Comments on: Switching to RBC Direct Discount Brokerage

By: RBC Direct 1% rebate offer vs Questrade

RBC Direct 1% rebate offer vs Questrade — Tue, 23 Sep 2008 09:02:14 +0000

[...] I mentioned last week, RBC Direct has a promotion going on where they will pay anyone 1% of assets moved to RBC Direct from another broker.� Since I am a [...]

By: squawkfox » Crutches, Magpies, and Tomatoes Oh My!

squawkfox » Crutches, Magpies, and Tomatoes Oh My! — Sun, 21 Sep 2008 03:26:04 +0000

[...] Switching to RBC Direct Discount Brokerage : Quest for Four Pillars [...]

By: The Financial Blogger | Financial Ramblings

The Financial Blogger | Financial Ramblings — Sat, 20 Sep 2008 10:06:05 +0000

[...] If you have a brokerage account and you live in Canada, you will love to hear that RBC is offering money for you to transfer to their brokerage system. Find out more at Four Pillars. [...]

By: Canadian Capitalist

Canadian Capitalist — Thu, 18 Sep 2008 21:08:40 +0000

guinness: I really like TD Waterhouse much better than RBC Direct. But, I’m also a greedy pig and the 1% is too juicy to give up. My paper work is in the mail. Hope the market doesn’t go down the tubes on the transfer date!

By: Four Pillars

Four Pillars — Thu, 18 Sep 2008 03:59:43 +0000

That’s ok Guinness – CC has pretty small font. *rolls eyes*

By: guinness416

guinness416 — Wed, 17 Sep 2008 18:35:24 +0000

Hang on, you’re right. I somehow totally misread (through my idiocy, not his writing) the earlier post at CC’s site as being a $250 fixed bonus. $1,000 or more is definitely real money.

*sigh* I’m allegedly being paid for my attention to detail ….

By: Four Pillars

Four Pillars — Wed, 17 Sep 2008 18:25:05 +0000

Guinness – if you have over $100k and you don’t trade that much then you should switch to RBC.

Think of it as a bonus $$ opportunity – it shouldn’t take more than about 2 hours (max) of work to make the transfer happen and get set up with the new brokerage. If you get a rebate (tax free) of $1000 or more then you’ve just made yourself $500 per hour. If you want to move back to TD after the bonus is paid then that will be another couple hours of work which brings the ‘bonus’ down to $250 per hour (or more depending on your assets).

I think it’s worthwhile.

By: guinness416

guinness416 — Wed, 17 Sep 2008 16:28:36 +0000

FT, didn’t you report that TD told you the same thing (you need our chequing) about buying e-funds? Some shady bank reps you guys have out in Newfoundland!

I will be looking out for your next post on the subject, 4P. We have enough $ to justify TD, and in typical conservative Hickey fashion (I’ve fallen in love with their customer service) I’m reluctant to leave them.

By: Four Pillars

Four Pillars — Wed, 17 Sep 2008 12:45:48 +0000

MDJ – I just got off the phone with RBC – you don’t need a RBC account for funding. You can do a bill payment from your normal bank and eft out which is pretty standard for a discount brokerage.

We won’t be doing very many transactions in these accounts so it doesn’t matter to us – someone who is doing a lot of transaction in or out should probably consider opening up a regular chequing acct – which is probably the case for most discount brokerages at a bank.

By: Canadian Capitalist

Canadian Capitalist — Wed, 17 Sep 2008 12:23:57 +0000

RBC is our primary bank but I imagine there should be ways to fund the account other than having a chequing account with them (that sounds like a ridiculous requirement).