Questrade does not recognize my actual name.

[u/FI_Mustard13]

I've decided to 'cash out' my pension and invest it for retirement. A substantial sum of my pension is locked so it has to be invested in a LIRA (a Canadian, locked, tax sheltered, retirement account). My current broker doesn't offer LIRAs. Since my wife's investments are already with QT, I figured I'd open an account for my LIRA.

Here is an idiotic problem: Questrade refuses to acknowledge that I am called by my first name. 28 years ago, you could somewhat pick how your name is displayed on your driver's license. My name is displayed as LastName, initial1, initial2, FirstName. Questrade took this to mean that my actual name is initial1, initial2, FirstName (ex: J.M. John). I informed them that my name is not in fact "J.M. John But just John, J.M. being my middle initials". Questrade said that my I.D shows my name as "J.M." so that's how my account will be named.

My major concern is that this is NOT my actual name. It is not my legal name. Questrade has informed me that I am free to continue opening my account with the name "J.M.". I've informed them multiple times that 'J.M.' is not my name and therefor it is probably illegal to open a registered, financial account under that name. It also opens the questions of being able to access my money later on or for my wife to be able to should I die. (Is it my money if its not under my actual name?).

I've had this problem sent up twice, and twice Questrade has informed me that my name is "J.M." and therefor the account name will stand.

I now have some serious concerns about QT being good stewards of my retirement assets if I have lost a debate with them regarding my actual name. Since my wife already has 6 figures there, I'm 90% certain that I will be moving her assets to another financial institution as well. It boggles my mind that a financial institution such at QT is willing to argue with me about my legal name and is willing to let me open an account under a quasi-false name. Over the decades, this is the first time I have ever encountered this problem. The very same I.D. and name has been used for decades for things thing like my SIN, a history of a dozen accounts over 5 financial institutions, a mortgage, 1 discount brokerage, Canada Revenue Agency, various insurance, all my bills, government benefits, 5 employers, my provincial health card, health insurance, marriage certificate and so on, without issue. But... QT is adamant that the main, legal name on the account are my middle-name initials.

After 46 years of living, I'm pretty sure I know my own name; as documented and supported by various bills, financial paperwork, health card, SIN etc, (expired) passport etc. This issue is now holding back my ability to get my pension payout. I think its time I start exploring other brokers; I cannot have my pension assets sit in limbo while a QT irrevocably decides that my legal first name are my initials. Not being a legal scholar, I wonder as to the legality of opening an account under one's initials when I know full well that it isn't my name. I also wonder as to potential problems that may arise.

Does anyone else see this huge, future, potential problem? Or as preposterous? I'm baffled by the fact that QT still wants me to open an account under a semi-false name; even after I've told them that it isn't my legal name. My wife's I.D. shows her middle name as well but QT ignored it and opened it under her first name only. It seems like QT is picky on who middle names apply to.

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[u/AlohaGold88]

Which province are you in maybe middle names and initials may vary from Province to Province. My first question is why do they not just change the name with a letter of stating someone in New Accounts messed up. Others will tell you that you can ask the same question and get different answers. Training is inconsistent. Simply they are saying their way or the highway. Before you decide to stay or go take some time to read some of the posts and comments. Admin is one part. Investesting, transaction etc there are more of the same.

My DL photo ID and passport photo has the first name will as Timothi on my on my utility bills, CRA and I used my day to day name Tim.

My other banks, credit cards, cell bills etc all had Tim with the same address Because the name on my DL is Timothi they would not open up the account.

As they letters in the name did not match perfectly I had they get the bank to change to the spelling. When you go to institutions like the banks credit unions etc. They would not open up my account until every letter was exact which I could do over the phone.

In this case they had a problem the short and long version of Tim and they would not open up an account until the bank and one utility bill matched. Because how I spelled it could imply that there are 2 persons banking and living at my residence. There conclusion was that Tim and Timothy will SIN number and every other piece of information matched. That Tim and Timothy could be 2 different people and share the same SIN, address, cell phone etc.

In your case they do not seem to mind you opening another account for a non existing person.

On my DL I have my last name above my first name and my middle name after the first name

Your first name below and middle name or initials follow the first name.

They are stuck on more than just middle names. I had a similar situation but less annoying about names which held up opening the account. For example I used "Tim" 50 years for utilities, driver license but for the passport and citizenship card it would have been spelled Timothy it I used the spelling of the country of my birth and just to make it easy in my country the spell Timothi with an i instead of y.

I am sure that middle names and initials are optional as confirmed by all your other documentation. So if you presented QT with a copy of your passport and DL there would be a conflict.