Business Profile
College Savings Plans
Children's Education Funds IncHeadquarters
Reviews
This profile includes reviews for Children's Education Funds Inc's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Review Ratings
1.17/5 stars
Average of 23 Customer Reviews
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Review fromNicole G
Date: 02/10/2024
1 starChildren's Education Fund- Very poor customer service, called over 50 times usually phone line would hang up on my call when I got 2-3 away. Submitted paperwork for maturity of plan Sept 11th with no review for 6-8 weeks. No confirmation on the phone Oct 2nd with agent to confirm if the correct paper work was submitted or any update on my application. No idea when cheque will be issued out, University fees were due Sept 30th. Was told today admin fees will be $3000.00, off the total plan. So disappointing ** **** ***** *** ***** * ******* *** ********* ** **** ** ******** ****** ** **** *** *** ******* ** *** *** * ***** ****** ** *** **** * **** **** **** ********Review fromJudy D
Date: 21/08/2024
1 starI have attempted to call six times. I get through and then they hang up on me. I have been contributing for 15 years and ** ****** **** **** a lot goes to their fees. I wanted to ask a simple question without success. Are they in business.? Will our granddaughter get her money. Is there any recourse to ensure she gets what I have paid for. *** ** ******* ******** * ****. **** **** **** * ********* ************ **** *********Review fromAngela S
Date: 21/08/2024
1 star*** ***** ******* *** ********** It is like pulling teeth to get your money. Phone calls are not answered in a timely manner, emails not answered. You think you resolve something and get a generic email stating you have not. * *** ******** now since June as my daughter started school last week, was advised no issue to get her money by August 13th, was actually told it would be released and the week before said her file was one of 4 high priority and she would have her fund by that Friday, August 9th. Then told no, the board meets yesterday to approve the actual amounts to be paid out. It has been a stressful unnecessary complicated process, that told all good back in June to get her money. I have been very upfront about everything. Told many different stories. Look at your statements, the HUGE admin charges to basically go through this (similar with my other daughter), calling and emailing, no response. Huge admin fee for being deceived, and having to call and call and call. Also, huge fee for a COLORED statement in the mail each year and several emails that are not even updated to my discussions, so automated. ** ******** * ***** *** ** *** **** **** **** ******* ******* ** **** **** ** ********** * **** * *** **** I spent 2 days of my vacation trying to deal with this *** ***** ** ** ******Review fromKhoa N
Date: 03/05/2024
1 star******* We have invested more than 50K in Education Fund for 2 of our Kids, they charged us more than 13K for the fees. And Yet my Daughter is 20 now and still have not recieve her EAP for her 2nd year in University. The maturnity date is when she 18 Do Not invested you RESP with them. **** *** *****Review fromIris W
Date: 14/03/2024
1 star***** ***** **** **** **** **** **** ***** I made annual payment $2000 each year towards their group plan for 18 years until my daughter goes to University. Guess what? After numerous calling to their customer service, this company only gave me back partial of deposit less than my principal that I have deposited in. Their ridiculous management fees ate all the government grant and the interest/return of principal. **** * ******* ***** *** *** ***** ***** ******* **** * ********Review fromJanice S
Date: 30/01/2024
1 starJanice S
Date: 30/01/2024
***** ******** Advertise that you can transfer to another child. **** * **** Did not want to give oldest sons funds to him as it was a 2 year program. Had to fight for months. Now second son doesn’t plan to attend post secondary and they won’t let me transfer to his brother: **** *** ********** * **** **** **** ****** ******** ** ** **** *** ***** ** **** ******** **** ****** So disappointed. ** *** **** **** * **** ** **** ******** **** * *****Children's Education Funds Inc
Date: 13/02/2024
Dear ******, We understand you would like to proceed with a beneficiary replacement, however due to government regulations both the original Beneficiary and the new Beneficiary need to be under 21 years of age; and (ii) the new Beneficiary is the brother or sister of the original Beneficiary… According to our records, the current beneficiary is over age 21 and therefore we can’t proceed with a beneficiary replacement. Please give us a call and we will be pleased to go over the options available to you.Review fromShailesh D
Date: 08/12/2023
1 starAfters years of investing when received the money back I got total charges in the fee for 20%, so basically what government gives it goes straight into CEFI. Instead of passing the benefit, **** ***** *** ********* ** ****** *********. The agents shows rosey pictures and while selling CEFI product said the all the charges will be returned, which we are yet to see. ** ****** ** *** ********* * **** *****. Do your research and ask for what types of fees will be charged and get it in writing. Ask for the maturity illustration for how much you will invest and what will be the deduction i fees. Invest with big banks. Don't make the mistake which I made. Smart thing to do is learn from others mistake.Review fromHeather M
Date: 09/08/2023
1 starHeather M
Date: 09/08/2023
Terrible customer service. No statements provided; no mail or email correspondence - you have to reach out several times and to several people to get any answers. For point of reference, my other son has an RESP with a competitor. I applied for the payment online and received the money direct deposit within 2 days. This company ignores your emails, has an expected service delivery of 3-5 business days and then charges you fees for late applications - that you didn't know had to be in by a specific date because they don't send anything to you to tell you. I can't even get an answer as to how much remains in the RESP to withdraw. * ***** **** **** **** *** * **** ** *** ****** *******Children's Education Funds Inc
Date: 02/10/2023
Like all other subscribers, you were provided subscriber statements every year and they are available on the subscriber portal. According to our records, we sent the EAP Package directly to the beneficiary back in May 2023 with complete information about how to access the remaining payment from the plan. We are pleased to say that it should be easy from here on out. Thanks for taking the time today to discuss your son’s 2023 EAP with us and not to worry, your son provided the EAP forms and everything was smoothly processed! We thank you for choosing CEFI and we wish your son the very best in his upcoming school year!Review fromDerek T
Date: 08/08/2023
1 starDerek T
Date: 08/08/2023
Over 18 years contributing to this plan for two children and short story is we we lost money and they gained. For one child we contributed over $8400 and we just got back about $6200 from that after fees. Not only did they take over $2000 in their many fees, but the value of the money has dropped over these years. One child's grandparents added a $1200 unit to the plan. We just saw the return of $647 from that. Now we we wait to see what a hassle getting the investment money (or EAP) is. I suspect it is also meager. Would have been better just placing the money in a savings account. DO NOT USE THIS COMPANY FOR YOUR CHILDS EDUCATION FUND!!!!Children's Education Funds Inc
Date: 06/10/2023
We have reviewed your children’s plans with us. Without disclosing your plan specific information, we would like to say that your children’s plans were opened when they were much older than new born babies. As a result, your plans had less time to grow. Our plan fees are competitive. The difference between us and other non-scholarship plan dealer RESP providers is that we are transparent about the fees and disclose them at the point of sale, annually during the life of the plan and at the time of maturity for the entire life of the plan. Please note that the plan is designed such that you pay fees on your contributions, government grants, and income on them. The plan asset value has not decreased over the life of the plan. The projections have changed as expected due to change in the interest rate environment and market conditions. Updated projections were communicated to you annually via annual subscriber statements. It is unfortunate that you find applying for EAPs a hassle. Government rules require all RESP providers to collect evidence that the child is in fact enrolled in Eligible Studies at an accredited post-secondary institution. The child has to apply for their EAPs so that post-secondary enrolment and residency can be verified. Like all RESP providers, we are unable to determine to pay EAPs without applications. Should you require additional information, please call us toll-free at ###-###-####.Review fromPaul D
Date: 10/07/2023
1 starPaul D
Date: 10/07/2023
Started our Plans in 2001 and 2003. Lets say its not what was stated at the start of the Program. ** ***** **** **** **** **** *** **** **** **** ***** **** *** **** *** * **** ******** ** ******* **********Children's Education Funds Inc
Date: 02/10/2023
We disagree with your conclusion that bank-offered products are better. The projections you received were neither a promise nor a guarantee of investment performance and this fact was disclosed to you at the point of sale. Investment performance of securities is not guaranteed. GICs are guaranteed income certificates, not securities. It is not reasonable to compare apples to oranges. We are confident that stock brokers, mutual fund dealers and banks don’t guarantee performance of any securities they sell. To keep you aware, your annual subscriber statement contained updated projections every year to reflect investment performance and changes in the market conditions.
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