RESP's

[Gurpy]

Is anyone else dealing with this bullshit? CIBC isn't letting us take money out of it for the textbooks...is this the norm for some ridiculous reason, or should some rightful bitching be going down?

[realazy]

What are you talking about? I can take out any amount I wish as long as I have proof of enrollment. We cleared out my account in 2nd year because the investments weren't doing great and put it else where. There are no benefits to an RESP account when the government stops giving you money.

[rc2002]

CIBC is one of the most imcompetent banks. They screw up the most simplest of calculations on a regular basis and don't have any system to track their problems.

They owe me a few hundred bucks because they screwed up on interest calculations on my savings account. I've contacted them over 10 times, each time they say they'll call me back and they never do. It's been 6 months, and I'm just planning to close all my accounts there and never go back.

[TYMSMNY]

RESPs can be used for residence fees, textbooks, and any other costs associated with the education provided that you have PROOF OF ENROLLMENT. This can be a printout from your online access.

[Xtrema]

Originally posted by richardchan2002
They owe me a few hundred bucks because they screwed up on interest calculations on my savings account. I've contacted them over 10 times, each time they say they'll call me back and they never do. It's been 6 months, and I'm just planning to close all my accounts there and never go back.

I did just that. Never go back.

[rc2002]

Originally posted by Xtrema


I did just that. Never go back.

My dad did the same thing. They screwed up on his Visa balance and refused to do anything about it.

I tried to cancel my CIBC Visa the other day and they said that if I don't cancel it right away, they'd give me a $25 credit. So I'm planning to spend that $25 and then cancel it.

[Gurpy]

Originally posted by TYMSMNY
RESPs can be used for residence fees, textbooks, and any other costs associated with the education provided that you have PROOF OF ENROLLMENT. This can be a printout from your online access.

NEVER bank with CIBC then. They're still not giving us money for textbooks, I printed off my receipts and proof of enrollment off the net and it wasnt good enough, so they gave me a form that I went and got signed/stamped by the registrar. They said they needed the original copy, so my dad said he'd fax it in and they could start the process and he'd send the original in by mail right away. They called us today and said they need the original and can't start it until they get it. (end rant)

So what's the deal here? Am I supposed to be able to take out any amount of money up to a certain amount to help pay for living while in school, or is it just anything that I get receipts for like tuition and textbooks? Is it possible to switch banks or is the RESP locked in with these bastards?

[lint]

Originally posted by Gurpy


NEVER bank with CIBC then. They're still not giving us money for textbooks, I printed off my receipts and proof of enrollment off the net and it wasnt good enough, so they gave me a form that I went and got signed/stamped by the registrar. They said they needed the original copy, so my dad said he'd fax it in and they could start the process and he'd send the original in by mail right away. They called us today and said they need the original and can't start it until they get it. (end rant)

So what's the deal here? Am I supposed to be able to take out any amount of money up to a certain amount to help pay for living while in school, or is it just anything that I get receipts for like tuition and textbooks? Is it possible to switch banks or is the RESP locked in with these bastards?

This doesn't sound like a simple resp. Once you've been enrolled in post secondary for more than 3 months you should have access to all of your funds. Double check what kind of financial product you actually have with cibc

[Gurpy]

Pretty sure it's just an RESP. Just started school this year so I still have a week and a bit before the 3 month thing is up I guess.