Author Archives: BetCrooks

CIBC vs ING Direct to Investor’s Edge RRSP: the Race is On

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As I keep droning on and on about till I start foaming at the mouth and fall over backwards (although I’m not a Candidate for the Conservative party), we have/had a lot of RRSP GICs and similar cash investments scattered around that needed consolidating in our brokerage accounts. The problem is that most GICs cannot be transferred intact. Instead, we have to wait until they mature, direct to have them cash out into a RRSP daily interest savings account, then transfer them to our brokerage RRSP. It’s very slow; there’s lots of paperwork; and it’s very dull. So recently, I decided to set up a little race for my own amusement. I requested the cash in our RRSP DISA at CIBC be transferred into our Investor’s Edge account at the same time as I requested a transfer of cash from our ING Direct Tangerine RRSP DISA. Then I started the clock ticking.

Who won the RRSP Transfer Race?

Well, as you probably guessed CIBC did. Actually I was surprised at how quickly that transfer went through. It was much faster than last time. Anyway, here are the facts:

Saturday September 14, we had the CIBC branch staff complete their part of the T2033 and fax it to CIBC Wholesale Brokerage Operations.
We also had them complete and mail an original T2033 to ING Direct Tangerine and send a copy of that request to CIBC Wholesale Brokerage Operations.

On Thursday September 19, the CIBC DISA cash appeared in our RRSP brokerage account, back dated to September 18. That means the transfer took only 3 business days to complete. (It was in the account on the 4th business day.)

At that point there was still no sign of the ING Direct Tangerine money yet. But to be fair, CIBC had to mail the request to them and it probably didn’t even go into the mail until the end of the day on Monday, September 16.

Today, Wednesday, October 2, the money arrived in the brokerage account from ING Direct Tangerine. So that transfer took 12 business days. (It was in the account on the 13th business day.) That’s still a very respectable time for an inter-bank transfer!

Of course now we have to wait till 2015 to make the next transfer from CIBC. So I guess that will be the last race for a while….

UPDATE: Please be aware that as of January 2015, Tangerine has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

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What do you do to make the boring part of investing more fun? Please share your experiences with a comment.

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How to Check Your Cashed Cheques at PC Financial

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My husband usually keeps a couple of cheques in his wallet. They usually get written in a hurry often for charitable causes. That means every so often a cashed cheque is reported against our chequing account that he hasn’t listed it in the cheque book. In the past, I would ask if he remembered what it was for and if he didn’t know, I just hoped that it was legit. Now we have a PC Financial joint chequing account, with unlimited free cheques we can check what we wrote a cheque for by looking it up online for free.

Looking at a PDF of a Cashed Cheque Written on a PC Financial No Fee Chequing Account

  1. Sign in to your PC Financial account.
  2. From the list of your accounts, click on your No Fee chequing account.
    Page down till you see the cheque about which you are curious.
  3. Click on the link for the cheque.
    For example, I clicked on: Cheque #6
  4. To see the image, click on the button: view cheque.
  5. The front and back image of the cheque will be displayed as part of the PCF screen. You can see who endorsed the cheque on the back.As I suspected, this cheque was a charitable donation. The large even number was a big clue.
    Your choices include the buttons to:

    • return to transaction history
    • view PDF to print or save
    • printer friendly version

    You may want to save the PDF to keep an electronic proof of the payment, or you may want to print it to include in your files. Remember that PC Financial will only keep the cheque images for a fairly short period of time. If you’ll need them for taxes, etc, be sure to make a copy that you control.

  6. If you click on “view PDF to print or save” it opens the cheque images in a separate Adobe Acrobat Viewer window.
    To print it or save it, you just click on the appropriate icon near the top of the window.
  7. If you click on “printer friendly version” a different popup window opens.
    To print from this window, click on the button: print this page.
  8. Close the popup window/s.
    (You may get an error that sends you back to the screen you see when you first sign in to your PC account. I did when I closed the PDF popup window. I also got that error when I tried to use the “return to transaction history” button.)
  9. If you’re finished banking,
    1. click on the Sign Out button.
    2. Clear your Browser history.
    3. For increased security, close your Browser session.

Guard Your e-Signature Well!

Remember those cheque PDFs include an electronic copy of your signature. It does not take a computer genius to use that electronic copy to forge your signature on other documents. Always protect your password and ID for your PC Financial accounts. If you store your cheque images electronically on your own computer, protect those files too!

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Have you solved any chequing mysteries by looking at your cashed cheques? Did you ever catch a case of fraud this way? Please share your experiences with a comment.

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