Personal Finance

Meridian CU / Credential securities: bait & switch?

  • Last Updated:
  • Jan 8th, 2021 11:50 pm
[OP]
Newbie
Jun 26, 2019
28 posts
9 upvotes

Meridian CU / Credential securities: bait & switch?

I have a question on whether this is a "bait & switch" situation. If it's not, I think it's unethical at the very least. I opened a Meridian account last year where they offered a $200 cash bonus. One of the qualifiers meant that I had to switch my securities over to Meridian. The only option they gave me was Credential Securities to hold the securities. Nearly a year later, I realized that I was slammed by Credential admin fees I'll admit I should've done so much more research & actually looked at my statements. In any case, I only realized that Qtrade was another option which I would've opted for had I been told. The admin fees are several times higher than the cash bonus I got.

Do you think that Meridian rep should've told me why my options were? Obviously Meridian & Credential had no incentive to tell me.
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