Setting up a RESP - Page 2 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

7uongo · 02-09-2010, 08:37 PM

Quote:

Originally Posted by eddly

My intent was to get more info related to the process of setting up a RESP as they made it a little unclear.

sure buddy,
you could've asked the simple question "what's the process of setting up an RESP?", but you'd rather put us through the paragraphs of your experience with how long he's made you wait and how he was watching a Canucks vid.

what's the real story? did they charge you alittle extra on service charges? did they hold your cheques?

eddly · 02-10-2010, 11:52 PM

I spoke to the CIBC person I was dealing with again today and I asked him about the $50 per year fee again. He admitted that he was wrong about that, apparently there are no fees. It certainly seemed strange at the time. Thanks again for the info.

algernon · 02-11-2010, 07:41 AM

7uongo, are you a nook people?

yads · 02-11-2010, 08:54 AM

Weird, our CIBC guy came to our house and was quite knowledgeable in the matter. I'd call them up and tell them to give you a new adviser.

eddly · 02-11-2010, 01:19 PM

Quote:

Originally Posted by fotze

Oh sure buddy. Just keep spreading the CIBC hate, talking about this and that.

Anytone think 7uongo works at CIBC?

Probably. He'll be happy to know that I'll keep my RESPs with CIBC now. I'm moving tomorrow so I'll be working with a different branch from now on too.

4X4 · 02-11-2010, 02:34 PM

Quote:

Originally Posted by fotze

Oh sure buddy. Just keep spreading the CIBC hate, talking about this and that.

Anytone think 7uongo works at CIBC?

Dunno. I wonder if there's a way to see which ######y posters were banned from CP between May 11 2009 and November 22 2009 and then search their post list for for keyword CIBC.

Bobblehead · 02-11-2010, 03:01 PM

Quote:

Originally Posted by fotze

If you bank on CIBC be ready for an onslaught of late night or dinnertime calls from them trying to sell you crap. They seem to really like that sales method more than other banks.

That used to be the case, but I haven't had a call from them in a long time so perhaps they cleaned up their act.

jayswin · 02-11-2010, 03:21 PM

R E S P do do do, tell me what it means to you!

Agamemnon · 02-11-2010, 03:31 PM

Quote:

Originally Posted by 7uongo

If you had a problem with this banker, why not request to see a more senior banker, or a manager? I had to a few times. No but wait... you've already made up your mind cause you're closing out your accounts in a few months. Have fun with TD, Scotia, RBC or BMO because they wont be facing the same turnover problem you've had at CIBC

This green text is brutal... one of the worst internet conventions ever. The whole point of sarcasm is that it's supposed to be subtle. Using green text is like announcing to everyone in a conversation that you're about to be sarcastic... kind of takes all the wit and fun out of it.

My co-worker set up an RESP at Scotia recently and had no problem, in and out.

WilsonFourTwo · 02-11-2010, 03:42 PM

Quote:

Originally Posted by eddly

I tried setting up a RESP today. It was one of the most painful experiences I've gone through for quite a while. The person at CIBC that tried to do it seemed to not know what he was doing at all. After two hours of working with the CIBC guy to set it up....

SNIP

Ya, it can be a bit of a hassle. It took me a couple of visits to get it done properly when I set one up for a niece. I have a couple of specific thoughts for you (some advice, some opinion).

1. Put up with the hassle and get it done. It is worth it in the long run.

2. Most providers will enforce a minimum initial contribution ($250-$500 typical). Also expect that your future contributions will have to be a certain size (~$50 typically) as they don't want to process a bazillion $5 deposits.

3. Being charged a management fee sucks, but that's pretty much how it's done. The banks typically charge a standard MER %.....1.5% to 4% is common.

4. If ANYONE ever tries to FORCE you to do something, take your business elsewhere. It's your money.

5. Speak with the Branch Manager about the idiot salesperson you had to deal with. Most of those fools at the bank are not qualified financial advisors in the first place and shouldn't be dispensing advice. To put up with a salesperson (which is what they really are) that doesn't know how to sell the company's product is stupid.

6. See point number 1.

Bobblehead · 02-11-2010, 04:19 PM

Quote:

Originally Posted by fotze

They phoned me last night. It may be the aeroplan visa I had for a long time, they phone me and buddies selling that minimum payment insurance.

I know I have gotten that before, but I can't remember the last time they bugged me about that. It has got to have been over a year.

7uongo · 02-11-2010, 06:56 PM

Quote:

Originally Posted by fotze

Oh sure buddy. Just keep spreading the CIBC hate, talking about this and that.

Anytone think 7uongo works at CIBC?

would be nice if CIBC can compensate me for sticking up for their staff. Oh well, the free office supplies I get from my brother is enough

7uongo · 02-11-2010, 06:58 PM

Quote:

Originally Posted by 4X4

Dunno. I wonder if there's a way to see which ######y posters were banned from CP between May 11 2009 and November 22 2009 and then search their post list for for keyword CIBC.

awesome

4X4 thinks im a ######

say, dont you have pedestrians you could be unintentionally killing in the left hand lane?

jayswin · 02-11-2010, 07:07 PM

Quote:

Originally Posted by 7uongo

awesome

4X4 thinks im a ######

say, dont you have pedestrians you could be unintentionally killing in the left hand lane?

If pedestrians are in the left hand lane of the road, then I'd blame them rather than 4x4.

4X4 · 02-11-2010, 07:10 PM

Just to be clear, your douchiness took a turn for the worse when you whined in the help forum about Nick's thread. You're a tool.

7uongo · 02-11-2010, 07:10 PM

Quote:

Originally Posted by flameswin

If pedestrians are in the left hand lane of the road, then I'd blame them rather than 4x4.

because they should know better!

7uongo · 02-11-2010, 07:17 PM

Quote:

Originally Posted by 4X4

Just to be clear, your douchiness took a turn for the worse when you whined in the help forum about Nick's thread. You're a tool.

okay there cool guy
If you're calling me a tool, I guess I'll have to start crying now

Deegee · 02-11-2010, 07:45 PM

My last experience with CIBC was me pulling my hair out to get them to close my account.

"You're not at your native Branch so you can't close your account".

WTF I lived a 2 hour drive from my home Branch. Eventually I grabbed the one lady who worked there and mentioned I knew her husband. Only then did I get the account closed, but was told "we normally don't do this unless your home Branch is here" line.

Dear God. That hassle alone made sure I won't ever bank there again if I ever leave my current place of banking.

eddly · 02-11-2010, 08:09 PM

Quote:

Originally Posted by Deegee

My last experience with CIBC was me pulling my hair out to get them to close my account.

"You're not at your native Branch so you can't close your account".

WTF I lived a 2 hour drive from my home Branch. Eventually I grabbed the one lady who worked there and mentioned I knew her husband. Only then did I get the account closed, but was told "we normally don't do this unless your home Branch is here" line.

Dear God. That hassle alone made sure I won't ever bank there again if I ever leave my current place of banking.

Oh sure buddy. Just keep spreading the CIBC hate, talking about this and that.

JFK · 02-11-2010, 09:20 PM

Quote:

Originally Posted by 7uongo

would be nice if CIBC can compensate me for sticking up for their staff. Oh well, the free office supplies I get from my brother is enough

The company your brother works for is horrible.