Comments on: News Alert: E*Trade Canada acquired by Scotia Bank

By: cantonax

cantonax — Tue, 21 Apr 2009 16:22:43 +0000

I agreed looked at these 6 banks

“Scotia Bank, HSBC, TD Waterhouse, CIBC Investors Edge, RBC Direct Investing, and BMO Investor Line”

By: John Richardson

John Richardson — Wed, 26 Nov 2008 22:02:30 +0000

I have looked at these 6 banks.

Scotia Bank, HSBC, TD Waterhouse, CIBC Investors Edge, RBC Direct Investing, and BMO Investor Line.

Not sure of what Scotia Bank and HSBC offer.

- TD Waterhouse offers $100,000 investment and $9.99
trades and 3 months free commission up to $1500 value=
150 free trades. Account must have $100,000 on the 4th
business day of each month to avoid fees.

- RBC Direct Investing offers $100,000 investment and
$9.99 trades. Account must have $100,000 at the end of
each month to avoid fees. Until Friday Nov 28th RBC Direct Investing is offering 1% back= $250.00 paid after 6 months on a $25,000 switch and will cover your transfer fee as well.

- BMO Investor Line offers $100,000 investment and $9.99
trades and $300 credit in cash into your account after 6
months. Account must have $100,000 to avoid fees.

- CIBC Investors Edge on $10,000 investment offers a
package that contains 50 trades that cost $395 during the
calendar year which is $7.90 per trade and after 50 trades
$6.90 per trade. Account must have $10,000 value during
August and September to avoid annual fees. Rest of year you
can zero in the account.

Based on these comparisons I feel that CIBC Investors Edge offers me the best deal and the least hassle.

What do you all think? Please give me your input. I want your opinion and feedback. If you know of better deals or if I have made any errors please let me know.

Thank you

By: PC

PC — Wed, 16 Jul 2008 15:19:41 +0000

This is an interesting move by ScotiaBank. Just about a year ago they acquired TradeFreedom[1] (another online discount brokerage) to operate under the ScotiaMcLeod Direct Investing arm of their business. I’ve done business with TradeFreedom before and after the acquisition, and so far have not seen or received any notices of changes to TradeFreedom’s original fee structure. However, it does beg the question why ScotiaBank is buying up these online discount brokerages. Are the big banks trying to dry up online discount brokerage market and slap us with higher fees in the future?
I wonder which of the Canadian online discount brokerages are still independently owned.

[1] http://www.tradefreedom.com/en/home/pressreleases/pressrelease.asp?id=14

By: Norm Nicol

Norm Nicol — Wed, 16 Jul 2008 13:44:47 +0000

Wasn’t all these online Trading Sites supposed to get you away from paying these High fee’s from the big banks?

By: Canadian Capitalist

Canadian Capitalist — Tue, 15 Jul 2008 19:13:21 +0000

Thanks FT!

By: Million Dollar Journey

Million Dollar Journey — Tue, 15 Jul 2008 16:34:34 +0000

TradeFreedom’s commissions haven’t changed since the acquisition AFAIK.

By: Canadian Capitalist

Canadian Capitalist — Tue, 15 Jul 2008 16:30:16 +0000

Warren: That’s pretty funny! Does anyone know if TradeFreedom’s commissions and fees increased after it got acquired by Scotia?

By: Warren

Warren — Tue, 15 Jul 2008 16:06:06 +0000

As an E-Trade customer I’ll be heading for the exits if my fees increase. There’s no reason in today’s market to be charging ScotiaMcLeod’s rates. Their slogan should be “We’re richer than you think”.