RDSP / REEI now available at the Royal Bank

by Anna
(The Special Life)

At long last, another financial institution has stepped up to the plate to offer the Registered Disability Savings Plan. And not a moment too soon either, as the deadline for 2008 contributions is looming near - March 2nd, 2009.


An interesting thing about the RDSP / REEI offered by the Royal Bank is that they've partnered with the Planned Lifetime Advocacy Network (PLAN), which was the lead organization in pushing for the creation of the RDSP in the first place.

That's a good omen.

Another good omen is that the Royal Bank has done a much better job of presenting information on how the RDSP works. You can find that here:
Royal Bank RDSP Information

Based on what I've seen, this is probably the best written and easiest to understand explanation so far.

That's the good news. But....

A not-so-good omen is that there are no details as to how their particular plan works - it's nowhere to be found on their site when I looked.

Nor is there an application that I can download to review beforehand either.

If you want any more information, you need to contact an RBC Advisor. :-(

First of all, what's the big secret?

How can we, as potential buyers, investigate and compare the different plans available from each institution?

How do we know whether the terms and conditions are reasonable? How can we share the information with others - including an independent financial advisor - if we don't even have access to know how their plan operates?

And, as for this business of needing to contact an RBC Advisor to book an appointment - what were they thinking?

They seemed to have missed the point of their audience - people with disabilities often do not have the luxury of just hopping into their car and going down to a Royal Bank Branch when it's convenient for their staff.

Especially in the winter.

Assuming of course that there even is a local Royal Bank branch around.

So, what to think about this announcement?

It's hard to tell. But so far it only rates a C+.

I'd love to hear about your thoughts and experiences on this.

Comments for RDSP / REEI now available at the Royal Bank

Average Rating starstarstarstarstar

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Jul 06, 2011
Rating
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RBC
by: Anonymous

I found that RBC staff didn't know much about the rdsp plan.I had to find all the info on rdsp my self online.RBC advisors were not helpful.It took them 7 months to open my rdsp account.I should gone with Credit union.

Dec 15, 2009
Rating
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Grant not Received
by: Anonymous

My daughter is eligable for the RDSP grant and I applied in Feb 2009 through RBC. We still have not recieved the grant or bond and it is Dec 2009. This looked good in the press but no money has been forthcoming.

Jun 12, 2009
Rating
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Gov't delay
by: Anonymous

Our plan was opened with RBC in time to qualify for 2008. We are now told that approval of the grants will not be forthcoming until late summer of 2009. That means that the possible growth on this grant will be lost for over 6 months. At a time when the market is improving this could be a substantial loss.A gain for the Gov't is another loss for the disabled.
A great plan if they would now get their act together and get it on track.

Mar 02, 2009
Rating
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My comments as an RBC Advisor
by: Anonymous

I am an RBC advisor and spent the last two weeks working six days per week and sometimes 10-12 hours per day to get as many people into this as possible. I contacted the local organizations for special needs people, doctors, public health nurses and anyone else I could think of. The rest of the staff in the branch did the same. I was able to open 20 RDSP's It would have been nice to have the deadline extend a little longer, with RRSP's TFSAs and RDSPs needless to say I am exhausted. Overall the applicaton went smoothly, and every one was happy. The benefit to special needs people who are opening a RDSP is that over the phone with no personal contact is would be hard for some of these people to understand what they were getting into. My own grandchild has special needs so I am quite excited about this account. I plan to continue to champion this in my area and continue to reach out to families who can benefit from this plan. I do encourage any one with special needs to open a plan, it is fairly simple, esp when you have someone to talk to.

Mar 02, 2009
Rating
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Bank of Montrel RDSP
by: Anonymous

I filled out/faxed my form with BMO for the RDSP beginning of Feb because RBC hadn't made the announcement yet. They said it would contact me in 2 weeks, still haven't heard from them and it's Mar 2!! I've been calling their call centre today and the call just gets dropped and no more mention of RDSP in the menus. Complete joke. I think the fed dropped the ball on this one and the banks are doing their best. Should have waited a few more days and signed up with RBC who I'm an account holder with.

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Hope this helps!




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