Beware of Interactive Brokers - Margin Call on RRSP
Late last year I moved my RRSP over to them as well.
Today I got an interesting alert from IB, that I had a "Liquidation Warning" aka a Margin Call... on my RRSP.
This couldn't be right, I thought, so I looked at my stocks and sure enough, they sold 100 shares of one of them, and what a coincidence, at the lowest price of the day to the penny.
So I called them up to find out what happened, and as it turns out, there is a $12.50 quarterly fee for an RRSP.
For some reason I was under the impression when I opened the account that because of the account size (it's high 6-figures), any fees would be waived.
Well, it turns out this fee does not get waived, but this is a horrible customer experience.
Given this fee was coming up, they should have either informed me at least a few days in advance so that I could had sufficient time to do something about it, not "You have 10 minutes to comply" like ED209 in Robocop, or just sold enough to cover the fee.
And to top it off the person I spoke to on the phone had a "not my problem" attitude. I call bullshit on this because even Koodo tells me when I run out of data in my plan in advance.
Very disappointed in Interactive Brokers. I heard many horror stories online about their horrible customer service and well, I finally experienced it.
So for those with an RRSP with IB, make sure you keep some cash on your IB account.
At this point I'm questioning whether I want to deal with them at all and may look to move my margin account (a 7-figure account) elsewhere.