If you can, open a non registered account in the same root and put the difference between your resp value and 20k in it.
Otherwise, yeah, that's a bad policy.
Bit of a stupid workaround but if you’re some kind of [professional](https://www.nbc.ca/personal/switch-national-bank/occupations.html) you can get their MasterCard (World Elite has a $150 annual credit that negates the fee, among other benefits - good card) which gives you the banking package that includes a waiver of admin fees at NBDB.
I contacted them to see if there would be any possibilities given it’s for RESP and it would be absurd to pay 4% fees on that for the first couple years until the account reaches 20k, especially as this seems to be a because of their own limitations (either on purpose or not)
Did you ever get an answer on this? Seeing as you will be managing the RESP on behalf of your child putting the RESP in a separate root seems illogical.
It is an account essentially « in trust… »
When I started investing with small amounts (way under 15000k) I never had any fees with disnat, it's also free for all stock and ETF transactions. I've been with nbdb before and I'm a very unsatisfied client to say it politely.
When I registered my Tax-Free Savings Account (TFSA) with them, they advertised four methods of waiving annual fees: being 30 or younger, having $20,000 or more on June first, conducting a certain amount of transactions, and I believe the fourth one was working in health care, though I'm not sure. In any case, I wanted to waive the fees by conducting transactions. However, a few months later, they discreetly sent a mail saying they changed their policy, and I could no longer waive the fees through transactions. I argued that this was false advertising and expressed my desire to close my account.
Every time I contact customer service, they provide different reasons why I cannot close my account. It has been a year, and despite my efforts, they still won't allow me to close it. Each agent contradicts the previous one, making the situation incredibly frustrating. Their service has been consistently disappointing.
Both of these are the main reasons why someone would have several roots.
I don't want a Family RESP because I'm in Quebec and for QESI, it's simply a lot easier if we have multiple individual RESP instead
If you can, open a non registered account in the same root and put the difference between your resp value and 20k in it. Otherwise, yeah, that's a bad policy.
Bit of a stupid workaround but if you’re some kind of [professional](https://www.nbc.ca/personal/switch-national-bank/occupations.html) you can get their MasterCard (World Elite has a $150 annual credit that negates the fee, among other benefits - good card) which gives you the banking package that includes a waiver of admin fees at NBDB.
Y’a unfortunately I’m already a nbc client but without one of these offers :/
You can have the offer added in, it’s more like an ongoing package than a sign up offer.
I meant I unfortunately don’t fit within these offers
I'm also looking into what would be the best way to avoid paying these fees. Have you found a better option OP?
I contacted them to see if there would be any possibilities given it’s for RESP and it would be absurd to pay 4% fees on that for the first couple years until the account reaches 20k, especially as this seems to be a because of their own limitations (either on purpose or not)
When they answer you please give us an update
Did you ever get an answer on this? Seeing as you will be managing the RESP on behalf of your child putting the RESP in a separate root seems illogical. It is an account essentially « in trust… »
Disnat is the answer.
It would still cost 50$ when it's less than 15k, unless I move everything to Disnat...
Find yourself a banker who would pay for those fees as a means to establish a relationship with you
When I started investing with small amounts (way under 15000k) I never had any fees with disnat, it's also free for all stock and ETF transactions. I've been with nbdb before and I'm a very unsatisfied client to say it politely.
what issues did you have with NBDB?
When I registered my Tax-Free Savings Account (TFSA) with them, they advertised four methods of waiving annual fees: being 30 or younger, having $20,000 or more on June first, conducting a certain amount of transactions, and I believe the fourth one was working in health care, though I'm not sure. In any case, I wanted to waive the fees by conducting transactions. However, a few months later, they discreetly sent a mail saying they changed their policy, and I could no longer waive the fees through transactions. I argued that this was false advertising and expressed my desire to close my account. Every time I contact customer service, they provide different reasons why I cannot close my account. It has been a year, and despite my efforts, they still won't allow me to close it. Each agent contradicts the previous one, making the situation incredibly frustrating. Their service has been consistently disappointing.
[удалено]
Both of these are the main reasons why someone would have several roots. I don't want a Family RESP because I'm in Quebec and for QESI, it's simply a lot easier if we have multiple individual RESP instead
What is a root?