Wealthsimple vs. my old bank, one transfer fee changed my mind forever

I finally moved my TFSA from RBC to Wealthsimple last month after 3 years of saying I would. RBC hit me with a $75 transfer fee that Wealthsimple reimbursed within a week, no questions asked. The app alone makes me feel way more in control of my portfolio, but honestly it was the fee thing that sold me. Anyone else switch and get stuck with some random charge from their old bank?

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1 Comment

simonp7628d ago

You ever have one of those friends who swears they'll never switch banks, like it's a personality trait? My buddy Mark was that guy, totally loyal to his credit union for 15 years. He finally moved his investments over to a robo advisor and the old place charged him $50 just to close his account. He was SO pissed, but the new company ended up covering it plus gave him a bonus for bringing his money over. Now he's the one telling everyone to just read the fine print before you commit. It's wild how these banks make you pay to leave, like they're punishing you for finally waking up.