13 years ago, 2004, I put a stock in a self directed RRSP, with HSBC Investdirect.
Within days it was worthless, the stock went from about $4000, to ZERO, nothing.
I just let it go, thinking there goes the retirement fund. I did have one other stock with HSBC Investdirect, worth about $1500, but I just forgot about all of it.
Five, six years later, end of 2009, the TAX department (CRA), made a rule that some RRSP'S were "Non-qualifying" and my worthless one was one of them. For about $100, HSBC Investdirect, could have easily moved my worthless one out of that position, as they did move some money around in my accounts. (I had no idea any of this was going on.) But they chose to leave this worthless stock in a penalized position from 2010 until today; collecting the appearant Taxes of about $77 dollars EVERY MONTH, and sending it off to CRA. The tax department has no record of me owing them anything.
I just happened to stumble on this scam last month, when I tried to get a very small mortgage, only to find I could not. I finally talked to my Credit Union, and they said my credit rating was squeeky clean, but I had a collection agency after me, from HSBC Investdirect, for over $2000 since 2014. I had no idea. HSBC had my old address, but my correct working cell phone number, and my correct email address taboot. So if I had not found this out, I would be paying them out of my death bed belongings. Seriously.!!!
Anyway, after contacting HSBC Investdirect, and being stalled and stalled, they informed me that they would not stop charging me $77 every month untill I paid up, which is now over $3000. I have asked them to stop and clear up my credit rating, and prove an actuall paper trail to the CRA.
The only thing HSBC Investdirect has sent me, has been a statement of about 100 transactions in my accounts, and get this, over $5000 worth of adding money to my account and over $8000 of taking money out. So they say I owe the $3000 difference.
Please beware, as this happens, and you don't want these guys getting ahold of you retirement savings.
HSBC InvestDirect Reviews
13 years ago, 2004, I put a stock in a self directed RRSP, with HSBC Investdirect.
Within days it was worthless, the stock went from about $4000, to ZERO, nothing.
I just let it go, thinking there goes the retirement fund. I did have one other stock with HSBC Investdirect, worth about $1500, but I just forgot about all of it.
Five, six years later, end of 2009, the TAX department (CRA), made a rule that some RRSP'S were "Non-qualifying" and my worthless one was one of them. For about $100, HSBC Investdirect, could have easily moved my worthless one out of that position, as they did move some money around in my accounts. (I had no idea any of this was going on.) But they chose to leave this worthless stock in a penalized position from 2010 until today; collecting the appearant Taxes of about $77 dollars EVERY MONTH, and sending it off to CRA. The tax department has no record of me owing them anything.
I just happened to stumble on this scam last month, when I tried to get a very small mortgage, only to find I could not. I finally talked to my Credit Union, and they said my credit rating was squeeky clean, but I had a collection agency after me, from HSBC Investdirect, for over $2000 since 2014. I had no idea. HSBC had my old address, but my correct working cell phone number, and my correct email address taboot. So if I had not found this out, I would be paying them out of my death bed belongings. Seriously.!!!
Anyway, after contacting HSBC Investdirect, and being stalled and stalled, they informed me that they would not stop charging me $77 every month untill I paid up, which is now over $3000. I have asked them to stop and clear up my credit rating, and prove an actuall paper trail to the CRA.
The only thing HSBC Investdirect has sent me, has been a statement of about 100 transactions in my accounts, and get this, over $5000 worth of adding money to my account and over $8000 of taking money out. So they say I owe the $3000 difference.
Please beware, as this happens, and you don't want these guys getting ahold of you retirement savings.