I had recently been visited by one of those mobile banking representatives to go over my retirement portfolio which this bank currently holds my RRSP mutual funds. I have a good sum invested and in speaking with the rep I decided I wanted to try out their direct investing RRSP account (this is an account where you can go in and make your own trades) and so I opened it up. In a separate institution I had some funds that I decided to transfer over to this direct investing account. I signed the necessary forms and he had the funds transferred over. No issue here. I open my account summary and find out to my disbelief that he also transferred my RRSP Mutual funds which were not supposed to have happened.
I wrote to the adviser and realized he made an error and fwd it on to his manager. They now have launched an investigation and now I have to wait for the outcome of it.
My questions are:
1) Has this happened to any of you?
2) After me sending a few emails to find out the status of the investigation I asked if my funds are frozen, they indicated no and said I can buy my original mutual funds at current prices. Does this screw me besides the fact I am now buying at a higher rate?
3) What should I do as the funds are sitting idle and not appreciating?
Not happy at all about this situation. I'm thinking I should do one of those CBC go public news stories but I'm probably over reacting.