WHO wrote: ↑Quick follow-up with my DYN6004/5 purchase at iTrade.
I funded the account on the settlement date, which means at no point was my account overdrawn (or, on margin), and yet, 3 weeks later, I see an interest charge posted Today, at an alarming 9% rate. I guess they expect you to leave money there earning nothing while the purchase settles.
Another lesson learned for dealing with Scotia. I'll have to call'em up, again.
If you submit the cash transfer request from the banking side to the same bank broker side before some hours on the business day, sometime the money will be only available on the next business day. https://www.rbcroyalbank.com/onlinebank ... nsfer.htmlfranklin777 wrote: ↑ No previous experience on this. But if ISA is considerred a type of mutual fund then I assume settlement time is end of business day of the settlement date. I am too curious to know why the brokerage would charge margin interest on this.
So in RBC cases above, if you transfer the money before 230 on the settlement day, the money will not be available in direct investing account on the settlement day. I believe you will be charged for one day interest.