Complaints

This profile includes complaints for Children's Education Funds Inc's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Children's Education Funds Inc

  3221 North Service Rd Burlington, ON L7N 3G2

  
• 

  Children's Education Funds Inc.

  245 Bell Ave. Winnipeg, MB R3L 0J6

• 

  Children's Education Funds Inc.

  245 Bell Ave. Winnipeg, MB R3L 0J6

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:12/11/2024

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been attempting to withdraw funds to put into a disability account for my daughter with my accountant.Processes have been ongoing for several months. Very difficult to access agents via phone with delayed or non responsive emails.

  Business Response

  Date: 19/11/2024

  Please refer to our response dated November 19,2024

• Initial Complaint

  Date:05/02/2024

  Type:Order Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I opened a RESP plan with them for my son in 2005; kept paying paying monthly instalments. dues some glitch in my bank account, monthly payment to RESP plan could not go through. When I discovered, tried to contact them and wanted to catchup on the payments but they advised that Plan can continue without those payments. Now the plan has matured (when my son turned 18 and joined a college in USA), I tried to withdraw but they said that the plan can for colleges only in Canada and not USA. and not they are forcing me to accept only Principal payments that I made since 2005; all grants and growth on the plan they are forfeiting. I need a resolution on this issue.

  Customer Answer

  Date: 23/02/2024

  The company has reached out to me to resplve the issue.
  Thanks,
  **** ****

• Initial Complaint

  Date:02/10/2023

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Timeline what happened between CEFI ( children's enducation funds inc) & I. 1. In June14.2023, CEFI sent a reminder letter like previous year, the letter said something is pretty weird to understand. First, they said if I fail to make my contribution,they will charge 0.583% per month compounded annually until the arrears have been settled in full. that is easy understand, they will withdraw the money from my bank account number in file under my contract number as usualy every year. 2. My bank info has in file for years, and they withdraw my money on time and nothing went wrong, meaning I don't need to take any action on withdrawal date, Aug8. 3. After Aug8, nothing was withdrawn from my bank by CEFI, making me conclude that they don't charge after turning 16. 4. A later letter was sent from CEFI on Sep7, saying I failed to pay on time with a $47.25 extra missing contribution fee. I got on the phone with the CEFI to discuss these letters and payments. It turned out they didn't have my bank info in file, resulting in no withdrawal. They confirmed and promised over phone that the $47.25 would not be charged, only the usual yearly withdrawal. The problem should have ended there. This whole converstation was recorded. 5. However, withdrawal on Sep28, the total charge came out to $2059.87, rather the usual $2000.97 withdrawal. It escalates the problem higher than necessary, with a non-sense random additional fee even when it was confirmed and promised over phone by the CEFI. The same mistake happened a few years ago. So I request a full explanation of this mistake and refund of unreasonable charge of $2059.87. It does not make any sense why I would still have to pay this anual fee even after my child has reached the age of 16, and why even after an agreement of no extra charge would they still charge me extra. I understand that economy is falling and affecting everybody, as well CEFI, but this isn't the way to collect money to cover their butt.

  Business Response

  Date: 06/10/2023

  Thank you for bringing the issue to our attention.
  
  As discussed with you over the phone, we have investigated the matter and found that we had agreed not to charge the NSF fee. Due to internal communication error, the fee was charged. The amount of $47.25 has been credited to your plan and will be refunded to you when your net contributions are returned to you. You will receive your net contributions after we receive acceptable proof that your child has enrolled in Eligible Studies and your plan matures. This typically occurs when the child is 18 years of age.
  
  The remaining $11.67 is for Interest Deficiency Administrative Adjustment @ 0.583% per month which was incurred due to your incorrect bank transit number provided by you. Because you have already made the last payment due, such an adjustment will not need to occur in the future.
  
  We hope you find this resolution satisfactory. 

  Customer Answer

  Date: 06/10/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  **** **

• Initial Complaint

  Date:10/08/2023

  Type:Customer Service Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  **** ******* ** **** ********** they withhold funds and extend timelines to benefit themselves. they also charge insane fees, over 25% of amounts paid. they put an incorrect maturity date for my RESP, I started school Sept 2020 and my parents didn't get the maturity payment until Oct 2022. Following this, i am now going into my final year of university. When I requested my EAP, I was told I cannot withdraw all of the money I am entitled to, government grants and interest earned included, and would get 3 separate payments. Since this is my final year, I would like all of my money. Their website states they make EAP payments for 1-4 year programs, so I would like my payment since I am at the end of my 4 year program. They estimated my payment would be $4300 this year, so I would like $12900 to be deposited into my account rather than the $4300. I have seen on every financial providers website and the Canadian government website that I can withdraw all that I am entitled to. I would also like an explanation for all fees and would like some transparency

  Customer Answer

  Date: 16/08/2023

  I have come to a resolution with the business. Thank you guys for your help, if we can close the compliant that would be appreciated.
  
  *******

• Initial Complaint

  Date:21/02/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I purchased RESP from Children's Education Foundation Funds INC. (CEFFI) for my son's university education from July 16, 2004, to Sept. 16, 2021. In the past 12 years, I have contributed 20400 CAD. My son was admitted to being a freshman at ***** ****** University this summer, I sent a withdrawal notice to CEFFI on August 1, 2022, for my son's paying tuition. However, I did not hear from CEFFI regarding my request. I let my son keep calling CEFFI multiple times, and was recently told a paycheque dated Sept. 27, 2022, was sent to me, and the cheque was cashed in ***** ******* ******* on Nov. 12, 2022. I never received the cheque and I did not have an account with ***** ******* *******. CEFFI informed me to contact ***** ******* ******* to find out what happened. I can not accept CEFFI's irresponsible to a long-term client like me. Moreover, CEFFI could not provide proof they have sent the cheque to me. I also request an explanation for the $3982.39 shortage of my contributed amount of $20400 and I want to withdraw the full funds from my account including government grants. I appreciate your help in this matter.

  Business Response

  Date: 27/02/2023

  Dear Mrs. ***:
  
  Thank you for trusting Children’s Education Funds Inc. with your son’s university education savings.
  
  CEFI managed your Plan according to the terms of the agreement you entered into. At maturity, we mailed a maturity cheque dated 27-09-2022 in the amount of $16,417.61 to the following address on file – **** ******* ******* ********** ** *** ***. We reasonably believe that this is your current address and you provided this address to CEFI so that we can administer your RESP.
  
  At your request, CEFI has provided you with an image of the cheque and its clearing information. Because the cheque is already cashed, CEFI is unable to take any further action such as stopping the payment. We sympathize with the situation that you have brought to our attention but the interception of your mail is beyond CEFI’s control.
  
  It is unfortunate that someone intercepted your mail and cashed the cheque fraudulently. Because these activities are criminal offences and as such, we strongly recommend you to escalate the matter to the appropriate law enforcement agency such as police for necessary investigation.
  
  The following fees were deducted from your contributions over the life of the plan (17 years):
  Sales Charge - $2,127.60, Depository Charges - $261.54, and Administration Fee - $$2,593.14 for a total of $3,982.28. These fees were disclosed to you on yearly basis in your annual plan statements. In an RESP managed by CEFI, until maturity the subscriber pays the disclosed plan fees. Please note that at CEFI, we offer transparency on fees and the total fees given are: (i) over the life of the plan (17 years in your case); (ii) for the entire plan – made up of your net contributions, government grants, and income on your contributions and government grants. So far, you have received only the maturity payment representing your net contributions (your total contributions less applicable fees and government taxes).
  
  If you require any assistance, information or documents, please let us know.
  
  Sincerely,
  

  Customer Answer

  Date: 28/02/2023

  Complaint: ********
  
  I am rejecting this response because:
  

  1) Children's Education Funds Inc states someone intercepted my mail and cashed the cheque fraudulently. It is untrue and unacceptable. CEFI can not provide  evidence that they did mail a cheque to me. Further, CEFI provided me a copy of the cashed cheque, and there was no endorsement signature on its back. So, CEFI even can not provide evidence that a fraudster impersonating me to cash the cheque. If CEFI's statement can be its standing, I believe CEFI can stop paying its clients by forcing clients to accept its self-explained statements. 
  
  2) "So far, you have received only the maturity payment representing your net contributions (your total contributions less applicable fees and government taxes)." Please clarify if there will be further payment to me? In your 2005's brochure, the ROR was good. In the statements I received, it states the potential value of my RESP investment is almost 3 to 4 times of my contribution.  

  Sincerely,
  

  
  *** **** ***

  Business Response

  Date: 29/03/2023

  We are unable to understand the certainty with which you are denying that your mail was intercepted and the cheque was cashed fraudulently. Your maturity cheque was mailed as per our procedures to your current address on file. We have provided a copy of the cashed cheque with your address and clearing information on it. We have also provided additional clearing information. Please note that banks don’t always require an endorsement to accept a cheque. This depends upon the internal policies of each financial institution. Considering the amount of the cheque, it is highly unlikely that the payment for the cheque was received in cash. In other words, in all likelihood, we suspect that it was deposited into the cashing person’s bank account. Because you claim you didn’t cash the cheque, it’s case of stolen identity and stolen property and criminal in nature. As communicated in the past, please contact your local police to investigate.
  
  So far, you have received only the maturity payment. ****** will be eligible to receive his Educational Assistance Payments (EAPs) over the next 3 years, as long as he continues to be enrolled in Eligible Studies at a post-secondary level that is at least three consecutive weeks in duration, with at least 10 hours of instruction for full time studies or in Eligible Studies at a post-secondary level that is at least three consecutive weeks in duration with at least 12 hours per-month spent on courses for part-time studies. This includes online courses.
  
  EAPs are comprised of:
  i)                    income on your contributions,
  ii)                   income from cancelled plans,
  iii)                 government grants and income earned thereon and,
  iv)                 discretionary payments from the Scholarship Enhancement Fund (which include top ups and return of a portion of sales charge).
  
  Should you require additional assistance, please feel free to reach our customer service department at 1800-246-1203, Monday – Friday, between 9:00 am – 5:00 pm ET. 

  Customer Answer

  Date: 07/04/2023

  
  Complaint: ********
  
  I am rejecting this response because:

  We live in a single house, and there is no possibility that our mail would be stolen. I contacted ****** **** and was told the sender should track the missing mail by its tracking number. Further, I consulted ***'s CFA that *****'s government grant can withdraw not more than $5000 the first time, and no limited amount after. Also, please provide me with the annual performance statements and rate of returns of your Children's Education Fund for  my every year's principal contributions.

  Sincerely,
  
  *** **** ***

  Business Response

  Date: 17/04/2023

  Based on what you have described CEFI believes that you may be a victim of theft, fraud and or stolen identity. We have previously provided you with evidence that your cheque was sent by mail to your address and we have also further confirmed that the cheque, which was payable to *** **** *** has been cashed. We sympathize with your situation but there is nothing more that CEFI can do in order to retrieve the amount that was taken from you. Such matters are within the jurisdiction of law enforcement agencies such as the RCMP or your local police.
  
  ****** **** regular mail does not provide a tracking number.
  
  Please also keep in mind that the cheque at issue represented the maturity amount of your plan which was payable to the subscriber. We confirm that there is no limit on this amount and it does not count as an Educational Assistance Payment. The $5,000 limit that you reference is applicable to the Educational Assistance Payment which your child receives.
  
  For the investment performance, please refer to the Management Report of Fund Performance available at https://www.************************************** 

  Customer Answer

  Date: 25/04/2023

  
  Complaint: ********
  
  I am rejecting this response because:
  

  1. CEFI has the liability to guarantee your said cheque to be safely delivered to us. I can not believe you're stating the cheque was sent by regular mail. Further, what can make us believe your statement regarding mail theft and stolen identity? The person who wrote the check can cancel the check. Moreover, there is no endorsement with my name, *** **** ***. If you insist your mailed cheque was stolen, you should ask the police to investigate your missing cheque. Because the case might be your staff’s negligence, such as a wrong mailing address or being sent to the wrong person. Our position is EEFI should re-send a cheque to us in a safe way right away.  moreover, at first, my son asked CEFI to transfer the fund to my account  but got rejected.

  
  2. From CEFI’s detailed account activity for 2020, there are $7520 government grants. We request our 1st  grant withdrawal of $4999 be transferred to my account or a cheque be sent to me by registered mail.

  
  3. Please provide us with Detailed Account Activity from 2014 to date. I only received 2016 and 2020’s statements. I need these statements for reviewing the investment performance. 

  
  Sincerely,
  
  *** **** ***

  Business Response

  Date: 28/04/2023

  1. CEFI has followed the standard procedures to issue funds to you and provided evidence of the same to you. Because the cheque has been cashed, it cannot be cancelled and re-issued. Evidence from the bank of the cheque being cashed has been provided to you. CEFI has fulfilled its obligation. If the funds were not cashed by you, it is your responsibility to deal with your stolen property. We fail to understand why you have not filed a report with the RCMP or local police to investigate this crime which, if proven, carries significant penalties including jail time. We also fail to understand why you have not filed a complaint with the financial institution that cashed your cheque. We disagree with your statement that we were negligent with your funds or that they were sent to a wrong person or address. A new cheque will not be issued because we are unable to take money from other subscribers and make a double payment to you. 

  2. Payments from the plan are made as per the terms of the plan. ***** will be eligible to receive his Educational Assistance Payments (EAP) in Year 2, 3 and 4 of his studies on providing evidence of enrolment in Eligible Studies. Government Grants will be paid at that time. An EAP application package will be sent to ***** in May 2023, for him to apply for the first EAP. The completed EAP application must be submitted to CEFI by August 1, 2023. 

  3. Securities legislation requires CEFI to maintain a record for 7 years from the date the record is created. CEFI does not maintain client statements for more than 7 years. As a result, we are unable to provide client statements for periods prior to 2016. Please refer to the ********** *** annual statements for the years 2017, 2018, 2019 and 2021.

• Initial Complaint

  Date:14/02/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Agreement # with the company: ******* In Sep of 2016, **** started his college at *** and I was told by Children's Education Funds Inc that he could start to withdraw his EAP after his plan matured in 2017. Since I lived in China then, the communication between me and the company had been very slow and difficult. But I was under the impression that **** has got 6 years from the original maturity date to mature his plan (This information was given to me by one of the company's customer representative named Mirabelle A. in her email to me dated Aug 22, 2017). After extremely long period of email communication, **** finally received his only payment ( direct deposit of $2761.29 and $ 2451.32 in Jan 2020). I thought that was all the money **** could receive from his plan. The last email I received from the company was Jan 08, 2020. **** was also under the same impression that he had been given all of the fund in his plan. As a result, he ignored the emails and letters sent to him from the company. The company didn't send me any email after Jan 08, 2020. As soon as I found out that there was unclaimed money in ****'s account a few months ago, I made calls to the company only to be told ****'s account had been forfeited due to ****'s failure to apply for or defer his unclaimed fund during certain period of time laid out by the company. Even though **** failed to follow the guideline of the company regarding applying for his unclaimed fund ( he was as confused as me, under the wrong impression and didn't know the whole picture), he is currently still a full time graduate student and should be entitled to his remaining EAP. Overall I feel Children's Education Funds Inc charged considerable commissions for a bad service---their communication to us had been slow and confusing. I strongly demand they should return part of EAP to ****. Their business conduct was misleading, puzzling and didn't offer what they promised.

  Business Response

  Date: 17/02/2023

  Dear Mr. ** and Mrs. *****,
  
  This is further to your complaint dated February 15, 2023 to Better Business Bureau for the above-noted agreement regarding the plan maturity, and 2018 and 2020 Educational Assistance Payments (EAPs). Children’s Education Funds Inc. has investigated the matter.
  
  Maturity
  
  According to our records, you matured the plan in 2017 and the cheque was sent to the address on file. We understand, you have not received the maturity cheque. We are waiting for the waiver form to be signed by the joint subscriber and the signed letter of direction signed by both of you so that we can reissue the cheque as per your conversation with Customer Service on February 9, 2023. We sent an email to you on February 10, 2023 February to this effect.
  
  2018 and 2020 EAP
  
  Your beneficiary was eligible to apply for the 1st EAP by August 1, 2018. An EAP application letter dated May 17, 2018 was mailed to the address on file explaining how to apply for the EAP by August 1, 2018.  Since we did not receive his completed application by August 1st, 2018 the 1st EAP was forfeited for 2018 as per our letter dated February 27,2019. 
  
  Your beneficiary was eligible to apply for the 2nd EAP by August 1, 2019. An EAP application letter dated May 24, 2019 was mailed to the address on file explaining how to apply for the EAP by August 1, 2019.  Your late application was processed and the payment was remitted accordingly.
  
  Your beneficiary was eligible to apply for the 3rd EAP by August 1, 2020. An EAP application letter dated May 28, 2020 was mailed to the address on file explaining how to apply for the EAP by August 1, 2020.  A reminder email and letter was sent on January 7, 2021 to ****’s email address on file - *********@*****.com informing him that we had not received the required documentation and the final deadline to apply for the 2020 EAP was January 22, 2021 or the EAP will be forfeited.  Since we did not receive your completed application by January 22, 2021, we sent a reminder on April 7, 2021. The 3rd EAP was forfeited for 2020 as per our letter dated April 07, 2021 when we did not receive the completed application. 
  
  If your beneficiary had applied within the deadlines, he would have been eligible to receive the 2018 and 2020 EAP. Please be advised that CEFI must administer the plan according to the terms and conditions of the Prospectus that was provided to you at the time of enrolment. As your RESP is a Group Option Plan, when a beneficiary does not respond to our communication or advise our office of their intentions to either apply for or request a deferral of a particular EAP by the required deadline, in accordance with the plan terms, the EAP is forfeited and the funds are distributed to other qualifying students with the same Year of Eligibility who had applied by the required deadline. 
  

  This will confirm that our review into your complaint has now been completed.  We regret any dissatisfaction you may have experienced with CEFI and hope you are now satisfied with the outcome of your review.  However, if you remain dissatisfied, you may contact the Ombudsman for Banking Services and Investments (“****”). **** is an organization independent of government and the financial services industry, which investigates unresolved complaints from individuals and small businesses about financial services firms. **** provides an independent and impartial process for the investigation and resolution of complaints about the provision of financial services to clients.  The **** process is free of charge and is confidential. For more information, **** can be contacted by telephone in Toronto at ***** ******** or toll free at 1-************ or by email at *********@****.ca, or through their website at:  www.****.ca.
  
  Sincerely,
  
  Harpal V.
  Call Center Manager 

  Business Response

  Date: 03/03/2023

  Hi *** *****:
  
  Our records indicate that a maturity package was mailed to you in January 2017, based on which the maturity of your plan was processed in October 2017. We attempted to contact you in October 2017 as follows:
  Called your home phone number ************. The number was not in service.
  Send an email to ***********@*****.com
  Called the beneficiary’s home phone number ************. The call did not go through.
  
  We tried to contact you via phone on November 11, 2017 after receiving an email from you. However, we were unable to do so because the phone number on file was disconnected. As per our procedures, we tried to locate you through various other avenues and unfortunately, we were not successful. Our attempts to locate a person is limited to Canada.
  
  A reprinted maturity cheque in the amount of $2,911.98 was mailed to your following address in People’s Republic of China:
  *** ********* ** *** *** *** ***** **** * **** ********* **** ******** * *********  ******
  
  Because this cheque was not cashed, it has been voided. A new cheque in the amount of $2,885.73 has been mailed to you on February 28, 2023 to the following address and you were notified of this via email to ***********@*****.com.
  **** **** ******* *** ********* ** *** ***
  
  We hope you find this satisfactory.
  
  Sincerely,

  CEFI

  Customer Answer

  Date: 11/03/2023

  
  Complaint: ********
  
  I am rejecting this response because:

  I had informed you that I moved to  China long time ago via the emails. Why did you call the phone numbers in Canada?

  You have contacted me many times via emails. Why didn't  you contact me via email? My email always stays the same.

   

  
  Sincerely,
  
  *** *****

  Business Response

  Date: 29/03/2023

  We have explained our attempts to contact you within Canada. CEFI is not registered in China to conduct securities business. Because we have re-issued the maturity cheque, we consider this issue closed. 

  Customer Answer

  Date: 29/03/2023

  
  Complaint: ********
  
  I am rejecting this response because:

  My email address is: ***********@*****.com, which means I can be reached no matter where  I am. 

  Attached is one photoshot of an email sent by your company (CEFI) to me in Jan, 2020 and photoshot of the emails communication between me and CEFI from 2017. 

  CEFI can find me if you choose to, no matter which country I reside.  Don't say I can't be reached if I live in China. 

  Can you show me the email from CEFI to ***********@*****.com which informed me that ****'s plan was going to be forfeited if no response from me?

  Can you show me the email from CEFI to me that you had sent out the check of maturity payment back in 2017? 

   

  If you can, the case can be closed.

  If not, I feel your company was acting and is acting unprofessionally and your response can't be accepted.

  
  Sincerely,
  
  *** *****

  Business Response

  Date: 13/04/2023

  As stated before, we are not licensed in China to conduct securities business.
  
  EAP letters are mailed to the beneficiaries. Please refer to the attached 2020 EAP Letter dated January 7, 2021 sent to **** Xu’s email *********@*****.com. Please note that only the beneficiary can apply for an EAP, not the subscribers.
  
  Updating your mailing address and contact information for yourself and your beneficiary is your responsibility. We did try to locate you as per our internal procedures. As stated before, our searches are limited to locating persons in Canada.
  
  Please refer to image of the cheque dated 27/11/2017 mailed to your address in China on file.
  
  Because we have re-issued the cheque in February 2023, and there aren’t any material adverse consequences because of your departure from Canada, we consider the case closed.

• Initial Complaint

  Date:07/11/2022

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I opened an account for my son with this company in 2007 , which matured in mid-2022. This company always said that there would be a nominal administrative fee associated with their service, but, when they finally issued the first check with details of my deposit, it shows: Total deposit $28062.72, Pricipal: $23677, Sales Charge: $2320, Depository Fee: $217.47, Misc Charge: $73.50, Foundation Admn. Fee $1328.15, CESG Adm. Fee $445.83 and Check Amount is $ 23677.77. It means, they already took around $4400 from my hard cash deposit - ***** ** **** * ***** ********* ************ ** * ******* ** * ******* *** ** ***** ********** ********* ****! I need a detailed investigation of my case and if require I could provide you with all the details related to this account. Thanks for your cooperation.

  Business Response

  Date: 24/01/2023

  ****** ***** ** *** ******** ********* 

  This is further to your complaint dated submitted to BBB on November 04, 2022 for the above-noted agreement regarding the fees associated with the plan.

  CEFI has completed its investigation into the matter.

  Plan Fees:

  Our Investigation reveals that you agreed to terms & conditions for the above agreement on February 11, 2007. You also confirmed receipt of the Prospectus and agreed to plan fees by signing and initialing a lifetime Enrolment Fee of $200 per unit and administration and depository fees. In addition, the Scholarship Agreement was also mailed to you shortly after enrolment application forms were processed, which provides a detailed explanation of all the fees and risks associated with your plan. The Scholarship Agreement states that the “application shall become a part of the Scholarship Agreement when issued and that receipt of such Agreement shall be binding upon the undersigned”.

  Annual Statements were also mailed to you between 2007 and 2021, which cover the information about the Plan and the details of account activities with a full breakdown of the applicable fees. We further confirm that all the fees applied on the above plans were consistent with the disclosures and with the terms and conditions of the agreement. It is important to note that at the time of enrolment, you had the right to withdraw from the plan agreement within 60 days of signing your agreement and get back all of your money including any sales charge if you were not agreeable to all of the terms & conditions of the Group Option Plan. The 2006 Prospectus also includes the following information:

  WITHDRAWAL FROM YOUR PLAN

  Withdrawal within 60 Days

  You may withdraw from your Plan by giving written notice to the Scholarship Plan Dealer at 3221 North Service Road, Burlington, Ontario, L7N 3G2 within 60 days of the date of execution of the Application to enter into the Plan. Upon such withdrawal, all Deposits made by you are returned including the Enrolment fee and any other applicable fees, but excluding Insurance Premiums (if applicable), within 60 days of the date on which the Scholarship Plan Dealer receives your written notice. However, if a Subscriber has caused an administrative function to occur (such as processing a returned cheque, requesting a special service or changing a Deposit method that results in an interest deficiency), an Interest Deficiency Administrative Adjustment will be applied. Such Interest Deficiency Administrative Adjustment may be satisfied by either (i) the Foundation deducting such amounts owing from your Savings, or (ii) you sending a separate payment to the Foundation.

  Withdrawal after 60 Days

  You may also terminate your Plan at any time after the 60-day period by giving written notice to the Scholarship Plan Dealer at the address indicated above. Upon such withdrawal, your principal will be refunded to you within 60 days of the date on which the Scholarship Plan Dealer receives your written notice. The Enrolment fee paid up to the time of withdrawal, Administration Fees, Depository Fees, Interest Deficiency Administrative Adjustments (unless already separately paid by you to the Foundation), any other applicable administration fees or costs and Insurance Premiums are not refundable. Any and all accumulated investment income earned on your Savings will be forfeited, unless you are eligible to receive a return of such Savings and any income earned on such Savings and Grants.

  On the basis of our review of your concerns, we find that full disclosure with regard to the fees was provided when the agreement was entered into. In addition, fees during the lifetime of the plan have been reported to you transparently on an ongoing basis. Your plan has recently reached maturity. Please be reminded that your son, U*** will be eligible to apply for Educational Assistance Payments (EAPs) from the plan starting the summer of 2023. EAP application packages are mailed in the Spring and the completed forms are due by August 1 of each year.

  Schedule of Payments for U*** V***** starting Fall of 2023

  *** ***********

  **How to Apply for EAPs

  In the spring of 2023, an EAP Application package will be mailed to the address on record explaining how to apply for EAPs. Completion of the EAP application package will be required in order for U*** to apply for EAPs. We ask that these forms be returned to us before August 1, 2023. Please note, these forms must be returned even if U*** is not eligible for an EAP in 2023 and wishes to defer the payment of an EAP for one year. In the event that you do not receive this package by May 31, 2023, please contact our office at 1 (800) 246-1203. For your convenience, the EAP Application package can be accessed on our website at www.cefi.ca. 

  If there is additional information that you wish to bring to our attention or that you would like us to consider, please let us know and we would be happy to review it further. We thank you for choosing CEFI and we look forward to being of ongoing service as your beneficiary commences post-secondary study.

  This will confirm that our review of your complaint has now been completed. If you remain dissatisfied, you may have the option to contact the Ombudsman for Banking Services and Investments (“OBSI”). OBSI is an organization independent of the government and the financial services industry, which investigates unresolved complaints from individuals and small businesses about financial services firms. OBSI provides an independent and impartial process for the investigation and resolution of complaints about the provision of financial services to clients. The OBSI process is free of charge and is confidential. For more information, OBSI can be contacted by telephone in Toronto at ***** ********* or toll-free at ************** or by email at *********@*****ca, or through their website at: www.*****ca.

  Sincerely,

  Harpal V.

  Quality Assurance

  Extension ***

• Initial Complaint

  Date:19/08/2022

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  CEFI is the company that I paid into for my son's RESP. It has been extremely difficult dealing with this company and getting his money from them. He has fulfilled the minimum educational requirements and I would like his money released. They are willing to defer his money but not willing to release the rest of it. He has attended college for three years. Through all of the three years they often do not reply to emails and they rarely return a phone call. Some of my emails that I've sent in the last month haven't even been read (I set me emails for read receipts). In past years, after all the paper work is done it can take months to get his money (tuition had been paid months before they would release his money). They've taken thousands of dollars in fees and are completely impossible to deal with. I would really just like the rest of his funds released so that I don't have to deal with them again.

  Business Response

  Date: 26/08/2022

  Thank you for providing the required forms in good order. We have processed the EAP application and you should be receiving the payment in the very near future.

  Customer Answer

  Date: 01/09/2022

  (The consumer indicated he/she DID NOT accept the response from the business.)
  I also asked them to provide the dates and amounts of all the fees (which were huge) that they charged, along with the dates and amounts of all the payouts my son received. They've given me some of this information, but not all. Before saying I'm happy with the response I would also like to see the money, as right now we just have a promise that it will come.

  Business Response

  Date: 03/11/2022

  We received your beneficiary’s enrolment confirmation form in good order in August. We are pleased to inform you that his EAP application was processed and the payment was remitted in September 2022.
  
  Regards,
  Mak

• Initial Complaint

  Date:24/05/2022

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been investing money for my childs education with this company since he was a baby. He is about to graduate. Although I receive regular statements in the mail from them and they continue to charge my bank account for monthly installments, I have been unable to reach them for over 2 months to find out the process to start getting the funds as we have registered him for school staring in September. The Winnipeg office never answers the phone and goes straight to VM and no one calls back. The headoffice leaves you on an endless wait and never comes to the phone. They do not return feedback through the online form on thier site even when I explain I am furious with the lack of response. Today I emailed them and explained they have until Monday to respond or I will begin action against them, yet I recieved a very unprofessional email out of office reply that says they will get back to me within 3-5 business days. This is ridiculous. The online reviews for this company are terrible something that of course has only become more readily available over the years. 18 years ago we did not have access to this information.

  Business Response

  Date: 11/07/2022

  Consumer Response /* (2000, 14, 2022/07/05) */ They are currently working with me to get this done. I will not know for sometime if the resolution is acceptable. I feel it is ok to close for now. I do have someone working with me.