After all these years, it’s finally time to take some money out of our RESP at BMO InvestorLine. Fortunately, we had enough money to pay our child’s fees first and then we sent in the paperwork to make the RESP withdrawal. That meant it was simple for us to provide the required proof of enrollment. Anyway, here’s what happened and how long we waited after we submitted a request to withdraw some of the EAP payments and CESG grant money from our child’s RESP at BMO InvestorLine.
Sending in a RESP Withdrawal Form by Canada Post During Rotating Strikes
We were not desperate to get reimbursed for our child’s university fees, so we sent in the withdrawal request for the RESP to BMO InvestorLine’s head office in Toronto by mail.
Given that Canada Post was having rotating strikes at their sorting stations during this time, it was a strange choice.
How Long Did We Wait to Get Our RESP Money from BMO InvestorLine?
I put the letter in a big red Canada Post box on Friday the 2nd.
The money was in our BMO chequing account on Wednesday the 13th.
So it took 7 business days to make our first withdrawal from our child’s RESP. Not bad, considering during that time, the letter had to be picked up from a street mail box, sorted, be delivered, be sent to some BMO InvestorLine employee’s desk, get opened, reviewed, and accepted.
Overall, we were very pleased with our experience making a withdrawal from a RESP at BMO InvestorLine!
Related Reading
- How to Make a Contribution Online to a RESP at BMO InvestorLine
- Should I Set Up a Second RESP for my Niece, Nephew or Other Loved Child?
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