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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #1  
Old 09-18-2013, 03:19 PM
anbi anbi is offline
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Default RESP funds released without both signatures

Ex requested resp funds released without my signature (both are required) and the institution gave out the funds.

early summer I had refused to sign joint request until I saw the grants & bursaries total rec'd by children – I have still not been advised, I can calculate it is approx. $2000.

I refused to sign because the amount requested to withdraw was much more than needed to cover all their costs and will drain the account before degrees are completed.

My larger income will require that I pay the almost all of the final years for 2 children.

Has anyone dealt with this?

Can I gain full control of account?

Many thanks.
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  #2  
Old 09-18-2013, 04:24 PM
dad2bandm dad2bandm is offline
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Quote:
Originally Posted by anbi View Post
Ex requested resp funds released without my signature (both are required) and the institution gave out the funds.
...
Can I gain full control of account?
Are you sure both signatures are required to withdraw? I don't believe that is the case. I presume you are talking about a joint RESP account? That just gives you both control over the account, but I'm fairly sure, that only one of your have to authorize a withdrawal.

Depending on the type of withdrawal done from a RESP, you do not need receipts for withdrawals...possibly just a proof of enrollment at school. If one is simply collapsing the RESP (which it does not sound like happened here), one can do that too.

You can't gain full control of a joint account, without a court ordering such, I would venture.
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Old 09-18-2013, 04:25 PM
takeontheworld takeontheworld is offline
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Quote:
Originally Posted by anbi View Post
Ex requested resp funds released without my signature (both are required) and the institution gave out the funds.

early summer I had refused to sign joint request until I saw the grants & bursaries total rec'd by children – I have still not been advised, I can calculate it is approx. $2000.

I refused to sign because the amount requested to withdraw was much more than needed to cover all their costs and will drain the account before degrees are completed.

My larger income will require that I pay the almost all of the final years for 2 children.

Has anyone dealt with this?

Can I gain full control of account?

Many thanks.
From my understanding the only way one person can gain conrrol is tgrough a court order. That is atleast what my bank has advised me regarding ours.
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Old 09-18-2013, 04:26 PM
dad2bandm dad2bandm is offline
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What kind of withdrawal amounts are we talking here?
If you are having these kind of issues or suspicions, I wouldn't hold a joint account. Your children can have access to more than one RESP account.
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  #5  
Old 09-20-2013, 11:13 AM
anbi anbi is offline
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full year tuition,books, etc for 2 students - 13k +
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Old 09-20-2013, 11:24 AM
dad2bandm dad2bandm is offline
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Depending on where they are going (you mention 2 students in this equation) for school, that seems like it could be a reasonable withdrawal.
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Old 09-20-2013, 11:49 AM
anbi anbi is offline
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The withdrawal was made without both signatures which are req'd. and therefore account is being and could continue to be drained/misused.

Scholarships, bursaries and awards granted reduce amount needed so amount withdrawn was in excess of actual costs.

Since the current fund balance will not cover degree completion and I will pay the lion’s share of final years tuition, I want RESP to be carefully maintained.... not spent frivolously because I am required to pay large majority of final year fees because my income is larger.
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Old 09-20-2013, 11:58 AM
dad2bandm dad2bandm is offline
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Again, it is unlikely that *both* signatures are required to withdraw from a joint RESP account. That does not seem to be the case. Did you confirm that with your particular bank/financial institution?

You jointly own the account, which means you both have discretion over controlling that account. If I held a joint RESP account with my ex (which I would never do - given my particular ex), I can simply collapse the RESP, and take the contribution money, if I wanted to (which again, I would never do). I would not need her permission or signature.

It sounds like you should *not* have a joint account with your ex, so open your own.

If you contributed your own money into the RESP, you could probably transfer your contribution into your own RESP, if you want to retain control over your contributions. I'm not recommending this though, as it sounds like a lot of drama with your children/ex, etc.
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  #9  
Old 09-20-2013, 12:20 PM
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mcdreamy mcdreamy is offline
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I can also assure you that the deadline for payment of tuition is well in advance of the anticipated physical receipt of most grant/scholarship funds. Any grant/scholarship funds received can be applied to the 2nd spring instalment due.

so, when you actually start paying for the tuition costs, expect to write a cheque mid-August (for fall term), and then again mid-December (for spring term).
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