Personal Finance

Questrade charging $9.95+TAX per journaling request

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  • Feb 19th, 2021 2:52 pm
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Feb 17th, 2021 9:48 am
hellohi [OP]
Member
Feb 26, 2008
282 posts
109 upvotes

Feb 17th, 2021 9:48 am

Questrade charging $9.95+TAX per journaling request

From their latest email:
"You will soon be able to place a journal request online, without the need of contacting us by phone, chat, or email. This service will be available for $9.95 + tax CAD per request. We will provide more details closer to when this service is ready to launch."

https://www.reddit.com/r/PersonalFinanc ... ournaling/
https://www.reddit.com/r/Questrade/comm ... t_995_tax/
https://www.reddit.com/r/CanadianInvest ... ournaling/
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14 replies
Feb 17th, 2021 10:11 am
nikels21
Deal Addict
May 18, 2015
1563 posts
550 upvotes
Ottawa,Ont

Feb 17th, 2021 10:11 am

yikes- Questrade is not a low fee brokerage as they portray themselves. They are only 'low fee' for ETFS. Many others have cheaper commission, margin rates, contract rates, etc
+2
Feb 17th, 2021 2:46 pm
Biff88
Deal Addict
Mar 10, 2011
2273 posts
403 upvotes
Toronto

Feb 17th, 2021 2:46 pm

Hmm some big bank brokerages already have this online functionality and it is free.
Feb 17th, 2021 3:52 pm
Plane606
Newbie
Jul 22, 2015
66 posts
17 upvotes
Vancouver, BC

Feb 17th, 2021 3:52 pm

Oh damn, I just did this yesterday. They are doing this as many people are converting their cdn to us without commission by using the norbert gambit technique. Guess they got to make more money when they can.
Feb 17th, 2021 3:55 pm
my163cih
Newbie
Apr 9, 2013
38 posts
14 upvotes

Feb 17th, 2021 3:55 pm

Latest update is not introducing a fee based on reddit threads:
John-TeamQuestrade
Ontario
2h
Hi everybody! We have heard your response and your feedback. As a result, we are revisiting this initiative and have decided not to introduce a new fee at this time.
+5
Feb 17th, 2021 4:05 pm
Tsuioku
Member
Sep 9, 2003
499 posts
13 upvotes
Vancouver

Feb 17th, 2021 4:05 pm

They might just offering a new self-serve/expedited service. Will need to see what the details are when it officially rolls out.

I believe some banks offer a service where you can contact a broker directly to bypass the settlement time. Chat wait times are also getting longer and longer and email requests are being missed/forgotten so good for those that are time sensitive/impatient.
Feb 18th, 2021 9:37 am
SnowyDumpling
Newbie
May 15, 2019
80 posts
55 upvotes
GWN

Feb 18th, 2021 9:37 am

To introduce a fee and subsequently back-track on it is not a "good look". It raises questions regarding the business acumen of Questrade. What's next? A fee for deposits and withdrawals? (Don't think that they haven't thought about it.)

To even introduce a fee (when competitors don't charge) for journalling (a bookkeeping entry with minimal costs) just to garner fees is also not a "good look". They already generate a fee when you purchase (DLR or any etf), you may think that it is commission-free but you pay the bid/ask spread or you place a limit order which may not get executed unless the price drops below your bid price (or above your ask price).

When you sell this etf, you pay a commission and a bid/ask spread.

I agreed with the above posters, they are morphing into an "all too greedy" investment dealer right in front of your eyes.
Feb 18th, 2021 12:37 pm
someweirdo
Sr. Member
User avatar
Jul 16, 2019
964 posts
984 upvotes

Feb 18th, 2021 12:37 pm

Biff88 wrote: ↑ Hmm some big bank brokerages already have this online functionality and it is free.
Which ones?

And are you talking about journaling over the phone or online?
+1
Feb 18th, 2021 2:42 pm
Biff88
Deal Addict
Mar 10, 2011
2273 posts
403 upvotes
Toronto

Feb 18th, 2021 2:42 pm

someweirdo wrote: ↑ Which ones?

And are you talking about journaling over the phone or online?
Talking about online. i believe BMO Investorline and RBC DI have automatic journaling, TD DI has the option to let users do it online but I heard it takes a few days to complete.
Feb 19th, 2021 8:33 am
duttydeals
Jr. Member
May 5, 2016
162 posts
77 upvotes

Feb 19th, 2021 8:33 am

i put in a journaling request for norbert's gambit earlier this week on Questrade. No mention that it would cost anything. may be it's a new thing? thanks OP for the post.
Feb 19th, 2021 2:05 pm
fromage
Jr. Member
Aug 5, 2007
102 posts
67 upvotes

Feb 19th, 2021 2:05 pm

nikels21 wrote: ↑ yikes- Questrade is not a low fee brokerage as they portray themselves. They are only 'low fee' for ETFS. Many others have cheaper commission, margin rates, contract rates, etc
The only reason I remain with Questtrade is Margin Power. They're the only brokerage to allow me to leverage my TFSA as maintenance excess and buying power within my Margin account

Purchasing ETFs for free tho is kinda neat.
Feb 19th, 2021 2:28 pm
nikels21
Deal Addict
May 18, 2015
1563 posts
550 upvotes
Ottawa,Ont

Feb 19th, 2021 2:28 pm

fromage wrote: ↑ The only reason I remain with Questtrade is Margin Power. They're the only brokerage to allow me to leverage my TFSA as maintenance excess and buying power within my Margin account

Purchasing ETFs for free tho is kinda neat.
exact same for me. I keep only my TFSA with them and use the margin. Everything else is with Interactive brokers
Feb 19th, 2021 2:34 pm
agentg88
Member
Dec 23, 2011
310 posts
32 upvotes
Toronto

Feb 19th, 2021 2:34 pm

I think they backtracked this. Just spoke to a CSR through chat to journey my DLR.TO, they said no fee upcoming at this time.

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