Avoid Questrade and don't let them take advantage of your money
Guys I do want to recommend how excellent the customer service at Questrade ("QT") is, however I can't because they SUCK.
On July 12 Monday, I made a PAD (Pre Authorized Debit) from my RBC USD account to Questrade TFSA account. It says 2-3 business days (I swear it was 2-3 business at least when I placed the transfer order), so I left it for processing.
On July 13 Tuesday afternoon, I opened the website online chat with QT and checking where my fund is. The rep said it would arrive today, and no later than tomorrow (Wednesday). I said ok.
On July 15 Thursday, I opened the website online chat with QT and checking where my fund is, again. The rep suddenly told me the processing period is 3-4 business days (they silently updated it!) and both the day QT receives the funds and the day the fund become available DO NOT CCOUNT! Meaning the so-called 3-4 processing days start on Tuesday (WTF?) and the funds will only become available after the "3-4" days. I'm like ???? but had to accept it since I made this very bad decision to use QT. So the fund will only be available to trade on next Monday.
Only July 19, I still don't see the fund in my account. I called QT customer service and they told me the fund is not available because I didn't update my SIN. WTH? I swear NO ONE has ever informed me throughout the entire account-opening and transfer process that I need to update my SIN. Isn't this just amazing?
Now I lost the investment window...and I strongly believe that Questrade is using my fund to make investment during this transfer period and randomly give some excuses to hold your funds, which is UNACCEPTABLE and DISHONEST.
So...don't make the same mistake and just find some decent platform for your stock trading.
On July 12 Monday, I made a PAD (Pre Authorized Debit) from my RBC USD account to Questrade TFSA account. It says 2-3 business days (I swear it was 2-3 business at least when I placed the transfer order), so I left it for processing.
On July 13 Tuesday afternoon, I opened the website online chat with QT and checking where my fund is. The rep said it would arrive today, and no later than tomorrow (Wednesday). I said ok.
On July 15 Thursday, I opened the website online chat with QT and checking where my fund is, again. The rep suddenly told me the processing period is 3-4 business days (they silently updated it!) and both the day QT receives the funds and the day the fund become available DO NOT CCOUNT! Meaning the so-called 3-4 processing days start on Tuesday (WTF?) and the funds will only become available after the "3-4" days. I'm like ???? but had to accept it since I made this very bad decision to use QT. So the fund will only be available to trade on next Monday.
Only July 19, I still don't see the fund in my account. I called QT customer service and they told me the fund is not available because I didn't update my SIN. WTH? I swear NO ONE has ever informed me throughout the entire account-opening and transfer process that I need to update my SIN. Isn't this just amazing?
Now I lost the investment window...and I strongly believe that Questrade is using my fund to make investment during this transfer period and randomly give some excuses to hold your funds, which is UNACCEPTABLE and DISHONEST.
So...don't make the same mistake and just find some decent platform for your stock trading.
. You'll make back all you lost potential profits.. /sarcasm