Comments on: Converting to RBC Direct – Problem With Trade Fees http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/ Investing and Personal Finance Sat, 11 Feb 2012 17:11:02 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dale http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-10905 Dale Thu, 05 Feb 2009 16:18:28 +0000 http://www.moneysmartsblog.com/?p=1913#comment-10905 I just opened an online TFSA account at RBC and I'm totally frustrated at the misinformation regarding trading fees. I have sent e-mails and called three times to sort out why I was charged 57.90 (2 X 28.95) for one trade which was 2 partial fills and another single fill for 28.95. Initially I was told that because my household assets were over 100 thousand that the trading fees would be the same as my other DI account which is 9.95 per trade. I was told once by phone and once in writing that the charges were a "temporary" thing and would be corrected overnight and that I was charged the "appropriate" amount. Still waiting for resolution. I just opened an online TFSA account at RBC and I’m totally frustrated at the misinformation regarding trading fees. I have sent e-mails and called three times to sort out why I was charged 57.90 (2 X 28.95) for one trade which was 2 partial fills and another single fill for 28.95. Initially I was told that because my household assets were over 100 thousand that the trading fees would be the same as my other DI account which is 9.95 per trade. I was told once by phone and once in writing that the charges were a “temporary” thing and would be corrected overnight and that I was charged the “appropriate” amount. Still waiting for resolution.

]]> By: Springbok http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9568 Springbok Fri, 05 Dec 2008 14:03:56 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9568 Thanks 4P. I have asked for something in writing, but so far no response. It seems strange to me that RBC would go to some lengths to promote the 1% program, but then when investors take buy in, they don't say a word. Just a little note to say thanks and confirm the bonus is all it would take. I will keep pressing for a written confirmation. Thanks 4P. I have asked for something in writing, but so far no response.

It seems strange to me that RBC would go to some lengths to promote the 1% program, but then when investors take buy in, they don’t say a word. Just a little note to say thanks and confirm the bonus is all it would take.

I will keep pressing for a written confirmation.

]]> By: Four Pillars http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9561 Four Pillars Fri, 05 Dec 2008 04:57:53 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9561 Springbok - I haven't received anything. I would assume they would use the dates in their system. I would try to get something in writing or you might be out of luck. Springbok – I haven’t received anything. I would assume they would use the dates in their system.

I would try to get something in writing or you might be out of luck.

]]> By: Springbok http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9552 Springbok Thu, 04 Dec 2008 23:14:40 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9552 We have recently taken advantage of the 1% offer. I did one application on-line but after the system froze, had to do the other two from the local RBC branch. The on-line account was established by the deadline, but the ones I did at the bank were not approved until after the weekend. We did send in the transfer details by fax on the final day. The agent tells me that these were properly date stamped and that there will be no trouble getting the 1% bonus. But, I have nothing in writing. Did anyone get anything from RBC confirming that they had qualified for the bonus? I don't want to find out in June that someone has misled me. We have recently taken advantage of the 1% offer. I did one application on-line but after the system froze, had to do the other two from the local RBC branch. The on-line account was established by the deadline, but the ones I did at the bank were not approved until after the weekend.

We did send in the transfer details by fax on the final day. The agent tells me that these were properly date stamped and that there will be no trouble getting the 1% bonus.

But, I have nothing in writing.

Did anyone get anything from RBC confirming that they had qualified for the bonus?

I don’t want to find out in June that someone has misled me.

]]> By: Four Pillars http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9538 Four Pillars Thu, 04 Dec 2008 14:50:35 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9538 Jordan - yes, it was. I don't know if it is worth buying but see if you can find it in a library. Jordan – yes, it was.

I don’t know if it is worth buying but see if you can find it in a library.

]]> By: Jordan http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9534 Jordan Thu, 04 Dec 2008 12:51:18 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9534 @ Mr. Cheap That's a good suggestion. I've just started buying for the first time and didn't think of that. After reading up on selling puts I think it is worth trying, I've hit a few good bottoms already so a bit of both might be the best option instead of just waiting. I've put in the request for my 2 main Questrade accounts to allow trading options. @ Mike Was it "All About Asset Allocation" I'd love to hear what you thought of it. I want to get some new books and seeing as we have the same appreciation for Bernstein I'm looking for suggestions & recommendations. @ Mr. Cheap

That’s a good suggestion. I’ve just started buying for the first time and didn’t think of that. After reading up on selling puts I think it is worth trying, I’ve hit a few good bottoms already so a bit of both might be the best option instead of just waiting. I’ve put in the request for my 2 main Questrade accounts to allow trading options.

@ Mike

Was it “All About Asset Allocation” I’d love to hear what you thought of it. I want to get some new books and seeing as we have the same appreciation for Bernstein I’m looking for suggestions & recommendations.

]]> By: CanadianInvestor http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9531 CanadianInvestor Thu, 04 Dec 2008 09:17:39 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9531 Re asset allocation, I had recently considerably boosted my Canadian content due to Canada's more favourable financial position but now that the loose cannons of the NDP and Bloc may get into power I'm having second thoughts. Re asset allocation, I had recently considerably boosted my Canadian content due to Canada’s more favourable financial position but now that the loose cannons of the NDP and Bloc may get into power I’m having second thoughts.

]]> By: Mr. Cheap http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9525 Mr. Cheap Thu, 04 Dec 2008 03:20:25 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9525 Rather than placing limit orders at 95% of the recent average, wouldn't you be better to sell puts on the funds (then you either collect the option premium or get a further discount from buying, the 95% price - whatever you got from selling the put)? The problem I see with this is it'll work fine in volatile conditions like now, but when markets stabilize your orders might go unfilled... And you might miss the bottom whereas if you'd bought outright you'd have bragging rights ;-). Rather than placing limit orders at 95% of the recent average, wouldn’t you be better to sell puts on the funds (then you either collect the option premium or get a further discount from buying, the 95% price – whatever you got from selling the put)?

The problem I see with this is it’ll work fine in volatile conditions like now, but when markets stabilize your orders might go unfilled…

And you might miss the bottom whereas if you’d bought outright you’d have bragging rights ;-) .

]]> By: Four Pillars http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9523 Four Pillars Thu, 04 Dec 2008 02:43:08 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9523 Jordan, I have posted extensively in the past about my asset allocation - but given that I keep changing my mind you should wait until my next post on the subject. We just did a "redo" of the allocation so I can probably post on it. I'm looking forward to your guest post - mine went up tonight! Jordan, I have posted extensively in the past about my asset allocation – but given that I keep changing my mind you should wait until my next post on the subject. We just did a “redo” of the allocation so I can probably post on it.

I’m looking forward to your guest post – mine went up tonight!

]]> By: Jordan http://www.moneysmartsblog.com/converting-to-rbc-direct-problem-with-trade-fees/comment-page-1/#comment-9522 Jordan Thu, 04 Dec 2008 02:40:57 +0000 http://www.moneysmartsblog.com/?p=1913#comment-9522 I'm doing a guest post on Canadian Capitalist soon about my asset allocation ideas, it's a topic I struggle with as I start investing. Could you share more about what your allocation is? or why you think there won't be a risk/reward premium for small cap & value in the future? This is my first time I've bought equities myself so I'm feeling pretty antsy watching the market every day pretty closely, but its also kind of fun. Over the long term who knows maybe we're just buying into the beginning of more another drop and the 5% will mean nothing, or the market will take off and recover before I fully invest. I figure either way is a gamble, either dumping everything in, or trickling it out trying to hit a few low days. At least this method feels like I'm making money :) I’m doing a guest post on Canadian Capitalist soon about my asset allocation ideas, it’s a topic I struggle with as I start investing.

Could you share more about what your allocation is? or why you think there won’t be a risk/reward premium for small cap & value in the future?

This is my first time I’ve bought equities myself so I’m feeling pretty antsy watching the market every day pretty closely, but its also kind of fun.

Over the long term who knows maybe we’re just buying into the beginning of more another drop and the 5% will mean nothing, or the market will take off and recover before I fully invest.

I figure either way is a gamble, either dumping everything in, or trickling it out trying to hit a few low days. At least this method feels like I’m making money :)

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