Personal Finance

Bank InvSavAccts [<= 4.50%] [REAL HISAs] [CDIC: Yes!] [CAD/USD]

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Jun 16, 2016
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WHO wrote: Why would I? It's 1-day settlement, so I funded it next business day. Same day $ in and $ out.

I routinely fund the account on the day of settlement for equity trades. No reason for it to be different in this case. I try to make my money work for me and not let it sit in an account where it's needlessly earning nothing.
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.
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Nov 26, 2019
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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.
franklin777 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.
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.html
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.
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Feb 17, 2007
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franklin777 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.
Yes, that was my understanding as well and the transactions listed in my account reflect that. When I transferred the funds from my Scotiabank account to iTrade during the business hours of the settlement date, the balance was reflected right away. I was never on margin. I do that all the time for equity trades. Yet, that didn't stop them from charging interest this time.

I'll "try" to reach them Tomorrow.
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.
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Nov 26, 2019
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WHO wrote: Yes, that was my understanding as well and the transactions listed in my account reflect that. When I transferred the funds from my Scotiabank account to iTrade during the business hours of the settlement date, the balance was reflected right away. I was never on margin. I do that all the time for equity trades. Yet, that didn't stop them from charging interest this time.

I'll "try" to reach them Tomorrow.
Even though the balance was there, it did not mean the fund was available for settlement on the same day.
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Nov 26, 2019
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WHO wrote: Yes, that was my understanding as well and the transactions listed in my account reflect that. When I transferred the funds from my Scotiabank account to iTrade during the business hours of the settlement date, the balance was reflected right away. I was never on margin. I do that all the time for equity trades. Yet, that didn't stop them from charging interest this time.

I'll "try" to reach them Tomorrow.
The balance just indicates that you can use it to buy because the new order will be settled in one or two days after. But it cannot be used for settlement on the same day.
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I decided to dip my toes in TDB8150, bought some yesterday afternoon.
It said exchange was closed (a bit after 3pm!) but would trade today.

So far still pending, how long should it take?
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
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Feb 17, 2007
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Alright, last update on my DYN6004/5 interest charge by iTrade.
I was lucky to speak with a knowledgeable/skilled CSR who, although he tried very hard to convince me the charge was justified, agreed to reverse it.
Bottom line, I made the buy order on last trading day of 2022, then it was the new year's holiday. Bank was closed on Jan 3, but markets weren't. So although I covered the buy in time, the bank only treated my payment on their next business day. Nothing I could've done to avoid it on my end, they had my money, but they decided to close their offices even though the markets weren't.

Anyway, I'm happy he agreed it was an "exceptional case" and he used his discernment to refund it (something that is more an more rare in the CSR world).

At least, I have confirmation that I'm right to think you only have to cover it on the T+1 date.
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.
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WHO wrote: Alright, last update on my DYN6004/5 interest charge by iTrade.
I was lucky to speak with a knowledgeable/skilled CSR who, although he tried very hard to convince me the charge was justified, agreed to reverse it.
Bottom line, I made the buy order on last trading day of 2022, then it was the new year's holiday. Bank was closed on Jan 3, but markets weren't. So although I covered the buy in time, the bank only treated my payment on their next business day. Nothing I could've done to avoid it on my end, they had my money, but they decided to close their offices even though the markets weren't.

Anyway, I'm happy he agreed it was an "exceptional case" and he used his discernment to refund it (something that is more an more rare in the CSR world).

At least, I have confirmation that I'm right to think you only have to cover it on the T+1 date.
The most important question, how long did that entire process take? They improve from 5 hrs the last time I called?
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ADenariusSaved wrote: The most important question, how long did that entire process take? They improve from 5 hrs the last time I called?
I called their "Gold membership" number the last few times I called, and had zero wait time. But the call itself lasts a long time (20-30 minutes) because they spend so much time trying to justify themselves.
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.
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Quentin5 wrote: I decided to dip my toes in TDB8150, bought some yesterday afternoon.
It said exchange was closed (a bit after 3pm!) but would trade today.

So far still pending, how long should it take?
It still has not cleared more than a day later, it seems one cannot easily buy this fund.
I presume that also means one cannot easily sell it.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
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Jan 31, 2010
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These funds tend to be slow to show up. If you buy after the trade desk closes at like 2pm on friday then it wont process until end of day monday or tuesday and you will probably not see it until end of day tuesday or wednesday or even thursday. Remember these trades are not often real time and are processed and updated end of day.
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cowofwar wrote: These funds tend to be slow to show up. If you buy after the trade desk closes at like 2pm on friday then it wont process until end of day monday or tuesday and you will probably not see it until end of day tuesday or wednesday or even thursday. Remember these trades are not often real time and are processed and updated end of day.
So it can take up to a week to buy it. Wow.
Does it take just as long to sell?
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
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Weird, with Scotia iTrade I just type in DYN6004 and click buy and I have it? Maybe I'm not looking into the minutia of the transaction...

Man reminds me of Greece. Had to bank at like 2:05 pm, and they were shut down for the day on that island. Then my bus was one hour late. When I complained the ticket collector (in Greek!) just smiled as he took my ticket...
Last edited by ADenariusSaved on Jan 27th, 2023 4:50 am, edited 2 times in total.
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WHO wrote: I called their "Gold membership" number the last few times I called, and had zero wait time. But the call itself lasts a long time (20-30 minutes) because they spend so much time trying to justify themselves.
Oh shit, pleb like me didn't even know that existed...Never had a gold member before.

Oh I see, it's 250k+ or 30+ trades. Yeah I guess that can be done with CIPF limits.
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ADenariusSaved wrote: Weird, with Scotia iTrade I just type in DYN6004 and click buy and I have it? Maybe I'm not looking into the minutia of the transaction...
I tried to buy that but TD direct investing doesn't have it as an option.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
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Nov 26, 2019
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WHO wrote: Alright, last update on my DYN6004/5 interest charge by iTrade.
I was lucky to speak with a knowledgeable/skilled CSR who, although he tried very hard to convince me the charge was justified, agreed to reverse it.
Bottom line, I made the buy order on last trading day of 2022, then it was the new year's holiday. Bank was closed on Jan 3, but markets weren't. So although I covered the buy in time, the bank only treated my payment on their next business day. Nothing I could've done to avoid it on my end, they had my money, but they decided to close their offices even though the markets weren't.

Anyway, I'm happy he agreed it was an "exceptional case" and he used his discernment to refund it (something that is more an more rare in the CSR world).

At least, I have confirmation that I'm right to think you only have to cover it on the T+1 date.
I am not sure what the trading exchange for DYN6004/5 is. The TSX exchange did close on Jan 2.
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mike20002019 wrote: I am not sure what the trading exchange for DYN6004/5 is. The TSX exchange did close on Jan 2.
These don't trade on the TSX, they go through back-end FundServ interface as a mutual fund-type product. Even though they're not mutual funds...but kind of are in the sense that they take your money and deposit it for a yield (but not invest). It's really strange, all I know is that they pay me interest, that's all I care about...Buy it as you would a mutual fund, not a stock/ETF.
Last edited by ADenariusSaved on Jan 26th, 2023 7:17 pm, edited 1 time in total.
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Quentin5 wrote: I tried to buy that but TD direct investing doesn't have it as an option.
Are you trying to buy it on the generic exchange? It has to go in as a mutual fund to access that FundServ shenanigan.

Yeah, don't try and grab the higher interest TD8151, they closed that off to their clients lol...Oh TD...I said I'd be nice to them cuz they threw 20k my way on a pre-approval. So I will not unpack that corporate acronym in any vulgar way (and to avoid the mods.)
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ADenariusSaved wrote: Are you trying to buy it on the generic exchange? It has to go in as a mutual fund to access that FundServ shenanigan.
I'll try that tomorrow
In fact in Rand McNally they wear hats on their feet and hamburgers eat people

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