Global Educational Marketing Corporation is providing financial services. They sold me a RESP, Registered Educational Saving Plans, for my child 4 years ago. I was told that this is like a saving account for my child, and when my kid wants to go to university, he can use the money with government grant at that time. I doubled my monthly contributions 2 years ago after my youngest child born.
About a month ago, I found out that other financial companies are offering a better return in their RESP, and I thought I just transfer the fund to another company with a higher return RESP, but when I call to make the transfer, I was told that I have to pay $1335.80 because the global was counting on me to keep the money in their account for 17 years, and now I am transferring earlier. So, I have to pay the fine. They call the fine "Enrolment Fee" and it is in a fine print in the document that I sign, and I did not read, and the sales rep did not disclose anything. When I called to complain, I was just told that well you sign it, and you will lose if you transfer. I found out that this is not a first time that Global Educational marketing corporation ripping off people legally, and they using a loop whole in the system. Doing that. Http://www.vaninvestor.com/You/RESP/OSC_cracksdown_resp.htm
Global stole my hard working moeny from my account, and they will do that to anybody else if the could. Stay away from Global Educational Marketing Corporation.
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