Before requesting a transfer, please ensure that there are enough funds in the account to cover the administrative transfer fee. Your institution may charge a transfer fee up to $170, and this will be deducted from your account value. If there are insufficient funds, then your bank may reject the transfer request, which will delay your transfer.
Mercer Invest Wise can reimburse the administrative fee once the transfer is complete, however, this is only applicable if you are transferring over $5,000.
How can I prevent this from happening?
To prevent this rejection, (and to save yourself some serious time and money) you can request to transfer the funds from your chequing account. Luckily this process is simple and can be done on our website and app! Just follow these three steps:
- Request a withdrawal from your investment account into your personal bank account with your existing institution (Please read our help article if you're withdrawing from a TFSA or an RRSP. There can be tax consequences from withdrawing from your account!)
- Ensure that your bank account is linked to your Mercer Invest Wise profile.
- Request a one-time transfer of funds from your bank account to your Mercer Invest Wise investment account!
I've noticed a problem but my transfer is already in progress. What do I do?
Please contact us or call our transfers line at 1 855-866-8844, and we will cancel your transfer for you! Alternatively, check out our other help articles and let us know if you have any questions!