General Questions frequently asked
My client is looking to transfer to another institution. How do I submit a request?
The client must contact the receiving institution, who will then send the notice to our custodian.
My client transferred out and they are saying they have not yet received the funds. Are we able to track this down?
The client must contact the receiving institution as they are responsible for the reception of funds.
My client is transferring out and they are asking if they will be charged a transfer out fee. What fees will they be charged and what is the amount?
The amount varies based on the account value, but in most cases the account will be charged a $125 transfer out fee, which totals $131.25 (with taxes).
What happens during a RIF/LIF transfer out (in full) if the minimum has not been paid out?
When transferring out an account in-cash, a portion of the cash proceeds from the sale of securities will be used to cover the minimum payment. This will occur before sending the remaining funds to the receiving institution.
However, if the account is being transferred out full in-kind, the transfer instructions must include details on how to handle the minimum payment. For example, instructions should specify which funds to sell to cover the minimum payment. Without these instructions, the request will be rejected due to the lack of guidance on meeting the minimum payment.