Investing

Did Questrade cover your transfer out fees for multiple accounts?

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  • Oct 17th, 2016 12:43 pm
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[OP]
Deal Addict
Dec 24, 2006
1064 posts
99 upvotes

Did Questrade cover your transfer out fees for multiple accounts?

So I was thinking of moving my 3 investment accounts (non reg, RRSP, and TFSA) to Questrade.

However, they seem to be only will to cover 1 of the 3 accounts transfer out fees. Has anyone else had this same experience?

I got this answer through a request via email.
16 replies
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
Hi menaknow,

You are correct, our terms and conditions state that we can only give a transfer rebate to one account per client. Send me a private message, let me know what you’re looking to transfer , and I’ll see what I can do.

John – Team Questrade
Jr. Member
Jul 23, 2007
160 posts
105 upvotes
vancouver
As an aside, how long does it take to open up a TFSA and start trading with Questrade?
Newbie
Nov 26, 2014
3 posts
It was pretty quick for me. About 10/20 minutes filling out all the online forms, then you have to upload pictures of your driver's license/passport and a bank statement. All done online. Then transfer the funds by bill payment (you might have to wait a day for your account to be approved, I don't remember). Within a few business days the funds will be in your account and you can start trading.
[OP]
Deal Addict
Dec 24, 2006
1064 posts
99 upvotes
PM sent!
Questrade wrote: Hi menaknow,

You are correct, our terms and conditions state that we can only give a transfer rebate to one account per client. Send me a private message, let me know what you’re looking to transfer , and I’ll see what I can do.

John – Team Questrade
Newbie
Jul 22, 2015
1 posts
Ottawa
Questrade wrote: Hi menaknow,

You are correct, our terms and conditions state that we can only give a transfer rebate to one account per client. Send me a private message, let me know what you’re looking to transfer , and I’ll see what I can do.

John – Team Questrade
I just found this and it's infuriating me. I transfer 3 account, each and every over 25K, in total of about 178K and I discovered that the 250$ "bonus" and the 150$ transfer fee for just 1 account, I will not even cover the transfer fees I was charged by RBC. I appreciate Questrade low fees and commissions and getting better in the trading platforms but this is very infuriating. This should have been VERY CLEARLY stated in the "offer", first page. I bet that, if I had transferred an account every 6 mo, I could have gotten the full refund.
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
Hi everyone,

Just following up on this one:

For your reference, here is a link to Questrade’s Free-to-Transfer promotion. For incoming accounts that are a minimum of CAD $25,000, Questrade will rebate any transfer fees up to CAD $150. While this rebate is offered only to one account per client, please contact us directly if you have a unique situation. Our New Accounts team is trained to provide our clients with the best available promotions based on their unique circumstances. If anyone has any specific questions, please send me a PM and I will respond directly.

Menaknow
– I’ve responded to your PM (please check your inbox)

Andiv70
- Please send me a PM and I will look into your case and follow-up with you.

Thanks,
Carl from Team Questrade
Newbie
Oct 2, 2016
1 posts
1 upvote
Questrade do not want to pay a rebate/refund for multiple accounts even though the accounts are >$25K in value. Also had problems with Questrade honoring their promotion offer. Be careful when you are thinking of transferring accounts to Questrade. Their basic interfaces are just that, very basic. No real time data. You have to pay $19.00 p/mth just for real time data. If you compare Questrade to other online trading suppliers i.e. BMO Investorline, RBC Direct Investing, TD Direct Investing, Virtual brokers, QTrade you get way better value for your money. In all of the aforementioned brokers you get real time data as part of the basic package. When you make the decision to transfer your investments make a list of your requirements and compare it to what the brokerage is offering. If you are not sure call them or even better email them to clarify the issue for example "rebates" of transfer out fees. Why is it that Questrade will only refund one account transfer out fees but when you want to move/transfer your account from Questrade they charge you for every account?
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
Hi CollinP240256,

If you send me a private message with your email, I’d like to look into your situation with the promotion to see what happened.

Thank you.
Deal Addict
User avatar
Sep 4, 2005
3320 posts
1179 upvotes
Toronto
CollinP240256 wrote: Questrade do not want to pay a rebate/refund for multiple accounts even though the accounts are >$25K in value. Also had problems with Questrade honoring their promotion offer.
I have too, but I've always reached out to them and they credit back my account. So no complaints here.
Deal Addict
User avatar
Dec 14, 2007
3105 posts
1525 upvotes
CollinP240256 wrote: You have to pay $19.00 p/mth just for real time data. If you compare Questrade to other online trading suppliers i.e. BMO Investorline, RBC Direct Investing, TD Direct Investing, Virtual brokers, QTrade you get way better value for your money. In all of the aforementioned brokers you get real time data as part of the basic package.
But what's the cost of the basic package, the cost of a single trade, the other costs. Although I'm sure other investing firms COULD be better than QT in some times, I'm sure QT has a place to fill. For example, if you're just index investing, and mostly buy to balance... then QT will be VERY low-fee. You average joe doesn't need real-time data as their trading window is much longer. day to day fluctuations rarely matter to them.
I'd love to write history... in advance.
AMEX Biz Plat 75K AGAIN! | Plat 60K | Biz Gold 40K | Gold 25K | SPG 20K
Banned
User avatar
Jul 17, 2008
11042 posts
3865 upvotes
Questrade wrote: Hi everyone,

Just following up on this one:

For your reference, here is a link to Questrade’s Free-to-Transfer promotion. For incoming accounts that are a minimum of CAD $25,000, Questrade will rebate any transfer fees up to CAD $150. While this rebate is offered only to one account per client, please contact us directly if you have a unique situation. Our New Accounts team is trained to provide our clients with the best available promotions based on their unique circumstances. If anyone has any specific questions, please send me a PM and I will respond directly.

Menaknow
– I’ve responded to your PM (please check your inbox)

Andiv70
- Please send me a PM and I will look into your case and follow-up with you.

Thanks,
Carl from Team Questrade
Been waiting for 3 weeks now after the 90 day has passed since I transferred in and still no word or reply when I will get credited.
Deal Fanatic
Mar 24, 2008
6247 posts
2708 upvotes
Toronto
Sometimes you get what you pay for.
TFSA: XAW | RRSP: AOR | Non-reg: XUU + HXT
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
Messerschmitt wrote:
Questrade wrote: Hi everyone,

Just following up on this one:

For your reference, here is a link to Questrade’s Free-to-Transfer promotion. For incoming accounts that are a minimum of CAD $25,000, Questrade will rebate any transfer fees up to CAD $150. While this rebate is offered only to one account per client, please contact us directly if you have a unique situation. Our New Accounts team is trained to provide our clients with the best available promotions based on their unique circumstances. If anyone has any specific questions, please send me a PM and I will respond directly.

Menaknow
– I’ve responded to your PM (please check your inbox)

Andiv70
- Please send me a PM and I will look into your case and follow-up with you.

Thanks,
Carl from Team Questrade
Been waiting for 3 weeks now after the 90 day has passed since I transferred in and still no word or reply when I will get credited.
Hi Messerschmitt,

Please send me a PM with your account email address. I’d like to help you resolve this.
Member
Jan 24, 2013
467 posts
431 upvotes
Rainy River
I transferred a 2nd account to them years after the 1st, and initially I didn't get the transfer fee rebated. I admitted I didn't read the terms and conditions very closely (as just about every discount broker refunds transfer fees) but told them I wasn't satisfied and tried to argue that their policy wasn't good for business and I wasn't happy about it. The customer service rep said he could put in a request to a higher up and after a couple of times checking back my 2nd rebate was granted.

I suspect this fee is to discourage people from churning accounts. There are so many promos nowadays, you can pretty much transfer your accounts, get free trades for 6 months or a year, then transfer on to another discount broker get more free trades etc. etc.

In my case I'd never transferred money out of Questrade to another broker, I'd only transferred accounts to them. I made them aware of this loyalty. I don't know if that impacted their decision to grant me a 2nd transfer fee rebate or not.
Deal Addict
Feb 21, 2004
1561 posts
360 upvotes
Montreal
Transferred 3 accounts into Questrade and was able to broker a deal a couple of months back, they ended up covering almost 80% of the transfer out fees. Their promotion is very clear on this but they still made it worth our while.

Cant't blame them if you dont read correctly...
Deal Fanatic
Jun 3, 2009
5481 posts
1322 upvotes
Montreal
This is why Questrade has its pros and cons and may not be for everyone.

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