(OT) admin fee on BMO RRSP?
Another very off-topic post... Recently, I found out Bank of Montreal is charging me $10 + tax administration fee for RRSP account. I can't believe it. Maybe some option got turned on/off by mistake. Anyone here with RRSP with BMO? Are you paying admin fee, also? -- William Park <opengeometry@yahoo.ca>
On Sat, Jul 7, 2018 at 11:01 PM, William Park via talk <talk@gtalug.org> wrote:
Another very off-topic post...
Recently, I found out Bank of Montreal is charging me $10 + tax administration fee for RRSP account. I can't believe it. Maybe some option got turned on/off by mistake. Anyone here with RRSP with BMO? Are you paying admin fee, also? --
The wife has a RRSP portfolio with TD-Wealth (funny doesn't take much $ to get an account there - - grin) and the fees are quite a bit higher than that!! Dee
On Sun, Jul 08, 2018 at 06:50:39AM -0500, o1bigtenor wrote:
On Sat, Jul 7, 2018 at 11:01 PM, William Park via talk <talk@gtalug.org> wrote:
Another very off-topic post...
Recently, I found out Bank of Montreal is charging me $10 + tax administration fee for RRSP account. I can't believe it. Maybe some option got turned on/off by mistake. Anyone here with RRSP with BMO? Are you paying admin fee, also? --
The wife has a RRSP portfolio with TD-Wealth (funny doesn't take much $ to get an account there - - grin) and the fees are quite a bit higher than that!!
Dee
I'm not talking about Mutual Funds or ETF under RRSP. Each of those funds have their own MER and short-term trading fees. BMO said the admin fee is for "registered" account and for reporting to CRA. I have RRSP with TD and RBC, but they don't charge any fees. -- William Park <opengeometry@yahoo.ca>
Hi William My father and my sister both pay an admin fee on their CIBC Wood Gundy registered accounts. I think it's at the discretion of the financial institution. Ivan.
On Sun, Jul 8, 2018 at 8:55 AM, Ivan Avery Frey via talk <talk@gtalug.org> wrote:
Hi William
My father and my sister both pay an admin fee on their CIBC Wood Gundy registered accounts.
I think it's at the discretion of the financial institution.
I think its to increase the profit of the financial institution full stop. Banks always were greedy sobs and they've gotten worse - -- imo anyway! Dee
On 07/08/2018 10:30 AM, o1bigtenor via talk wrote:
On Sun, Jul 8, 2018 at 8:55 AM, Ivan Avery Frey via talk <talk@gtalug.org> wrote:
Hi William
My father and my sister both pay an admin fee on their CIBC Wood Gundy registered accounts.
I think it's at the discretion of the financial institution.
I think its to increase the profit of the financial institution full stop.
Banks always were greedy sobs and they've gotten worse - -- imo anyway!
Just be thankful they're not charging a fee for charging a fee. ;-)
On Sun, Jul 8, 2018 at 9:40 AM, James Knott via talk <talk@gtalug.org> wrote:
On 07/08/2018 10:30 AM, o1bigtenor via talk wrote:
On Sun, Jul 8, 2018 at 8:55 AM, Ivan Avery Frey via talk <talk@gtalug.org> wrote:
Hi William
My father and my sister both pay an admin fee on their CIBC Wood Gundy registered accounts.
I think it's at the discretion of the financial institution.
I think its to increase the profit of the financial institution full stop.
Banks always were greedy sobs and they've gotten worse - -- imo anyway!
Just be thankful they're not charging a fee for charging a fee. ;-)
Are you sure that they are not yet doing it? Please don't pursue this any further - - - you will just be giving the sobs ideas for further hose jobs - - - - sorry meant to say fees. Dee
On 07/08/18 00:01, William Park via talk wrote:
Another very off-topic post...
Recently, I found out Bank of Montreal is charging me $10 + tax administration fee for RRSP account. I can't believe it. Maybe some option got turned on/off by mistake. Anyone here with RRSP with BMO? Are you paying admin fee, also?
I can't remember ever having paid admin fees. From the BMO website https://www.bmo.com/assets/pdfs/investorline/self-directed/commission-and-fe... "Fees for registered accounts For RRSP, LIRA, LRSP, RIF, LRIF, RLSP, LIF, RLIF and RESPs: No fee when your account value is greater than or equal to $25,000. An annual administration fee of $50 is charged for RESP accounts less than $25,000. For all other registered accounts, $100 is charged for accounts less than $25,000". -- Michael Galea
participants (5)
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Ivan Avery Frey -
James Knott -
Michael Galea -
o1bigtenor -
William Park