If you're going to withdraw every year, why not set up a RRIF with some or all of your RRSP?milton wrote:Hello, looking for tips on how to get around the fee to deregister RSP assets at BMO. According to their fee schedule, it.s $50. Goes down to $25 dollars if you have >$500k and $0 if your assets are >$10,000k. It.s going to be awhile before reaching Platinum Star level!
Will be deregistering $5k every year.
Has anyone successfully negotiated their way around the deregistering fee? Thanks for the tips in advance.
BMO Investorline
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Re: BMO Investorline
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I agree. It seems the obvious thing to do for some or all of the RRSP. Just don't RRIF more than one needs to, to stay within the $5k withdrawal desire.
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Just a few questions about BMO Investorline's Accountlink service. Perhaps someone here is using it and can help me as I've received mixed messages from BMO/BMOIL.
1. Can your Accountlink be your primary and only account under a BMO Banking Plan? In other words, hold no "regular" bank accounts with BMO and still have a Banking Plan (ex. Premium Plan) on your Accountlink.
2. Does a USD Accountlink also have 2 free debits per month?
1. Can your Accountlink be your primary and only account under a BMO Banking Plan? In other words, hold no "regular" bank accounts with BMO and still have a Banking Plan (ex. Premium Plan) on your Accountlink.
2. Does a USD Accountlink also have 2 free debits per month?
Re: BMO Investorline
1. My understanding is No, but a regular BMO chequing account can be linked I believe. You can use your AccountLink for Bill Payments if you wish but will be charged for transactions. The same would be for cheques I imagine (the Account Link has a full Transit number, etc. so chques should be able to be printed for it). BMO claims the AccountLink is primarily intended to just have access to moving cash and so free is limited.
2. I believe it is 2 free transactions per month, but maybe only 1. I know that I used my AccountLink twice one time to move cash from my BMOIL account to my BMO Savings Builder and I got charged for one of the 2 transactions...but it was reversed out. I forget the details.
I think if you want to use AccountLink for anything other than once/twice a month movement of money, then a proper chequing account would be in order.
2. I believe it is 2 free transactions per month, but maybe only 1. I know that I used my AccountLink twice one time to move cash from my BMOIL account to my BMO Savings Builder and I got charged for one of the 2 transactions...but it was reversed out. I forget the details.
I think if you want to use AccountLink for anything other than once/twice a month movement of money, then a proper chequing account would be in order.
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- snowback96
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Re: BMO Investorline
Yes, BMO-IL provides 2 free withdrawals per month. This includes any cheques, cash transfers, ATM withdrawals, bill payments, debits, Interac, in-branch withdrawals, etc. You get 2 total (combined for CAD & USD sub-accounts) each month but if you go over it's not the end of the earth ($1 service charge in either CAD or USD depending on transaction currency).
It's a great feature but not designed to replace an everyday chequing account (either at BMO or another bank).
It's a great feature but not designed to replace an everyday chequing account (either at BMO or another bank).
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Thanks for the info! Good to know that you get 2 free debits combined per month on the CAD and USD sub-accounts.snowback96 wrote:Yes, BMO-IL provides 2 free withdrawals per month. This includes any cheques, cash transfers, ATM withdrawals, bill payments, debits, Interac, in-branch withdrawals, etc. You get 2 total (combined for CAD & USD sub-accounts) each month but if you go over it's not the end of the earth ($1 service charge in either CAD or USD depending on transaction currency).
It's a great feature but not designed to replace an everyday chequing account (either at BMO or another bank).
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I've had a series of back-and-forths with BMOIL about how they are listing my wife and I on our TFSA accounts.
The account e-statements list us as "beneficiary" on each other's account. We had asked to be "successor holders," an important distinction. The result of the discussions is that BMOIL tells me we are in fact successor holders, but their automated statements can only say beneficiary.
Seems crazy to me, given the difference between the two terms and the ease of refining code. Rep says he is forwarding my complaint to the management team to see about a change.
The account e-statements list us as "beneficiary" on each other's account. We had asked to be "successor holders," an important distinction. The result of the discussions is that BMOIL tells me we are in fact successor holders, but their automated statements can only say beneficiary.
Seems crazy to me, given the difference between the two terms and the ease of refining code. Rep says he is forwarding my complaint to the management team to see about a change.
Re: BMO Investorline
Had a similar issue with TDDI. Eventually I sent them a Letter of Direction changing it to Successor Holder and later called to verify what they had on file.fireseeker wrote: ↑19 Jun 2017 11:52 I've had a series of back-and-forths with BMOIL about how they are listing my wife and I on our TFSA accounts.
The account e-statements list us as "beneficiary" on each other's account. We had asked to be "successor holders," an important distinction. The result of the discussions is that BMOIL tells me we are in fact successor holders, but their automated statements can only say beneficiary.
Seems crazy to me, given the difference between the two terms and the ease of refining code. Rep says he is forwarding my complaint to the management team to see about a change.
As Executor of my parent's will I saw ING and CRA seamlessly treat the survivor as successor holder (despite the designation as beneficiary )
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- Shakespeare
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Re: BMO Investorline
Note that if you just put an RRSP in BMOIL in response to the bribe you do not get an Accountlink. If you are over 65 you can get a free basic chequing for the same purpose. I put $500 in it as 'money in the shoe': if I am on vacation, I switch wallets and leave most of my cards in the room safe; the BMO money would be available in an emergency.
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Is there any way to pull money from an RRSP without calling in?
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Nope. Had to do it over the phone and it cost $50 to boot.
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Re: BMO Investorline
IIRC it's $25 for 5 star accounts.
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If they are over $500K, yes. But I was getting free withdrawals at RBCDI....
Oh well, the 1K bribe covers 200 withdrawals.
Oh well, the 1K bribe covers 200 withdrawals.
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The last 180 might get expensive...
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That's what happens when you do math in your head when you're tired.
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If the cumulative of all accounts (RRSP+TFSA+NonReg) are over $500K you get a 5 star perks.Shakespeare wrote: ↑07 Sep 2017 18:55 If they are over $500K, yes. But I was getting free withdrawals at RBCDI....
Oh well, the 1K bribe covers 200 withdrawals.
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I've got partial 5-star but full only reduces the charge to $25 according to the rep, vs $0 at RBCDI.
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- Shakespeare
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BMOIL has a free download of IBM Security Rapport, an anti-phishing addon.
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- snowback96
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I used this product for a while about 3 years ago and it sucked badly. I can't remember all the problems but I seem to remember it substantially slowing my computer. It was also a PITA to uninstall.Shakespeare wrote: ↑24 Oct 2017 18:20 BMOIL has a free download of IBM Security Rapport, an anti-phishing addon.
Perhaps Rapport has improved since then? Have you had a good experience with this product?
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I only installed it today.
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I haven't noticed any speed problems at this point. Core i5 2400 3.1 GHz.
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I have had Rapport on my computers for several years and have never noticed a speed problem - or I am just used to my bank and brokerage sites loading slowly. TD-CT and BMO IL are particularly slow compared to other sites, but I've always blamed the host sites. Maybe I need to revisit this.
Re: BMO Investorline
Rapport does not allow me to do a screen capture with a snip program after I complete a transaction. I like to keep screen shots of my transactions instead of printing to paper (or print to PDF).
Re: BMO Investorline
I am curious how this turned out. I've been brokerage shopping and BMOIL has finally got onto my radar but don't want to get into the same issue as you with having to fight them with the very distinct difference between a "successor" and a "beneficiary". Did u take @qasimodo's advice and required to submit a "Letter of Direction"? I recently went with questrade after finding out at least related to that problem they didn't have this same issue with the distinctions when reading through this review. So I didn't have to send a Letter of Direction. And the online e-statements make it very clear. And yes i know even if it shows it doesn't necessarily mean these biz treat it as such so i was paranoid enough and called to get confirmation that the designation was indeed "Successor" and not just a name holder for "Beneficiary". But anyway, outside that important issue i am still looking to ensure that the experience with BMO-IL is still a descent one. Some of the other benefits offered by them seems more appealing to my investment style.fireseeker wrote: ↑19 Jun 2017 11:52 I've had a series of back-and-forths with BMOIL about how they are listing my wife and I on our TFSA accounts.
The account e-statements list us as "beneficiary" on each other's account. We had asked to be "successor holders," an important distinction. The result of the discussions is that BMOIL tells me we are in fact successor holders, but their automated statements can only say beneficiary.
Seems crazy to me, given the difference between the two terms and the ease of refining code. Rep says he is forwarding my complaint to the management team to see about a change.
Hmmm...so are you saying to pull out (deregister) from your RRSP each time it will cost $50 AND i have to call in each time to BMOIL just to initiate it? Wow, they are making serious bank off their customers. Is it possible to simply transfer from your RRSP to another account online to reduce this cost and/or prevent having to call in each time?
Last edited by thundarr on 25 Oct 2017 17:48, edited 1 time in total.
Re: BMO Investorline
I don't have much business with BMO IL, i.e. just a non-reg cash account. The one thing it doesn' t have that might annoy some is the lack of IPO offerings (not an issue for me since I rarely like IPOs). Must be Nesbitt Burns that will not let the discounter offer that service to DIYers.
They are also laggards in issuing monthly account statements, i.e. circa the 10th of the following month, sometimes later. Scotia iTrade gets them to me within 5 business days of month end.
They are also laggards in issuing monthly account statements, i.e. circa the 10th of the following month, sometimes later. Scotia iTrade gets them to me within 5 business days of month end.
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