A Prince Edward Island family faced challenges due to the length of their children’s combined last names. Max Deller-Lestage and Marie Pascal set up an RESP for their two children at TD Bank. The children’s last name, Pascal Deller-Lestage, was too long for the digital form, leading TD Bank to remove the hyphen and space, causing issues later on.
When the family tried to transfer the $6,000 RESP to another bank with better interest rates, the new bank included the hyphen and space in the children’s last name, preventing the transfer. Despite attempts to update the name on the TD account, the issue persisted due to space limitations in the name field.
Over a year later, the couple still struggled to transfer the funds, facing delays and lack of resolution from TD Bank. Pascal expressed frustration at the situation, emphasizing the simplicity of the problem being just a hyphen in a name.
Deller-Lestage felt that TD Bank was avoiding addressing the issue effectively, leaving the transfer unresolved. The couple hesitated to withdraw the funds to avoid losing the Canada Education Savings Grant. They highlighted the bank’s reliance on technology and the need for smoother resolution processes.
TD Bank stated they were investigating the issue and aiming to resolve it promptly. The couple hoped for a quick fix, with Pascal noting the account’s balance possibly influencing the bank’s responsiveness. Deller-Lestage emphasized the need for systems to adapt to the increasing trend of combining parents’ last names.
Both parties desired a swift resolution to the naming issue, emphasizing the need for flexibility in systems to accommodate diverse family structures.