Review Time
I have a family RESP for my four children, and I've noticed this company has changed its name multiple times since I purchased the Family Plan. It raises questions about the reason behind these changes. I remember it being called USC, then Knowledge, First Financial, and now Embark. I might be missing another name change. I've never had trouble depositing money, but withdrawing it has been a significant issue. My children have also faced difficulties when trying to access their funds. I requested documents that were sent to me, but I couldn't print them out. I've repeatedly called about the same issues for each child when trying to withdraw their funds, requesting statements, and having to call multiple times! I wouldn’t recommend this company; I suggest looking for alternatives. We also have bank RESPs because I wanted to diversify my investments, as my father advised. The problems began with my first child in July 2016, followed by the second in July 2019, the third in July 2020, and the fourth from July 2023 to the present. I've faced issues with obtaining statements and withdrawing funds, necessitating repeated calls about the same problems! PLEASE BE CAUTIOUS! I hope this helps someone avoid the headaches I've experienced over the past 10 years while trying to access my money.
I reached out to the company on November 28 to establish pre-authorized payments and promptly provided all necessary documentation. They replied asking for a void cheque, which I sent immediately. After waiting three days for a reply, they informed me that I needed to answer security questions—so I did. Then I waited another three days, only to be told that the void cheque didn’t align with the paperwork. This cycle continued, with each adjustment taking them days to resolve. By December 9—nearly two weeks later—the automatic payments still weren’t in place. I ended up calling them out of sheer frustration. It was only after I voiced my concerns that they finally completed the setup. The entire process was highly inefficient. Instead of providing a clear list of what they needed from the start, they extended it over numerous emails, each response taking days. This led to unnecessary delays and considerable frustration. I am definitely not satisfied with their customer service or communication. The previous service was excellent—this one has been disappointing, and I will be considering switching my children's investments.
Our representative provided clear explanations and support from start to finish while applying for an RESP for our children. Her expertise was invaluable throughout the entire process. I would definitely recommend her services to others.
Establishing our RESP was much easier than I anticipated. They make it really straightforward to monitor our savings and manage everything for us. We've already received several grants, and the growth has been impressive. I initially signed up due to an outstanding promotion, and while they fulfilled that promise, what keeps us here is how effortless they make the entire experience. It's definitely one of the best decisions we've made for our children. I would confidently recommend them to anyone!
My overall experience was outstanding. The specialist not only clarified the RESP withdrawal rules but also reassured me about how government grants would be processed. I appreciated the thoroughness in handling my request smoothly and the attention to detail in keeping my monthly contributions active. The communication was professional and timely, which gave me confidence that my children's education savings are being managed effectively.
After more than ten years with the company, I invested $28,000, and my RRSP is only valued at just over $40,000. That level of growth is surprisingly low for a decade. When I attempted to transfer my RRSP in early November, they informed me it could take up to two months—something no other financial institution I’ve dealt with has ever required. Transfers shouldn't take this long. Poor returns and slow service. If you care about your finances, seek alternatives. I wish someone had alerted me sooner—don't repeat my mistake.
They are holding my funds without justification. My family is trying to withdraw everything from the company, but nothing is happening. We are struggling with college and vehicle expenses for education, and their customer service is extremely lacking.
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Embark is Canada’s education savings and planning company. We aim to empower families and students, giving them the tools, technology and advice they need to navigate their post-secondary journey and build a registered education savings plan that's right for them. With over $6.4 billion in assets under management, the company manages over 600,000 RESPs for Canadians nationwide and is expected to help approximately 116,000 students through post-secondary school this year.See more
