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Goodbye ScotiaITrade, Hello RBC Direct Investing!

Questrade Democratic Pricing - 1 cent per share, $4.95 min / $9.95 maxAs the title says, I am moving all my investment accounts away from ScotiaITrade to RBC Direct Investing. Interestingly enough, I wasn’t with ScotiaITrade by choice since I previously was with e*trade Canada due to my employer’s stock purchase plan and I just stuck around after ScotiaBank purchased the unit from e*trade. It was working fine at the time but the discount broker world is very competitive and ScotiaITrade wasn’t matching my needs anymore.

Know What Matters To You

I read a number of reviews about discount brokers and what I found interesting is that most never compared what actually matters for a dividend investor which is the ability to DRIP and benefit from the discounts. Of course, they all talk about the cost of trading and other fees but I also think there are many other factors that are important. The reality is that prices tend to be similar once you reach $50,000 in assets so build a plan based on how you will grow your assets. I don’t believe you have to pick one and stay the course forever. Some discount brokers are better to start with and others to follow through later in life. It might even be worth it to have more than one discount broker when you can have more than $100K in each.

What Matters To Me – A Dividend Investor

Low Fees

Fees do matter. It’s plain and simple. I am not going to do a review of all discount brokers about fees since the best in fees really is Questrade with $4.95 and everyone else (i.e. banks) compete with each other in terms of fees and once you have more than $50,000 or $100,000 you have fees of $9.99. If you really trade a lot or have more assets, they will reduce your fees to $6.99. For details, there are reviews of discount brokers out there. My fees with ScotiaITrade were $9.99 and with RBC Direct Investing they will be $9.95.

A draw: both ScotiaITrade and RBC Direct Investing are similar for my account size.

RRSP & TFSA Dual Currency

A very important requirement for my portfolio. If you think about it, Canada represents a small percentage in the world economy so it’s important to diversify. Not only that but the U.S. has an economy based on similar principles as us, we heavily depend on them and they have massive world wide conglomerates. My diversification is focused on those massive conglomerates such as Coca-Cola and Johnson & Johnson to name a few. This is where managing currency is important because holding U.S. investments that pay dividends in a Canadian account will go through an automatic conversion. You basically do not control when and how much you pay. not to mention that when you come to buy U.S. investments again, you go through another currency exchange. The banks win twice – it’s good if you own the banks.

RBC Direct Investing Wins. ScotiaITrade offers this feature for a quarterly fee whereas RBC offers it as a standard option.

Synthetic DRIP

DRIPing is a major part of my strategy so it’s an important factor to consider. ScotiaITrade requires you to reach out to them to enroll your securities in the plan. You can easily email them. RBC Direct Investing does it per account. It’s an option when you open the account.

A draw: both ScotiaITrade and RBC Direct Investing offer synthetic DRIP.

DRIP Discount

The discount on the DRIP plan is a very nice added bonus. I don’t think it would have been a deal breaker for me but when you can get a 3% or 5% discount on the weekly average price, you get a good start. If you are in for the long run, the DRIP discount can start to add up when you let the compounding growth machine work its magic. It’s the 8th wonder of the world according to Albert Einstein.

A draw: both ScotiaITrade and RBC Direct Investing offer DRIP discount.

Related: How To Start Dividend Investing With Little Money

Spousal Account

This feature wasn’t all that important until recently. I am now ready to make effective use of my wife TFSA contribution. Since it has to be in her name, I wanted to make sure she could leverage my trading commission. It also makes it easier to manage everything at the same bank since I can use that as a negotiation option. Assets are what allows you to negotiate better terms. My fallback option was Questrade for my wife’s account. With ScotiaITrade, the spousal account doesn’t benefit from a family account. The benefits are only applied when I trade and it’s under my trading authority. It’s sounds like a cheap implementation in their trading platform.

RBC Direct Investing Wins. ScotiaITrade assess the fees based on the trader and not the account.

Research

I like to read analysts research on different investments. I don’t necessarily based my decision on the research but analysts can highlight something that I may have missed. For that reason, I like to have a discount broker that provides me with good research.

A draw: both ScotiaITrade and RBC Direct Investing offer research. I was happy with the ScotiaMcLeod research so I’ll have to spend some time looking at the research RBC offers. 

Portfolio Tools

One important aspect I believe in investing is to measure your performance. If you don’t measure, how do you know what works and what doesn’t. How do you know you are actually making any money? RBC has some tools to assess your portfolio performance over time and it is a bonus that I am quite happy with. Especially when it comes to comparing the performance with an index. Who knows, I may just do what Andrew Hallam did and sell all my stocks one day and buy index funds :)

RBC Direct Investing Wins. ScotiaITrade has no such tools.

Customer Service

I don’t tend to need customer service much and you only miss it when you have a need for it. Rarely is it the crown jewel that makes you switch but nonetheless, it’s good to have. RBC has been ranked #1 in customer service as advertised on their site but I am comparing my experience through my email communication.

A draw: both ScotiaITrade and RBC Direct Investing offer good customer service. All my emails are answered within 24 hours.

Results

As you can see, I favor RBC Direct investing at the moment. It doesn’t mean that down the line feature improvements aren’t going to make me go somewhere else based on my needs at the time. RBC Direct Investing is my fourth discount broker. I started with InvestNat in my early 20′s, then I used ScotiaMcLeod and then I moved to ScotiaITrade (e*trade) until now.

Before you ask, I eliminated the following for the reasons outlined.

  • BMO InvestorLine only provides a limited list of companies for DRIP – I want all of them
  • TD Waterhouse doesn’t provide a US account within an RRSP or TFSA account
  • ScotiaITrade provides a US account within an RRSP or TFSA account with a quarterly fee – I pay enough fees
  • Questrade doesn’t offer DRIP discounts and it lacks in the tools and research area – I admit that it was on my short list. A great discount broker for anyone starting with investing.
  • Others are eliminated for not providing research from a wealth management firm

Readers: Who are you with? and what do you like about your discount broker?

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41 Responses to "Goodbye ScotiaITrade, Hello RBC Direct Investing!"

  1. Great breakdown and comparison between the two brokerage firms. I’m with a big bank myself, TD, mostly for the convenience, because that’s whom I also bank with. It’s really fast and easy to transfer funds between my banking and brokerage accounts online. I haven’t used any other trading platforms, but Direct Investing sounds pretty cool too.

  2. I went with TD Waterhouse, mostly for simplicity of having all my accounts available on the same site, partly because I did not want to go through the application process with Questrade when I could just walk to the bank and have the TD advisor do everything for me. I do not have the money to make a lot of purchases so the very high fees don’t hurtme as much as some other people, but I still hate seeing $30 leave my account every time I make a transaction.

    • The Passive Income Earner says:

      @Poor Student @Liquid Independence
      I still do my banking with ScotiaBank and that’s where my mortgage is. However, I am setup with a CAD & US bank account at RBC to easily transfer money and they have ways to keep it on the cheap as well.

  3. Bernard says:

    TD Waterhouse currently holds my TFSA, unregistered accounts US/CDN, and banking accounts. I was with TD since it was Canada Trust and they used to give me $5 for every logbook I used when I was a child. It’s funny how a gimmick like that can keep a customer.

    Now that I started working, I have a GRRSP account with ScotiaMcLeod.
    I just contacted my advisor and he told me that I can DRIP US stocks but the base currency of my RRSP must be in CDN. Also, there is a commision fee of $125 for every buy and sell of a stock. $125 commissions fee is a little steep!!! You said that you were with Scotia McLeod before, was that the case with you?

    • The Passive Income Earner says:

      @Bernard

      For the time I was with ScotiaMcLeod, the trading fee was 29.99 for either CAD or US. The convenience wasn’t worth staying there though and I moved to ScotiaITrade where I had 19.99 trades until I reached $50K in asset. After that it was $9.99 per trade. At the time, I wasn’t really aware of many brokers and Questrade would have been best. Now I have enough assets to get a decent trading fee.

      • Pete2300 says:

        A quick correction. Scotia Mclead is the full service or advisory side of Scotia which explains the 135 comish. Scotia i-trade is the discount side or do it yourself side of the business where you pay the 9.99.

  4. Majority of my holdings are with TD Waterhouse. Trades are lightning fast and I can call them 24/7 if I have any questions. They also allow you to set up your accounts for automatic wash trading when purchasing US stocks.

    I also have trading accounts with RBC because my employer deposits my RRSP matching with them. The support for RBC is sub-par compared to TD and I pay the same amount for trades $9.95.

    • The Passive Income Earner says:

      @Steve
      Thanks for your comments! Much appreciated to hear actual experience on the different platforms. Unfortunately, I really want a US holding account to accumulate the dividends in the currencies it’s intended for and not just for doing wash trade. How long can you hold the wash trade for? Does it have to be an instant swap? (buy and sell the same day). What if you want to sit on your US funds for a month, can you do that? So far, I know many people are using TD and I never heard complaints from them.

      I rarely need lighting fast trades as I usually have limits … what do you require lightning fast trades for? I don’t think you are talking about the settling period.

      Your comments about service is interesting compared with all the reviews. It goes to show that until you really need customer service, you don’t really know …

      • Pete2300 says:

        I think you misunderstood the concept of wash. By washing a us trade in a registered account, Waterhouse will buy or sell corrsponding us$ money market fund and match the exchange rate. This is done automatically and there is no time limit. This will loow you to keep everything in us$ without the incursion of f/x in a registered account. The service is free.

  5. I am really with my bank simply for the convenience of having everything centralized. But after reviewing the comparison you provided, my bank (NA)does provide many of these options.

    • The Passive Income Earner says:

      @BeatingTheIndex

      Convenience is powerful. I did setup a bank account with RBC for convenience :) but I have not moved my mortgage. I could if they could beat the rates I have though (and cover the costs).

  6. jd says:

    TD Waterhouse’s workaround for holding USD in registered accounts is to automatically wash US trades with their USD Money Market fund. You have to call once to set up your account with that feature or you can call after each trade. It’s kludgy, but it does work. The downside is that it only applies to trades–USD dividends still get automatically converted to CAD. For that reason I may move my RSP somewhere else; RBC seems like a decent option.

    • The Passive Income Earner says:

      @jd

      Thanks for your comments. It’s too bad they are unable to keep up with the features because there is something to be said for convenience. On the other hand, I have not seen many banks that includes the discount broker in the review of your banking products. Just recently, ScotiaBank called me to ask me if I wanted a TFSA ?!? I said, I already do with your discount broker. The conversation script ended …

      • Pete2300 says:

        Simply the answer to your questions are technology. Waterhouse and i-trade use ISM which is IBM based technology and has limitations for offering strait us$ registered accounts, where as RBC and BMO use ADP and has more flexibity on offering various features in an account and is easier to manipulate with minimum cost. ISM on the otherhand is very costly to manipulate.

        • The Passive Income Earner says:

          @Pete
          Thanks for explaining. It makes sense. Very unfortunate that it’s a costly technology because I feel it’s disadvantage for them.

  7. Sounds like a great move.

    Going forward, RBC might be what I’m looking for as well, mainly because of the USD RRSP.

    I don’t need lightning fast trades. I don’t trade much – I buy, like you!

    As for the portfolio tools, I don’t use them much myself. I don’t think you need portfolio tools if you own broad-market ETFs. As for the dividend-paying stocks I own, I figure if they slowly creep up over time, and always pay dividends, that’s good enough for me :)

    • The Passive Income Earner says:

      @MOA
      I have nearly 70% of my self-directed RRSP with RBC in US investments at the moment. It’s the best place to own them from a tax perspective and I see the US as a much bigger economy than Canada with their international conglomerates. I also feel that the US dollar is going to strenghted over the coming years since the Canadian economy (exports) can’t be sustainable with a stronger Canadian dollars.

      Anyways, there is enough for a post on this topic but a real US$ account was very important for me.

  8. sleepydad says:

    Am i the only one here with HSBC Investdirect? I was previously with RBC, with minimal amounts in my trading account. Unfortunately, was being charged ‘inactivity’ fees quarterly which i wasn’t happy with. A couple years ago, I decided to take my money out of my advisor to go self directed. I decided to go with HSBC Investdirect, as that is who i primarily bank with. I also sold everything in my RBC Direct Investing Account; so i have zero balance in it but was able to leave the account open so that i can take advantage of the RBC’s research information. If you have a HSBC Advance Account (Over $25,000 in assets); then trading is $9.88 per trade. HSBC Premier Clients (over $100,000) is $6.88 per trade.

    • The Passive Income Earner says:

      @sleepydad
      Thanks for your comments. I have to say that I wasn’t familiar with HSBC Investdirect. How do you think it stacks with resect to dividend investing with DRIP and discounts?

      • eugene says:

        HSBC is great and would be a draw to most of the criterias you measured on.

        Just thought I’d throw in the plug for HSBC in that it’s a very good blue chip international bank that happens to be a really good dividend income source. The big downside for 0005(HSI) would be the fact that we can’t take advantage of the dividend tax credit.

  9. VanLarry says:

    I have qtrade as well as TDWaterhouse.

    Washing trades is actually instructed by TD themselves. Their live workshops even show you how. In my experience, I’ve only done this in RRSP. I’m a bit different in terms of “wash trade”. I’m only holding one ETF in RRSP and the distributions I get don’t make enough for a DRIP. So I’ve left instructions (you have to call them) to have the distributions move to TD’s USD money market fund automatically. They also take and covert to CAD from that fund whenever the annual fee comes up. I don’t hold enough RSP in that account to qualify for no fee.

    I’m curious on why would one *WANT* to hold US investments in TFSA? You’re taxed on the dividends since the US government don’t consider TFSA as a retirement account. The only advantage is mainly capital gains and dividend taxes on the Canadian side. Only makes sense if you want to hold investments that give mainly capital gains or ROC. Only then I would see why one would want a USD account for TFSA.

    As for my other broker. I’ve had them before Questrade was available. They were relatively cheaper then, $27 whereas everyone else was competing with TD’s $35. E*trade wasn’t available yet, when it was, it had a $5k minimum. I was a student then and didn’t had $5k to invest. Trade wise, qtrade service is excellent I got to say. On the other hand TD’s bigger so trading action is a better. For example, if you wanted to trade something with odd lot, 113 shares, qtrade may only do a partial fill of a 100, whereas TD would more likely fill it.

  10. liverless says:

    I’m an RBC and Scotia account holder. I prefer RBC. They have better performance tools, better research, and its easier to buy and sell stocks (for example: no trading pw required).

    I also like RBC’s practice accounts. They allow you to create a virtual portfolio that has most of the aspects of a real portfolio including commissions, buying and selling in real time with the markets, and dividends accumulating over time. They are especially useful if you want to follow your portfolio as part of your blog but do not want to have to display actual portfolio data online.

  11. Freddie says:

    I’m with TD Waterhouse and have been for many years; before the canada trust merge. Been very happy with their service; albeit not perfect is pretty good. As others have said, easy to move money between banking and trading / retirement accounts online.

    $US account for RRSP and TFSA would be a great improvement. I do understand the washing of trades / washing to MMF and that does work but not for dividends.

    $US securities in TFSA; I have some only due to allocation problems / rebalancing timeframes and contribution amounts. Was much easier and cost effective at the time to purchase in TFSA than to sell and repurchase in RRSP. No taxes anyways on TFSA so no big deal except for the ding on foreign (in my case US) dividends.

    Execution speed is great, especially on odd lots.

    All around very happy with TD.

    Only thing I need to look at now is ability to swap into RRSP or TFSA of $US securities that I buy in my $US trading account after performing the Norbert gambit to highly reduce the currency exchange fee of 1.5%.

    Anyone know what TD allows?

  12. JamesMacdonald says:

    I have been with RBC since 1999 and I am happy with them. I love the no fee USD acct in TFSA and RRSP. In addition, there are no fees to withdraw from TFSA.

  13. JamesMacdonald says:

    RBC also has a secure email system where by you can contact them with questions regarding your account. TDW has no such thing.

  14. Herbwizard says:

    It seems to me that Scotia Itrade is missing the boat here. Assuming you purchased shares
    in a gold mining stock that is presently at $0.80 per share, the new rates are now $9.95
    fee now add a $0.03 cent per share X the 22000 shares don’t you now have $660.00 in fees
    added on for nothing but GREED. Imagine holding 75000 shares in a gold mine in development X $0.03, doesn’t that mean in addition to the $9.95 how about $2,250.00 in fees
    for no reason but GREED. What are they smoking?????

  15. jim says:

    I am just in the process of pulling 9 accounts from Action Direct after being a customer for 20+ years. I had a few simple requests that were not met, and in the process was told if I did not like the answers (I did not) I could raise them with the Banks Ombudsman or IIROC. I am looking at TD and BMO. I will keep a small amount with AD for the Research but caution you all ….. the back office support is bad. You cannot download accounts positions to Excel, and if you have a problem or question they send you on a goose chase. It took a great deal of bad service and attitude to get me to move, but they managed to do it. Like many have said here, keep your options open.

    • The Passive Income Earner says:

      @Jim

      Good to see you taking action. It looks daunting at first to make such a change but institutions are making it very easy. I just finished consolidating all the RESP accounts under RBC myself just recently.

  16. Jack says:

    Now that you’ve been with RBC for a little over six months, how has the experience been? My concern when transferring accounts is that you don’t retain historical performance. Do you track it separately? One of your original pros to moving was the improved performance tracking at RBC, but if you don’t retain history, it’s not of much use. Also, any issues with the DRIP? RBC doesn’t seem to provide a list of eligible securities anywhere, have you encountered any securities you thought would be eligible but weren’t? I’m thinking of making the switch from BMO to RBC because their DRIP list is so small. Thanks

    • The Passive Income Earner says:

      @Jack

      When you transfer, they can retain your purchase cost (called book value). You can also call them to adjust it if there is a mistake. In short, it’s all tracked as if I had not moved. What you lose is all the historical transactions on dividends and purchases but you have the averages in the book value.

      The performance tracking that is provided is good. It does take some time to show the benefit but my accounts are now compared against an index. So you get to see how it compares without tracking it. It’s actually quite a bit of work to track all that manually.

      DRIP and the discounts are all supported. What I found is that it’s per account and not per security. It has been fine with me. If I were to get a lot of dividends in aggregation, I would probably stop and decide manually where to invest but I only have 30% of my stocks that can buy back 1 share here and there.

      Hope that helps.

  17. sunnypt says:

    I am now with BMO and would give them an 8 out of 10. I was with Scotia for years prior to itrade. When I researched BMO and understood that at the 5 star level I would be charged 9.95 per trade I approached Scotia with the option to match. They were charging 29.95 then. I left.
    I love the service and platform of BMO. The only reason I may leave is that I now sell covered calls on many of my positions. BMO charges 9.95 + 1.25 per contract and a very difficult formula for assignments. Sometimes I pay 80-100 if assigned. CIBC is 6.95 +1.25 per contract and a flat 6.95 if assigned. BMO won’t match this. The only problem with CIBC is they do not have a separation for US and Canadian stocks in their RSP accounts. I do have many US dividend paying stocks. THis would cost me on the exchange if I were to switch.

  18. lisarose says:

    I have accounts with Virtual Brokers and RBC Direct. I like the ease of currency exchange with RBC. Other than that they are hopeless for traders. The information is hopeless. I have “streaming” but a buy only shows up on my portfolio the next day with quotes. They keep charging me mysterious “interest” on my RRSP from which I cannot borrow margin, so should have no interest charges. I have to watch and phone and yell to get these removed. Now they have not correctly averaged two buys, so my total which should be green shows red and I am having to work this out too. Then, the price of your holdings is shown in total dollars, not price per share, which is not helpful. Their streaming quotes are stone age. They have no trading platform as such. RBC Direct = Hopeless for Traders.

    • The Passive Income Earner says:

      @lisarose

      It definitely looks like your requirements are different than mine. There are a number of other options for active traders I believe such as Interactive Brokers and Qtrade. They are both independent of banks.

  19. Onkar says:

    I had accounts at various places(iTrade, RBC, TD) and last year(May) decided to consolidate. After months of research, I decided to consolidate at scotia itrade. I considered TD, RBC, Scotiaitrade, questrade, and few others. A few things that I did not like about RBC, a lot of the etfs were not on the DRIP list and i was told that there must be number of customers with that etf, I needed RBC bank account, rbc website kept timing out after 30 min of inactivity(which was really annoying), only could get 1 year of account activity. None of these issues exist with scotia itrade, the customer service has been amazing, I have enough assets at scotia itrade that I get special phone number, never had a wait for more than couple of minutes and the staff knows what they are talking about. Also, I use some of the commission free etfs(HXT, HXS, CBO) at scotia itrade.

    • @Onkar

      Thanks for your comment and sharing your experience.

      It looks like you got something that works for you. I can’t say I have encountered any of the problems you mentioned. One of the most important feature for me was the Dual Currency accounts and I did not want to pay a fee and ScotiaITrade charge a fee unfortunately at the time. The free ETFs and research was great at ScotiaITrade though.

  20. Vincent says:

    Hi, I’m doing stock investment since 3 years with Disnat. I didn’t like Disnat for some reasons (I’m working at Desjardins so I know that everybody at work almost don’t even know what is Disnat). Since 2 weeks I’m looking at reviews and I’m asking people about their opinion on which platform would be appropriate for me. I had 4 choices, Questrade, Qtrade, TD Waterhouse and Scotia iTrade.

    I chose iTrade because their analysis tools were good enough for me and I found their new platform very nice. I chose iTrade because I’m an entrepreneur so I though it would be easier to bring all my accounts at the same place (personal account, business account and trading account) instead of having one at Desjardins, one at TD and one with iTrade.

    It’s been 3 weeks that I have sent all the papers. I opened my account on the phone with who was really giving a good service until I had completed everything… At first when I received the papers that I needed to sign, there was a mistake with my home adress (Guess what? If the adress is not good I won’t receive any papers) so I called 20 minutes after I received my papers by email and guess what? No answers. I sent email to iTrade to tell them about the mistake, it took 4 days to have an answer.

    told me when I called the first time that my cash account will be open in 24-48 hours but it will take 2 to 4 weeks for my TFSA (which is almost the same for every companies). Then a week later when I could access my money in my Desjardins account (took 4 days to transfer from Disnat because of the weekend) I received my Scotia card to access my account.

    This is where the funny part begins… I received an email saying that they have received all the necessary documents so I called at Scotia iTrade to ask them about what is the fastest way to transfer money from Desjardins to them. They said that it is with the function paying bills so I went on my AccesD and add Scotia iTrade bills and pay only 10 000$ to make sure that if there is a problem I will still have access to the rest of my money. I paid the bill on May 27th. On friday, there was still no money in my account so I decided to call Scotia iTrade and at the same time I received an email saying that my TFSA transfer is completed and I can start using it.

    When I called they told me that my cash account is not open and I need to send them another copy of my ID. I mean, i get the point of all the security procedure, I just don’t get how they identify me for my TFSA and opened it but they don’t know if it’s really me for my cash account… So I asked them what do I have to do? They said: “go to a Scotia Bank and tell them they have to fax us a photocopy of your ID”. I drove an hour to go to the closest Scotia Bank, when I arrived there and told them about the identification process they could not understand. The woman was really not competent and I had to tell her: “Hey, maybe if you don’t understand what they want, you should call them? Right?”. So she was mad and called them, they told her what she had to do, it was so simple. She didn’t fax right away because they were closing.

    I called this morning to know if my account is now open (I had to call because who told me on friday that he would call me back on Monday didn’t call me) and they haven’t received the photocopy of my ID !!!!! So my account is still not open.

    The other nicest part is that my 10 000$ is lost, neither Desjardins nor iTrade know where is my money. Desjardins said that Scotia iTrade might send it back in my account and the woman at iTrade could not reach the “Director of the transfer department”. So now I’m stuck, I can’t do any trading, I don’t know where is my money, it will take Desjardins 2 to 4 weeks to find where it is and to cancel it, and it will cost me 10$.

    I have 3 questions for them about customer services?
    1- Why didn’t tell me the first time on the phone, “Hey, if you want to make sure that there is no problem because you are leaving to travel for the next 3 months, just go straight to a Scotia Bank so they will identify you and you can even give them all the papers so you will be sure that we will received them”. I think it’s a pretty decent simple hint.

    2- Why are they sending email to confirm when it is approved but not when it is not approved?

    3- Why did I received an email saying that my cash account is temporarily approved and you can start funding it today?

    The most interesting part is that now the only thing I can do is waiting and if I want to switch to another broker it might take another 2 to 3 weeks to open the account so I will have lose 2 months of active trading investment because of Scotia iTrade.

    I know now how it works when it has separate entity (Disnat – Desjardins / Scotiabank – Scotia iTrade), when there is a problem Disnat send you like a ping-pong ball to Desjardins and Desjardins just have to say: “Disnat is a separate company so we don’t know…” It happened when I opened my account with Disnat and it just happened with iTrade.

    Last thing about iTrade and their customer services, I have called maybe 7 times and every time the person on the phone told me: “Can you wait a minute I will go ask whatever person?”. So I have wait every time between 4 and 10 minutes before having an answer…

    • @Vincent

      It looks like you are having a pretty rough transfer. I had an ETFs failed once too and I had to wait a while before the money was put back in the originating account.

      Make sure you keep your disnat accounts open and not closed them until everything is sorted out and good.

      Best of luck!

  21. johnnyboy says:

    Hi,
    helpful blog, thanks. I myself am seriously considering switching my TFSA frome iTrade to another broker that offers TFSA US accounts (for free), I’m really getting ticked off at the automatic conversions every time I buy or sell, and their crappy exchange rate doesn’t help. My only fear is that the fees they might charge for transferring the account might not make it worthwhile. I realize it’s an old post, but do you remember what it cost you in fees to transfer your account ?
    thanks

  22. Gabriel says:

    Setting up an iTrade corporate account is like pulling teeth! They FAIL in this regard. Way easier with TD Waterhouse or RBC Direct. They customer service is next to useless when trying to explain which forms you have to fill out, even though you have filled them out twice already for them!

  23. Itrade Victim says:

    Useful info. Itrade has been painful to use and reminds me of CNBC’s customer disservice show about how corporations purposely make life a telephone hell for customers.
    Hardly a week goes by when the program screws up and I have to deal with the useless, disrespectful, esl crowd at ITRADE.
    Hours, days and even weeks are lost dealing with itrade garbage. The latest goof is itrade randomly changes the term dates I set for trades.
    Anyone know of a self help itrade users blog/site where users can login to report and get the latest problem fixes?
    I wish that someone would set that up.
    I would but my poor health keeps me bed ridden much of the time.

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