Comments on: Adieu to RBC Direct Investing http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Hot News » Interactive Brokers http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-192420 Hot News » Interactive Brokers Thu, 28 May 2009 02:50:27 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-192420 [...] James Deploys Interactive Data’s Market-Q for Retail Brokers | A-Team Group...Choosing a discount brokerage account | Canadian Capitalist...Any good online brokers with low commission fees for penny stocks? | Penny Stock Trading...Dangerous [...] [...] James Deploys Interactive Data’s Market-Q for Retail Brokers | A-Team Group…Choosing a discount brokerage account | Canadian Capitalist…Any good online brokers with low commission fees for penny stocks? | Penny Stock Trading…Dangerous [...]

]]> By: bcgold http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-184531 bcgold Tue, 10 Mar 2009 19:41:48 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-184531 I'm with RBC right now. Harv Eker recommended the TD travel gold visa and for that reason I wanted to check TD out. I think that might be a good idea.... I’m with RBC right now. Harv Eker recommended the TD travel gold visa and for that reason I wanted to check TD out. I think that might be a good idea….

]]> By: Sam http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-62368 Sam Fri, 17 Aug 2007 17:56:35 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-62368 Has anyone know any good low cost online broker in U.S which open trading account for Canadians? Has anyone know any good low cost online broker in U.S which open trading account for Canadians?

]]> By: RBC Direct Investing Review http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-56184 RBC Direct Investing Review Tue, 17 Jul 2007 03:15:40 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-56184 [...] I have been a customer of RBC Direct Investing, which used to be called Action Direct for more than 6 years now. I still have our taxable accounts with them (thinking of switching to Questrade) but have moved our RRSP accounts to TD Waterhouse for reasons outlined in this post. [...] [...] I have been a customer of RBC Direct Investing, which used to be called Action Direct for more than 6 years now. I still have our taxable accounts with them (thinking of switching to Questrade) but have moved our RRSP accounts to TD Waterhouse for reasons outlined in this post. [...]

]]> By: 2Q-2007 Report Card http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-52988 2Q-2007 Report Card Tue, 03 Jul 2007 11:53:02 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-52988 [...] up our portfolios. Just over 50% of the total portfolio is now in index funds. I also initiated a transfer of our discount brokerage accounts from RBC Direct Investing to TD Waterhouse, so that I could sell all our US stock holdings and buy index funds with the [...] [...] up our portfolios. Just over 50% of the total portfolio is now in index funds. I also initiated a transfer of our discount brokerage accounts from RBC Direct Investing to TD Waterhouse, so that I could sell all our US stock holdings and buy index funds with the [...]

]]> By: Peter http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-16489 Peter Sun, 31 Dec 2006 16:16:51 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-16489 I'm glad to hear that I'm not the only one that finds RBC Direct Investing hopeless. https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20060916/STMAIN16 How they scored even a 4.5/10 in customer satisfaction in the Globe survey is beyond me. I'm going back to TDW. I’m glad to hear that I’m not the only one that finds RBC Direct Investing hopeless.

https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20060916/STMAIN16

How they scored even a 4.5/10 in customer satisfaction in the Globe survey is beyond me.

I’m going back to TDW.

]]> By: David Levine http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-15070 David Levine Sat, 23 Dec 2006 19:33:07 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-15070 I've had an RRSP and LIRA at TD for a while and have saved a lot of money using wash trades. Unfortunately, it is a hassle and you have to put up with their generally arrogant attitude. If I call before the market closes they usually forget to wash the trades so I have to call back a second time and tell them who I originally spoke to. If I call after the market closes they complain about having to cancel and reissue the trades and they ask me to call back earlier the next time. Recently I was overcharged on some trades that qualified for a reduced commission. After getting the runaround from 2 different branches I finally reached someone deep in the bowels of their offices. I learned that my accounts were not "linked" in their system that calculates commissions so they would not offer me a discount. Unbelievably, it was my responsibility to anticipate the deficiencies of their systems. The representative then dismissed me by lying to me about the amount of money that it was costing me and rationalizing that, "if we adjusted it for you we'd have to do it for everybody." Needless to say, I can't wait to move my account but there are no competitors that offer wash trades, low commissions and good customer service. I'd be interested in hearing when ETrade starts offering wash trades and how their customer service is. I’ve had an RRSP and LIRA at TD for a while and have saved a lot of money using wash trades.

Unfortunately, it is a hassle and you have to put up with their generally arrogant attitude. If I call before the market closes they usually forget to wash the trades so I have to call back a second time and tell them who I originally spoke to. If I call after the market closes they complain about having to cancel and reissue the trades and they ask me to call back earlier the next time.

Recently I was overcharged on some trades that qualified for a reduced commission. After getting the runaround from 2 different branches I finally reached someone deep in the bowels of their offices. I learned that my accounts were not “linked” in their system that calculates commissions so they would not offer me a discount. Unbelievably, it was my responsibility to anticipate the deficiencies of their systems. The representative then dismissed me by lying to me about the amount of money that it was costing me and rationalizing that, “if we adjusted it for you we’d have to do it for everybody.”

Needless to say, I can’t wait to move my account but there are no competitors that offer wash trades, low commissions and good customer service.

I’d be interested in hearing when ETrade starts offering wash trades and how their customer service is.

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-14842 Canadian Capitalist Wed, 20 Dec 2006 16:00:47 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-14842 Ryan: Wash trades help you when you sell one US equity in your RRSP and buy another also denominated in USD. In most discount brokerages (without a wash trade), your initial proceeds in USD will be converted to CAD. When you buy another US security your CAD will be converted to USD and the round trip will typically cost you 3.0%. With a wash trade, you put the proceeds of the initial sell order into a money market fund (making sure the fund has no fees or penalties of any kind) and then use the funds in the money market fund to buy some other US stock. In this series you would avoid the currency fees entirely. Wash trades might save you a ton of money. Say you are selling $20K worth of US equities and buying VTI with the proceeds. Without washing the round trip would cost you $600! Wash trades don't help when you convert currencies (If you sell a US security and buy a Canadian stock you have to pay currency conversion fees). Ryan: Wash trades help you when you sell one US equity in your RRSP and buy another also denominated in USD. In most discount brokerages (without a wash trade), your initial proceeds in USD will be converted to CAD. When you buy another US security your CAD will be converted to USD and the round trip will typically cost you 3.0%.

With a wash trade, you put the proceeds of the initial sell order into a money market fund (making sure the fund has no fees or penalties of any kind) and then use the funds in the money market fund to buy some other US stock. In this series you would avoid the currency fees entirely.

Wash trades might save you a ton of money. Say you are selling $20K worth of US equities and buying VTI with the proceeds. Without washing the round trip would cost you $600!

Wash trades don’t help when you convert currencies (If you sell a US security and buy a Canadian stock you have to pay currency conversion fees).

]]> By: Ryan http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-14841 Ryan Wed, 20 Dec 2006 15:48:54 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-14841 CC, I read the link referring to the explanation of wash trades, and I still have some questions regarding them. So, when you move money from a Canadian MM to a US MM, you still have to pay a fee for converting correct? The same goes for when you want to move the money back into Canadian funds...correct? So, is the purpose of the wash trade to avoid extra fees, on top of the conversion, when dealing with US stock? Just not quite sure?? Any feedback would be appreciated. :) CC, I read the link referring to the explanation of wash trades, and I still have some questions regarding them.

So, when you move money from a Canadian MM to a US MM, you still have to pay a fee for converting correct? The same goes for when you want to move the money back into Canadian funds…correct? So, is the purpose of the wash trade to avoid extra fees, on top of the conversion, when dealing with US stock? Just not quite sure?? Any feedback would be appreciated. :)

]]> By: Dan http://www.canadiancapitalist.com/adieu-to-rbc-direct-investing/#comment-14839 Dan Wed, 20 Dec 2006 15:31:10 +0000 http://www.canadiancapitalist.com/2006/12/18/adieu-to-rbc-direct-investing#comment-14839 I just moved over to Credential Direct. I found that they have some great stock and mutual funds scanning tools. No charge to buy or sell mutual funds (if you hold for longer then 90 days I believe). No charge for a RRSP account with over $15K in it. I wasn't too worried about the trading fees, but they are only $9.95 if you like to trade alot, otherwise $25 per trade. I really like the fact that I can transfer money into my accounts online, from any bank or credit union into my rrsp or trading accounts.I have an RESP account with TD Waterhouse. They seem OK for what I need. Cheers. I just moved over to Credential Direct. I found that they have some great stock and mutual funds scanning tools. No charge to buy or sell mutual funds (if you hold for longer then 90 days I believe). No charge for a RRSP account with over $15K in it. I wasn’t too worried about the trading fees, but they are only $9.95 if you like to trade alot, otherwise $25 per trade. I really like the fact that I can transfer money into my accounts online, from any bank or credit union into my rrsp or trading accounts.I have an RESP account with TD Waterhouse. They seem OK for what I need.
Cheers.

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