RIF withdrawals overly time consuming

[Merry]

My hubby recently opened his first RIF at one of the big banks. We went down together, he filled in all the necessary forms, and we assumed that was it.

However, what we didn't realize is that now his money is in the RIF, every time we want to make a withdrawal we have to MAKE AN APPOINTMENT to see an advisor, then inevitably sit and wait (because they're often still tied up with a previous customer when we arrive), and then frequently have to put up with a sales pitch while the advisor tries to persuade us to change our investment strategy re the money that's remaining in the RIF.

Frankly all this is a pain in the you know what, and I was wondering if anybody else has run into this problem? It shouldn't be so difficult just to take money out of our own account. And the thought that this is going to be the way it is for the next 20 to 30 years seriously pees me off.

[LANDM]

Is there a self administered one that negates these issues?

[Merry]

Probably, but we already have a couple of online accounts with other banks and, as we get older, we don't really want to add more because we're starting to have difficulty keeping track of it all.

The whole point of the RIF at the "bricks and mortar" branch was supposed to help make at least part of our retirement income more easily accessible. But it's turning out to be quite the opposite. We can't even go online and check our investments in the RIF (something we COULD do when it was an RSP).

So, if we want a print-out of what we have, or if we want to make a withdrawal, we have to call the branch to make an appointment, then drive down and sit and wait until the advisor has finished with his/her previous customer. Which is very time consuming.

If we'd known it was going to be this way, we wouldn't have opened our RIF at a "brick and mortar" branch in the first place. But we only found out after the deed was done.

[LANDM]

Totally understandable.

[Bunnyhop]

If the person you have the appointment with is chronically late, you could start calling 30 minutes before your appointment time and ask if they are on time. I think its very rude for a professional to keep people waiting. If you can’t reach them directly, call someone else in the branch. Let them know you expect to be seen at your appointment time and after a few of those calls, you will be prioritized.

[WeatherWoman]

RIF isn't want you want...The person at the bank should be able to offer you options that best meets your needs.

[Merry]

RIF isn't want you want...The person at the bank should be able to offer you options that best meets your needs.

I already voiced my dislike of having to make an appointment every time I want to take out my own money. Didn't do any good. Was told that's just the way it is.

[AltaRed]

That does not make sense to make an appointment every time you want to make a RRIF withdrawal. You should have online access to any financial account you have, plus you should be able to make withdrawals from online as well.

You should be able to access it from the same Online login you already have with the brick and mortar bank. Something is going on that is not right. I'd get a supervisor or branch manager involved.

[Bsuds]

I already voiced my dislike of having to make an appointment every time I want to take out my own money. Didn't do any good. Was told that's just the way it is.

My wife is a retired Banker and tells me that you have to make an appointment for tax purposes if you take out more than the allotted amount each year.

Doesn't matter where you have it that's the way it is.

[LANDM]

What about setting up the ability to accept verbal (phone) instructions. I have always had that with my bank and it was a specific form to sign.

[Merry]

That does not make sense to make an appointment every time you want to make a RRIF withdrawal. You should have online access to any financial account you have, plus you should be able to make withdrawals from online as well.

You should be able to access it from the same Online login you already have with the brick and mortar bank. Something is going on that is not right. I'd get a supervisor or branch manager involved.

We have online access to our regular savings account (can pay bills etc) and also to our RSP's (can arrange a GIC renewal for example). But when it comes to the RIF, all I can see online is the total amount of what is in the RIF. I can't see a list of individual GIC's held within the RIF, which is a pain when trying to keep track of GICs and when they're coming up for renewal.

I do get an annual statement of my RIF holdings, but it would help me keep better track if I were able to log on and get a more up to date statement during the intervening year.

I understand Bsuds wife's point about income tax, but how do online banks get around that problem? When I do make an appointment to withdraw money from my bricks and mortar bank, all the bank rep does is enter the withdrawal into a computer (takes about 2 mins), print out the form and ask me to sign it. Not sure why only certain bank employees are trained to do this. It doesn't seem to be all that difficult.

But regardless, even if I can't arrange for withdrawals online, or in person without an appointment, why can't the bank at least let me see a detailed list of my holdings within my RIF (the same as I can with my RSP) when I log on to my computer?
For now, all I can do to keep track of my RIF holdings is enter them into a detailed spread sheet at home and remember to keep it up to date every time I make a withdrawal. But it would be a lot easier to keep track of my RIF if the bank would allow me to see my holdings online.

If they allow me to see my RSP holdings online (which is also a tax sheltered account) I don't understand why I can't do the same with my RIF?

It seems to me that the "bricks and mortar" banks have made holding a RIF with them a lot more complicated (and time consuming) than it really needs to be. And if I'd known that before opening my RIF I'd have put the funds into an online bank instead.

[LANDM]

Time to change banks. Your description of things sounds too cumbersome to put up with.

[Gilchy]

Work with an independent advisor, not a bank. They should have the ability to have trade authorization on the account so if they are market-based accounts, or a prescheduled income plan at the very least.

[MAPearce]

I already voiced my dislike of having to make an appointment every time I want to take out my own money. Didn't do any good. Was told that's just the way it is.

Make one more ....JUST . one . more .

Close it . Then get a TSFA at a credit union ?

[Veovis]

Make one more ....JUST . one . more .

Close it . Then get a TSFA at a credit union ?

Tax implications make that bad.

IF you need frequent additional withdrawals you need to set up a new budget and financial plan for retirement and how you will meet the goals. Perhaps you actually need to draw a regular increased amount, but you may also need to reduce spending to make it for your planned retirement years.

The bank will process extra withdrawals, but you are better off to set up a comprehensive plan.