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questrade inactivity fee

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  • Feb 27th, 2020 2:14 pm
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[OP]
Jr. Member
Oct 18, 2006
115 posts
74 upvotes

questrade inactivity fee

just got this in an email and its on their site too..

As of July 10th, 2012, an inactivity fee of $9.95 per month is charged to clients with under $5,000 in combined equity for any month in which the client does not complete one commissionable trade. Combined equity is all accounts owned by a client, including accounts linked by household or authorized trader. Clients are exempt from this fee if the account is open for less than 6 months.
187 replies
Banned
Apr 8, 2012
4 posts
11 upvotes
nightwing12 wrote: just got this in an email and its on their site too..

As of July 10th, 2012, an inactivity fee of $9.95 per month is charged to clients with under $5,000 in combined equity for any month in which the client does not complete one commissionable trade. Combined equity is all accounts owned by a client, including accounts linked by household or authorized trader. Clients are exempt from this fee if the account is open for less than 6 months.

saw this 2, u might as well do 1 trade a month, for like 1 stock and pay 4.95$ instead of 9.95$. or add equity and avoid the problem, but not everyone has that kind of money available. especially when your 18
Jr. Member
Feb 15, 2012
175 posts
17 upvotes
Yeah, not impressed with this.
Newbie
May 9, 2012
4 posts
Montreal
Can they even do this? Sure they can with new accounts, but with old accounts too?
koodoguy wrote: saw this 2, u might as well do 1 trade a month, for like 1 stock and pay 4.95$ instead of 9.95$. or add equity and avoid the problem, but not everyone has that kind of money available. especially when your 18

I am 18... I can't afford to have $5,000+ equity... I hope they'll change it because I won't be able to pay for that, I'll have to close my account...
Deal Addict
Jul 11, 2008
1728 posts
145 upvotes
Ottawa
if i pull all my money out, they can still charge me? would I have to close the account and re-open when I want to invest again?
Deal Addict
Jan 28, 2009
1940 posts
441 upvotes
Calgary
Wow, big thanks for pointing this out to me. I never read the emails they send me.

I will be liquidating my Questrade account I guess.

What's a good alternative?
Deal Addict
Jul 11, 2008
1728 posts
145 upvotes
Ottawa
virtual brokers
[OP]
Jr. Member
Oct 18, 2006
115 posts
74 upvotes
pace wrote: if i pull all my money out, they can still charge me? would I have to close the account and re-open when I want to invest again?

according to their site you can close your account for free, there is a fee if you transfer your account to another broker tho. So I think you have to close it & take the cash and then you can open @ another brokerage, it just depends on what would be cheaper for you (if you want to reacquire all the shares you previously owned the commission could be more than the transfer fee).

I'm kinda pissed cuz I just opened an rrsp there and didnt intend to put 5k in yet.. so my choice is to either do more trading in that account then i intended (to pay 4.95 a month instead of 9.95) or transfer it out and pay $125 dollars.. or take out the $ i have in it, but pay income tax on the amount.. annoying.
Deal Addict
Jul 11, 2008
1728 posts
145 upvotes
Ottawa
oh i wouldnt be transferring... just pulling out all my money, using some, then putting it back into questrade to invest again.

for your situation, can't you just transfer in a dollar each month (or does that not count as an activity?)
Sr. Member
User avatar
Jul 12, 2005
550 posts
169 upvotes
Peterborough
canehdianman wrote: Wow, big thanks for pointing this out to me. I never read the emails they send me.
I will be liquidating my Questrade account I guess.
What's a good alternative?

+1

Seems nobody wants your business if your portfolio is small. I opened a TFSA with them a year ago and have been using the couch potato strategy. I am not an active trader and don't intend to be so I'll be hitting the dusty trail. Next stop: either ING Streetwise or TD e-series.
[OP]
Jr. Member
Oct 18, 2006
115 posts
74 upvotes
pace wrote: oh i wouldnt be transferring... just pulling out all my money, using some, then putting it back into questrade to invest again.

for your situation, can't you just transfer in a dollar each month (or does that not count as an activity?)

good question, I will email them and ask what they classify as activity, if contributing a dollar each month counts, then I'll just do that. Ill post here if I hear anything.
Member
Mar 17, 2011
256 posts
3 upvotes
nightwing12 wrote: good question, I will email them and ask what they classify as activity, if contributing a dollar each month counts, then I'll just do that. Ill post here if I hear anything.
I think it has to be a trade.
1. As of July 10th, 2012, an inactivity fee of $9.95 per month is charged to clients with under $5,000 in combined equity for any month in which the client does not complete one commissionable trade. Combined equity is all accounts owned by a client, including accounts linked by household or authorized trader. Clients are exempt from this fee if the account is open for less than 6 months.
This sucks.
Member
Mar 17, 2011
256 posts
3 upvotes
nightwing12 wrote: I'm kinda pissed cuz I just opened an rrsp there and didnt intend to put 5k in yet.. so my choice is to either do more trading in that account then i intended (to pay 4.95 a month instead of 9.95) or transfer it out and pay $125 dollars.. or take out the $ i have in it, but pay income tax on the amount.. annoying.
I'm exactly in the same situation. I guess I could do the trade, but I bough a few shares for the long, long term. What now?
Deal Addict
Jul 11, 2008
1728 posts
145 upvotes
Ottawa
sell all, close account, buy at new brokerage. it'll save you money in the long-run (if you stayed with questrade). transfer fee is "only" $125 if you want to go that route too... think long term guys

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