Dear Editor,
I received a small locked-in retirement fund when I retired 12 years ago.
On Aug. 25, I went to the bank in Okotoks to withdraw $2,000 from that fund. Two investment officers didn’t know which form they should fill in; they joked that it wasn’t easy because the mutual fund was no longer listed with their bank.
After an hour, I left empty-handed, hoping they would figure it out. Three weeks later, after making two inquiries, I heard from an investment officer: he found the proper form. Luckily, he brought it to me to sign. I appreciated that. The mutual fund was turned into cash, but it was still locked in.
A week later, another investment employee met with me to fill in a form for my signature. However, it needed to be notarized. The bank doesn’t have a commissioner of oaths, so it was up to me to find one and come back to the bank. The normal cost for certification is $50. It took me a few days and I brought the signed and certified form back to the bank.
A week later, nothing had been deposited in my account. I sent an email about it and was told to wait a few more days… Two days later, I heard that one more form had to be filled, the one stating that I didn’t have a husband. Again, this form had to be signed and notarized and brought back to the bank. Unbelievable!
I’m 78 years old and I don’t have a car. I use the Okotoks transit. It’s not easy to go to the bank, find a notary or commissioner of oaths, have the document certified, go back to the bank and then wait, only to be told I have to do it all over again because the employee forgot about the second form.
It’s now six weeks later and I still don’t have the $2,000 I requested. What a fine example of poor customer service.
My recommendations:
• Don’t get stuck with a locked-in retirement investment fund if you can avoid it.
• Don’t deal with the same bank I did.
Christine Lewis
Okotoks
