Comments on: ScotiaMcLeod Direct Investing Review http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Bonnie http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-270315 Bonnie Tue, 28 Sep 2010 06:57:20 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-270315 I have been a customer of SMDI for years and I will switch to another bank. Scotia's fees are high, but that's not the only way they make money on. Scotia RRSP account only trades in CAD dollars. So when you trade US equities in RRSP account, it involves currency exchange. I recently sell US equities on my RRSP account. The exchange rate applied is brutal. Usually the exchange rate spread is within reasonable range. But in this recent transaction, the exchange rate was way out of range compared to the range of the day. I called them suspecting it was a mistake. All I got was rude replies from their rep. The rate was quoted by Scotia Capital. And basically the rep was saying they will not follow up or check with Scotia Capital, the rate was quoted by the market, we are the insider, you are not, we are right, you are wrong & go away. This costs me CAD 500-800; that's 1% -1.5% of the transaction. That's about the annual management fee for some mutual funds. But that's the kind of service I got. I have been a customer of SMDI for years and I will switch to another bank. Scotia’s fees are high, but that’s not the only way they make money on. Scotia RRSP account only trades in CAD dollars. So when you trade US equities in RRSP account, it involves currency exchange. I recently sell US equities on my RRSP account. The exchange rate applied is brutal. Usually the exchange rate spread is within reasonable range. But in this recent transaction, the exchange rate was way out of range compared to the range of the day. I called them suspecting it was a mistake. All I got was rude replies from their rep. The rate was quoted by Scotia Capital. And basically the rep was saying they will not follow up or check with Scotia Capital, the rate was quoted by the market, we are the insider, you are not, we are right, you are wrong & go away. This costs me CAD 500-800; that’s 1% -1.5% of the transaction. That’s about the annual management fee for some mutual funds. But that’s the kind of service I got.

]]> By: Kurt http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-199302 Kurt Tue, 01 Sep 2009 02:41:11 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-199302 I'm on TD Waterhouse, my boss is on Scotia. Scotia's fees are, IMO, brutal. To give an example, buying 4000 shares of a $1.25 stock would cost $80 on Scotia, $29 or less on TD. I make more than 30 trades per quarter so it is $9.99 for me. I’m on TD Waterhouse, my boss is on Scotia. Scotia’s fees are, IMO, brutal. To give an example, buying 4000 shares of a $1.25 stock would cost $80 on Scotia, $29 or less on TD. I make more than 30 trades per quarter so it is $9.99 for me.

]]> By: Peter http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-170540 Peter Wed, 26 Nov 2008 20:20:29 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-170540 so far I've had a miserable experience at Scotia SMDI. VERY slow to set up and account. I had to go back in person several times to get my paperwork confirmed. I'm tired of their excuses. "Oh it's been so busy with the financial crisis and everything, should be 2-3 days, yeah" That was 5 business days now and counting. pathetic. Opportunity lost. Thanks Scotia, two more days and I'm giving up. so far I’ve had a miserable experience at Scotia SMDI. VERY slow to set up and account. I had to go back in person several times to get my paperwork confirmed. I’m tired of their excuses. “Oh it’s been so busy with the financial crisis and everything, should be 2-3 days, yeah” That was 5 business days now and counting. pathetic. Opportunity lost. Thanks Scotia, two more days and I’m giving up.

]]> By: Darell http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-168976 Darell Tue, 18 Nov 2008 17:16:02 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-168976 I know this is a bit late, but I was just led to this site today Nov 18,08. The fees at Scotia Direct are now 28.95 not the 25.95 they used to be for on line trades in the order of 100 shares. this changed over the summer. I know this is a bit late, but I was just led to this site today Nov 18,08.
The fees at Scotia Direct are now 28.95 not the 25.95 they used to be for on line trades in the order of 100 shares. this changed over the summer.

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-161925 Canadian Capitalist Sun, 19 Oct 2008 23:33:44 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-161925 Keith: I don't know about Scotia but I've accessed E*Trade from abroad without any problem. Jimmy, like Keith suggests, you might want to call them and confirm before opening an account. Keith: I don’t know about Scotia but I’ve accessed E*Trade from abroad without any problem. Jimmy, like Keith suggests, you might want to call them and confirm before opening an account.

]]> By: Keith http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-161864 Keith Sun, 19 Oct 2008 18:28:00 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-161864 Ji,,y - suggest you give them a wee call and pose them the 'hypothetical' question. I suspect that if you do not tell them where you are - they will not necessarily check - but i think there are better online brokers anyway - so I will be switching. Ji,,y – suggest you give them a wee call and pose them the ‘hypothetical’ question. I suspect that if you do not tell them where you are – they will not necessarily check – but i think there are better online brokers anyway – so I will be switching.

]]> By: Jimmy http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-161863 Jimmy Sun, 19 Oct 2008 17:49:03 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-161863 Keith, is that true! Do all brokers do that? I need a broker that works when I'm out of the country (many times per year). Keith, is that true! Do all brokers do that? I need a broker that works when I’m out of the country (many times per year).

]]> By: Keith http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-148709 Keith Fri, 15 Aug 2008 19:12:11 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-148709 Scotia McLeod Online Brokerage - Apparently if you are not physically sitting behind a computer in Canada - they will block access to your online trading. That's something they never told us about................... Scotia McLeod Online Brokerage – Apparently if you are not physically sitting behind a computer in Canada – they will block access to your online trading. That’s something they never told us about……………….

]]> By: Rob http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-142815 Rob Tue, 15 Jul 2008 21:57:45 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-142815 Tradefreedom failed to protect my identity and now I am a victim of identity theft! Crooks are using my SIN and my current address to apply for credit cards. They put my current address as the 'previous' address and they insert their address as the new addy. This is serious. I want to take legal action against Tradefereedom for having incompetent security. They are negligent for failing to secure my information properly. Please email me if you know of or are interested in taking them to court!! ballbag@shaw.ca Rob Tradefreedom failed to protect my identity and now I am a victim of identity theft!

Crooks are using my SIN and my current address to apply for credit cards. They put my current address as the ‘previous’ address and they insert their address as the new addy.

This is serious. I want to take legal action against Tradefereedom for having incompetent security. They are negligent for failing to secure my information properly.

Please email me if you know of or are interested in taking them to court!! ballbag@shaw.ca

Rob

]]> By: Traciatim http://www.canadiancapitalist.com/scotiamcleod-direct-investing-review/#comment-121506 Traciatim Sat, 15 Mar 2008 00:43:30 +0000 http://www.canadiancapitalist.com/2007/08/14/scotiamcleod-direct-investing-review#comment-121506 Amina: I kind of like ShareOwner Investments if you want free DRIPs with the ability to buy and sell when you like. If you are making yearly, or half/quarter, purchases it will keep your costs very low as well. They only allow you to select from a list of pre-screened securities, so if you want the freedom to trade anywhere it may not be fore you, but it's worth looking at. investments.shareowner.com Amina: I kind of like ShareOwner Investments if you want free DRIPs with the ability to buy and sell when you like. If you are making yearly, or half/quarter, purchases it will keep your costs very low as well. They only allow you to select from a list of pre-screened securities, so if you want the freedom to trade anywhere it may not be fore you, but it’s worth looking at.

investments.shareowner.com

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