Wow. Once something goes a bit wrong, it's really hard to have it corrected. I had a request for transfer in kind from another institution, the shares reached my account, but for whatever reason the status of the transfer kept showing in progress. I emailed them about it and they said they can't do anything over the email but I have to call them. Since in reality the transfer was completed and already advised them by email of the online status, did not think much more about it and did not call at that time. Well, two weeks later they processed another transfer without me requesting it. It was the fault of both institutions, Questrade's for requesting a new transfer, the other institution's for processing a transfer from a different account type. Called both institutions, confirmed it's an error, Questrade confirmed they will reject the second in error transfer and shares will go back to my original institution. After about 8 business days I call to see what is the status of this rejection, as I was not getting my shares in the other institution. Again, I am being told the one in error was rejected and that they will make sure that the original legit transfer will be marked as completed, so that they don't send anymore requests to other institution. I found out at this time that once the transfer shows in progress, the system keeps sending automatic requests to the other institution! I was like, ok, it will take a few more days probably, then all is sorted. NO. The second day I see they processed the transfer in error and marked it as an account contribution to my TFSA account! Totally opposite than what I discussed with them. I call again, try to explain the agent what happened, he give me all sorts of answers that did not make sense, refused to transfer me to a supervisor; it took him 1 HOUR on the phone to finally understand that the second transfer was done in error and that they have to reverse the contribution and return the shares to the other institution! He was so stuck in his own preset answers that he could not see what was clear as day. In the end he said that he messaged another team and that they will reverse the contribution; he was still not clear on how and when the shares will be returned to my other institution. I asked him to make sure they expedite the resolution of this as I was already waiting for 2 weeks for something they did in error. Kept repeating he sent a message to the team (forgot the name he used for it - concern team?). I am sorry, but for an institution that deals with transactions like this on a regular basis, this is subpar customer service. I am still out of my money, not sure when I will get it. I cannot let the transfer done in error as is for multiple reasons: don't have enough room for my TFSA account, it would trigger tax consequences since the second transfer was done from a non-registered account to TFSA, it would suspend me from my employer's savings plan. I guess it might be a good platform until you encounter an issue. Seems that the smallest issue is a major problem for them since they could not grasp what happened and how to solve it. Very disappointed with this experience. Will sort out my accounts and then will be done with them, not worth the headache.
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