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

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.

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.

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.

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.

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.

ADenariusSaved wrote: ↑ The most important question, how long did that entire process take? They improve from 5 hrs the last time I called?

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.