love to be able to help you but I can't really. While my licensing is through Manulife I'm not employee, so there really is no way to just look on a system or anything. In general though the process is that the money goes from your employer to the investment account. It shouldn't really "sit" anywhere in between. I guess it might take a day or whatever to be reflected in the system, but otherwise I can't really shed any light on this for you. Sorry, and hopefully it shows up soon I guess!

[Derek Sutton]

Thanks, I knew you wouldn't be able to speak to my case specifically! But I was more curious if this is common or a one time occurrence where a delay has occurred for whatever reason or if you could shed some light as to why this has happened. Does Manulife use the money in the mean time to make themselves some money?


We have most of our investments through Investors Group and I know there, they have some funds that you can only buy into once or twice a month, so I believe a portion on the monthly contribution is basically held in trust in the mean time, atleast that is how I understand it anyways.

[Slava]

Thanks, I knew you wouldn't be able to speak to my case specifically! But I was more curious if this is common or a one time occurrence where a delay has occurred for whatever reason or if you could shed some light as to why this has happened. Does Manulife use the money in the mean time to make themselves some money?


We have most of our investments through Investors Group and I know there, they have some funds that you can only buy into once or twice a month, so I believe a portion on the monthly contribution is basically held in trust in the mean time, atleast that is how I understand it anyways.

Well all I can really say is that in the group plans I have set-up the funds basically go from the employer to the employee accounts with no stop that I am aware of in between. Like the funds don't go into a Manulife account that I know of beforehand or anything like that.

I'm not sure of the arrangement at Investors Group that you're referring to. Perhaps its a specific type of account that you hold there and that's the reason for the delay in purchasing? Most of their funds are just plain mutual funds that I'm aware of and you can buy them basically whenever the market is open. That could be different though because everything there is proprietary and so I could well be unaware of specifics. Feel free to PM me though if you have more specific questions and I can try to help you on that front.