Investing

STAY AWAY from Questrade!!!!!!!!

  • Last Updated:
  • Sep 21st, 2017 8:00 am
Newbie
Feb 5, 2017
64 posts
30 upvotes
Questrade is a discount broker and you get what you are paying for.

Did open an account at the end of last year. When I saw how slow it was to get MY money out of MY account, I was out of there asap.

I would never ever ever ever suggest anyone to trade with this company.

If 10$ a trade is too much to pay for you at a regular broker then you should not be investing in the stock market at all.
Deal Addict
User avatar
Jan 2, 2012
2650 posts
610 upvotes
NORTH YORK
Tceight wrote:
Apr 13th, 2017 1:18 pm
You are welcome.
I now recommend the other QTrade.
Just FYI, what you sign up to with QTrade:

https://www.qtrade.ca/_pdfs/forms/en/qi ... osures.pdf

18. Whenever and so often as the Client is indebted to Qtrade, any and
all property of the Client or in which the Client may have an interest
which is held or carried by Qtrade for or on account of the Client
(either individually or jointly) shall be subject to a general lien for the
Client's obligations to Qtrade wherever or however arising (including,
without limitation, in connection with the Client's Option accounts)
and without regard to whether or not Qtrade has made advances
with respect to such property, Qtrade is hereby authorized to sell
and/or purchase, pledge, re-pledge, hypothecate or re-hypothecate
any and all such property without notice or advertisement to satisfy
such a general lien.

21. Whenever Qtrade (in its discretion) considers it necessary for its
protection, Qtrade is authorized (without prior demand, tender or
notice, all of which are expressly waived by the Client) to sell any or
all property of the Client held or carried by Qtrade in order to satisfy
in whole or in part any indebtedness of the Client to Qtrade. Such
sale may be made at Qtrade's discretion upon any exchange or other
market where such business is transacted or at a public auction or
private sale with or without advertising upon such terms and in such
manner as Qtrade in its discretion may deem advisable. The net
proceeds of any such sale shall be applied against the Client's
indebtedness to Qtrade, but this shall not affect the Client's liability
for any deficiency. Any demand, advertisement or notice, which may
be given by Qtrade, shall not be deemed a waiver of any right to take
any action authorized by this Agreement without demand,
advertisement or notice
Newbie
Aug 7, 2016
62 posts
42 upvotes
Thanks rob444,
for pointing out that it isn't what a company can get away with doing, but how it chooses to apply the stated discretion that matters most.
Newbie
Aug 7, 2016
62 posts
42 upvotes
komodor wrote:
Apr 13th, 2017 2:54 pm
Well they got you to put in a good word for them with the social media... that's better than a lot of $$$ in advertisement.
You are right komodor.
This is a tool available to the general public, to reward companies for going above and beyond.
Deal Addict
May 31, 2007
4076 posts
1187 upvotes
alexcalvado wrote:
Apr 13th, 2017 8:45 pm
Questrade is a discount broker and you get what you are paying for.

Did open an account at the end of last year. When I saw how slow it was to get MY money out of MY account, I was out of there asap.

I would never ever ever ever suggest anyone to trade with this company.

If 10$ a trade is too much to pay for you at a regular broker then you should not be investing in the stock market at all.
It takes about 2-3 business days to EFT into chequing account.. is your patience that bad?
Last edited by Jungle on Apr 18th, 2017 3:07 pm, edited 1 time in total.
Deal Addict
May 31, 2007
4076 posts
1187 upvotes
Tceight wrote:
Apr 13th, 2017 1:11 pm
to reiterate,
This account was created in 2007 for a specific purpose, the express purpose of holding a couple stocks. There was no inactivity fee when this account was created.
I have never done transactions or business through email with Questrade, (or any other financial institution.) I do not know what email address they would even have had back then.

Over the past decade, I have regularly received paper mail notices from Questrade so they did have the ability to notify me. No letter was received mentioning a change in the terms of service. Watching my investments in this case, was having these two stock tickers added to my watchlist in my other trading account. I had no reason to believe Questrade would suddenly start taking money out of my account after 5 years.

Questrade claims to have made a notification by email back in 2012. I've asked for proof of this notification, and they have not provided it. I've asked for proof they have the authority to take money from the account. They have not provided that either. Like any business, they have the right to demand payment for services rendered, and there is legal recourse available to them to do so. Does this industry feel they have the ethical authority to take ownership of property they are entrusted with, rather than bill the client for the amount they claim they are owed?

You can agree with Questrades position on this if you wish, and believe that I should be more diligent. (Come to think of it, I haven't checked my safety deposit box in 20 years either. perhaps it's been pilfered too.)

But all this aside, if you read my original complaint it wasn't so much about this.

My complaint, is that they reneged on the explicit promise to refund my inactivity fees in the interim, while I was to transfer 200k to them. This cost me additional fees, which caused a liquidation of my position to meet margin requirements. It is my observation of the lack of integrity this behaviour represents, that I am sharing here. Ignore it if you want or incorporate it into your decision making process. It won't affect me or my decision on who I bank with, my decision is made. I appreciate people sharing their real life experiences, and assume there are some people who will appreciate my sharing mine.


N.B. as for accusations of bragging, I am 3 years from retirement. 200k is no where near retirement money.
You say that you received statements, but then blame Questrade for taking inactivity money since 2012??

The minimum account fee is $5000 or make 1 trade per quarter. Negligence to check your accounts is your fault. Ultimately, you're responsible to be on top of this. Ignoring old/unused accounts is never a good idea.

Questrade isn't the problem here. If you are "self-directing" your own money, this is something you need to be on top and manage.
Deal Addict
May 31, 2007
4076 posts
1187 upvotes
Tceight wrote:
Apr 18th, 2017 2:54 pm
Thanks rob444,
for pointing out that it isn't what a company can get away with doing, but how it chooses to apply the stated discretion that matters most.
I got bad news for you: If you ignore your accounts for 10 years with a major discount broker and fall below minimum balance, they will do the same thing.
Newbie
Aug 7, 2016
62 posts
42 upvotes
Jungle wrote:
Apr 18th, 2017 3:23 pm
You say that you received statements, but then blame Questrade for taking inactivity money since 2012??

The minimum account fee is $5000 or make 1 trade per quarter. Negligence to check your accounts is your fault. Ultimately, you're responsible to be on top of this. Ignoring old/unused accounts is never a good idea.

Questrade isn't the problem here. If you are "self-directing" your own money, this is something you need to be on top and manage.
I never said I received statements, I said I received mailed notices from them.
Notices for voting shares.
Reading my mail from Questrade is ignoring my account?
Newbie
Aug 7, 2016
62 posts
42 upvotes
Jungle wrote:
Apr 18th, 2017 3:25 pm
I got bad news for you: If you ignore your accounts for 10 years with a major discount broker and fall below minimum balance, they will do the same thing.
Maybe. or maybe they would try to contact me.

Either way,
I would give them the same opportunity I did Questrade to maintain me as a client.
Perhaps they would make me the same offer Questrade did, but actually follow through with it.

note: this was nothing to do with my account falling below an agreed minimum balance of $5000.
Questrade introduced both the minimum balance and inactivity fees well after my account was established.
I was not notified of either of these changes.
Deal Addict
May 31, 2007
4076 posts
1187 upvotes
Tceight wrote:
Apr 18th, 2017 3:52 pm
Maybe. or maybe they would try to contact me.

Either way,
I would give them the same opportunity I did Questrade to maintain me as a client.
Perhaps they would make me the same offer Questrade did, but actually follow through with it.

note: this was nothing to do with my account falling below an agreed minimum balance of $5000.
Questrade introduced both the minimum balance and inactivity fees well after my account was established.
I was not notified of either of these changes.
That's because you ignored your account. You have responsible to do that and you failed.
It is about your account falling below the minimum inactive threshold from 5 years ago..and $5000 is not a large sum for a broker or investor. Every year, most credit cards, bank accounts, brokerages changed their terms and services. If you you fail to keep in communication, what did you expect?
Small inactive accounts require upkeep and record keeping for admin for a business to run.

Why spend resources and time on that stuff when it provides nothing for them. Clearly 10 years of almost no activity shows you didn't care.
Newbie
Aug 7, 2016
62 posts
42 upvotes
Jungle wrote:
Apr 18th, 2017 5:32 pm
That's because you ignored your account. You have responsible to do that and you failed.
It is about your account falling below the minimum inactive threshold from 5 years ago..and $5000 is not a large sum for a broker or investor. Every year, most credit cards, bank accounts, brokerages changed their terms and services. If you you fail to keep in communication, what did you expect?
Small inactive accounts require upkeep and record keeping for admin for a business to run.

Why spend resources and time on that stuff when it provides nothing for them. Clearly 10 years of almost no activity shows you didn't care.
Lots of opinions on whose responsibility it was/is to contact whom for what reasons.

All the comments that have been made are about the initiating circumstances, and not the body of my complaint. It seems to be entirely ignored. Perhaps I should have just left out the original context.


10 years of inactivity meant trust, not lack of care.
Deal Addict
May 31, 2007
4076 posts
1187 upvotes
Tceight wrote:
Apr 18th, 2017 6:08 pm
Lots of opinions on whose responsibility it was/is to contact whom for what reasons.

All the comments that have been made are about the initiating circumstances, and not the body of my complaint. It seems to be entirely ignored. Perhaps I should have just left out the original context.


10 years of inactivity meant trust, not lack of care.
Any company now a days after 10 years of dorment account with low balance + ignoring your account is going to charges admin fees or closes your accounts.

Sounds like you're doing a poor job of keeping on top of this.

I also read few years ago some banks got rid of safety deposit boxes. I'm sure you feel they owe you trust when you're negligent to keep up on changes.
Deal Addict
May 31, 2007
4076 posts
1187 upvotes
[..]

The mail you received is shareholder material (stocks company statements), that Questrade is required to mail to you, by Sec law. And you admitted you ignored this and did not open? (builds on your history here + 20 years ignoring safety box!!)

Anyway you stated that you did not receive monthly statements in the mail. That's because Questrade charges for monthly statements in the mail. You obviously had choosen on-line statements then, since there is no charge. This would require you logging in to keep abreast of your account. More than likely the changes were communicated in the monthly statements.

You have missed your due diligence and failed to commence your part of logging in and reading your statements.

Now Questrade has already declined to rebating the charge, since obviously you leaving the a low balance account for so long has cost them money for administration. They don't run for free, why should they compensate you for your mistake? It's your fault. [..]
Newbie
Dec 12, 2011
20 posts
2 upvotes
I am not sure if this is for right thread!

Would you guys recommend Questrade for ETF trading (RRSP)?

I would like to invest $50000 rrsp with couch potato investment.
Newbie
Aug 7, 2016
62 posts
42 upvotes
Jungle wrote:
Apr 18th, 2017 7:13 pm
Any company now a days after 10 years of dorment account with low balance + ignoring your account is going to charges admin fees or closes your accounts.

Sounds like you're doing a poor job of keeping on top of this.

I also read few years ago some banks got rid of safety deposit boxes. I'm sure you feel they owe you trust when you're negligent to keep up on changes.
You are making assumptions. Questrade or any company wouldn't continue to mail notices to a dormant account. And yes I would expect my safe deposit box to still be there as I continue to pay the bill they send me, and the increases in the bill as they have notified me when they changed the terms over the years.

All these opinions about the initiating events, that I'm incompetent and therefore deserve to have lost my money. I get that is your opinion. Thanks. By the same token fraud should be legal, as it's only stealing from dumb people.

But again, that's not my point.
I discussed the situation with questrade.
The questrade representative apologized for the miscommunication and the fees, and agreed to refund them. Kudos for them for that. They would have had a satisfied client, a substantially greater account and positive social media.
But they then refused to honor this secondary agreement, causing me further losses. This is the point I want to make clear.

Perhaps a simple comparative example.
Banks can charge for bank drafts. So it's their right.
At the counter, they can waive the charge at their discretion. Some do.
To waive the charge, and then bill you afterwards would be unethical.
Maybe all banks could legally do this, but do they?
Legal or not, I'd not do business with such a bank and would tell others of my experience so they can decide if they want to do business with them. I'd bank with the one that waives draft fees for me.

This is good for competition, by sending clientele to banks that act with integrity, and treat their clients as valued customers.

Maybe there aren't any good ones. Maybe it's a huge oligopoly and they are all doing the same things.
But I don't see any threads here called "stay away from qtrade" or "is qtrade really that bad?". I don't see those kinds of threads here for any broker other than questrade.
So until and if I have a bad experience with qtrade, they have earned my account with superior customer service.

If you are happy with Questrade, best wishes to you.

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