[GTALUG] (OT) admin fee on BMO RRSP?

[William Park via talk]

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?

[o1bigtenor via talk]

Post by William Park via talk
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
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[William Park via talk]

Post by o1bigtenor via talk

Post by William Park via talk
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.

[Ivan Avery Frey via talk]

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.

[o1bigtenor via talk]

On Sun, Jul 8, 2018 at 8:55 AM, Ivan Avery Frey via talk

Post by Ivan Avery Frey via talk
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
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[James Knott via talk]

Post by o1bigtenor via talk
On Sun, Jul 8, 2018 at 8:55 AM, Ivan Avery Frey via talk

Post by Ivan Avery Frey via talk
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.  ;-)

[o1bigtenor via talk]

Post by o1bigtenor via talk
On Sun, Jul 8, 2018 at 8:55 AM, Ivan Avery Frey via talk

Post by Ivan Avery Frey via talk
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

[Michael Galea via talk]

Post by William Park via talk
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-fee-schedule-2014-11-01-en.pdf

"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".