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Questrade

Transfer your account for free (rebate up to $150) - no balance requirement

  • Last Updated:
  • Oct 4th, 2019 2:52 am
Newbie
Oct 31, 2009
30 posts
8 upvotes
dmbcanada wrote: Really frustrated right now as my Mackenzie broker is not returning my emails or calls. Wanting to transfer from Mackenzie to QT all-in cash but not sure what fees I will be charged and of course QT cannot tell me.
Lol, no shit that broker isn't returning e-mails or calls. They will wait until after March 31 to get back to you when this deal is over. The $150 should cover most if not all of it in most cases. If you initiate the transfer from QT, they will do it for you and it doesn't matter what your broker does. It will transfer.
Deal Addict
Nov 25, 2007
1066 posts
1273 upvotes
Toronto
How long does it take to get the rebates applied to the QT account? Did mine about 2 weeks ago and haven't had any updates.
Member
Aug 21, 2016
465 posts
164 upvotes
k_jai wrote: How long does it take to get the rebates applied to the QT account? Did mine about 2 weeks ago and haven't had any updates.
Contacting them via chat after you upload the documents greatly speeds it up
Jr. Member
User avatar
Aug 12, 2012
170 posts
54 upvotes
Ontario
iOsiris wrote: Lol, no shit that broker isn't returning e-mails or calls. They will wait until after March 31 to get back to you when this deal is over. The $150 should cover most if not all of it in most cases. If you initiate the transfer from QT, they will do it for you and it doesn't matter what your broker does. It will transfer.
They finally responded, but I already initiated the transfer so they are out of luck to keep me as a customer!
Newbie
Sep 13, 2016
79 posts
33 upvotes
What is the cut off for getting the transfer rebate ? Application in before 31st mar or actual transfer done by 31st mar ? I got an email at 4.30 PM today saying they wouldn’t accept one of my form. I have been on phone for past 20 mins with no luck. I am sure they would get back to me only on Monday by the time the offer would have elapsed.
Member
Mar 8, 2008
491 posts
838 upvotes
gatineau
wally_walrus wrote: I was with National Bank through a robo, and I can tell you I do NOT prefer their pricing model... First - they charge $9.95 commission (+HST) for both buy and sell, this discourages frequent DRIPs. Then they charge you $100 annual fee per account with them (+HST again). I had a total of 6 accounts (2 TFSAs, 2 RRSPs and 2 cash accounts) - doing no trades whatsoever cost me $550 + HST a year. And the kicker? Transfer out fees are $125 per account + GST. I transferred out 4 accounts, so they hit me real hard... I'm surely glad Questrade will reimburse the fees, and my returns are starting to improve already

And I haven't even touched on the robo fees yet (~0.6% of the portfolio)


So YMMV, but Questrade works much better for me
this is the sort of similar experience to mine in which i am interested. Their notification system for fees is horrid! I first learned of the $100 inactivity fee after I saw a sale of shares from my account. I called and they explained that I owed them money, so they sold shares to recover, while also charging me commission.

From there, I decided to make up the 5 trade minimum over a year, by way of purchasing small amounts of a cheap stock. I figured it was better to offset the fee by eating up $50 in trade fees. Another year went by, and I thought I'd made 5 trades, but apparently I missed the cut-off date. I had no obvious notification that I owed them the $100 fee. One has to login to their system in order to see any notifications. They didn't email me, or contact me in any other way.

Once again, they sold a chunk of shares without any warning.

I'd like to find a place with better customer connection, but I just don't have the knowledge or courage to move to a different system. The ONLY benefit with NBC is that I can easily transfer money into the account from my existing NBC accounts.

Is it easy to move money from NBC to questtrade?
Member
Aug 21, 2016
465 posts
164 upvotes
bouche wrote: this is the sort of similar experience to mine in which i am interested. Their notification system for fees is horrid! I first learned of the $100 inactivity fee after I saw a sale of shares from my account. I called and they explained that I owed them money, so they sold shares to recover, while also charging me commission.

From there, I decided to make up the 5 trade minimum over a year, by way of purchasing small amounts of a cheap stock. I figured it was better to offset the fee by eating up $50 in trade fees. Another year went by, and I thought I'd made 5 trades, but apparently I missed the cut-off date. I had no obvious notification that I owed them the $100 fee. One has to login to their system in order to see any notifications. They didn't email me, or contact me in any other way.

Once again, they sold a chunk of shares without any warning.

I'd like to find a place with better customer connection, but I just don't have the knowledge or courage to move to a different system. The ONLY benefit with NBC is that I can easily transfer money into the account from my existing NBC accounts.

Is it easy to move money from NBC to questtrade?
Initial transfer you can do by simple filling out a form with their address and your account number. Afterwards, you can transfer funds through EFT or bill payment to Questrade
Sr. Member
Oct 6, 2018
589 posts
1082 upvotes
udhatya wrote: What is the cut off for getting the transfer rebate ? Application in before 31st mar or actual transfer done by 31st mar ? I got an email at 4.30 PM today saying they wouldn’t accept one of my form. I have been on phone for past 20 mins with no luck. I am sure they would get back to me only on Monday by the time the offer would have elapsed.
According to QT, it's application and transfer request in by March 31st. The transfer could take up to a month depending on the institution.
Deal Addict
User avatar
Oct 19, 2007
2310 posts
1655 upvotes
45.467253°N, 75.5123…
bouche wrote: this is the sort of similar experience to mine in which i am interested. Their notification system for fees is horrid! I first learned of the $100 inactivity fee after I saw a sale of shares from my account. I called and they explained that I owed them money, so they sold shares to recover, while also charging me commission.

From there, I decided to make up the 5 trade minimum over a year, by way of purchasing small amounts of a cheap stock. I figured it was better to offset the fee by eating up $50 in trade fees. Another year went by, and I thought I'd made 5 trades, but apparently I missed the cut-off date. I had no obvious notification that I owed them the $100 fee. One has to login to their system in order to see any notifications. They didn't email me, or contact me in any other way.

Once again, they sold a chunk of shares without any warning.

I'd like to find a place with better customer connection, but I just don't have the knowledge or courage to move to a different system. The ONLY benefit with NBC is that I can easily transfer money into the account from my existing NBC accounts.

Is it easy to move money from NBC to questtrade?
I wasn't a direct customer of NB, but the robo I was using used NBIN (NB Investment Network) as a custodian. So the fee structure was a little different with another layer in between, but the general idea was the same - nickel and dime...

QT has plenty of methods to fund the account. I only had RRSP and TFSA held at NBIN, so simply filled in a transfer form at QT and they took care of it all
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Deal Addict
Jul 1, 2006
1124 posts
50 upvotes
HyperTech wrote: Not too fast... Ecn and all others fee still apply. If u do huge transactions like me it can cost u lots of money, recently i have made a purchase of 42 300 units, i manage to avoid ecn fees and the other fees(for not being a multiple of 100) it cost me 9.95 instead of 250$ for the commission. Maybe it look cheap... But these fees add up fast and can eat ur profit, if there is any.

Don't tell me about delaying my transaction, sometime u can mist an opportunity trying to gamble with 1 cents to avoid theses fees. While i was making my order, the price went down and it executed immediately, so huge fees...

I prefer national bank for the flat 9.95$ no others weird fees. I can't tell for other platform, i did not used them. With my national bank account, i can make a limit purchase at the current price and will not be dinged by these fees.

And u can buy AND sell etf for free, as long its a minimum of 100 units per transaction.

But, the questrade interface is by far superior than the old and awkward website of nb one.
How is TD Waterhouse in comparison to national bank or anything else. TD Waterhouse is 9.99$ commission is there any hidden fees? Or is just as good as the best out there ?
Deal Addict
User avatar
Dec 4, 2007
4869 posts
2743 upvotes
Quebec
tripleflip wrote: How is TD Waterhouse in comparison to national bank or anything else. TD Waterhouse is 9.99$ commission is there any hidden fees? Or is just as good as the best out there ?
Sorry, i never used TD. According to their fees web page, i don't see anything related about theses fees other than the regular commissions 9.99$ fee.
Deal Addict
User avatar
Jan 25, 2009
1505 posts
1529 upvotes
tripleflip wrote: How is TD Waterhouse in comparison to national bank or anything else. TD Waterhouse is 9.99$ commission is there any hidden fees? Or is just as good as the best out there ?
$9.99 flat. No other fees. Buy as many shares as you want. They do have $25 plus tax quarterly maintenance fee but it is waived if you either carry $15,000 household combined equity, or doing atleast 3 trades in a quarter or setting up $100 pre-authorized transfer from your bank to one of your DI accounts. You can always transfer $100 back but that will waive the fees from coming on.
The only other fees I can think of are RSP account withdrawal which is $25 plus tax and they have advanced trading platforms (which you don't have to use) that have their own fees which also can be waived if you meet certain criteria.
Deal Addict
Jul 1, 2006
1124 posts
50 upvotes
HyperTech wrote: Sorry, i never used TD. According to their fees web page, i don't see anything related about theses fees other than the regular commissions 9.99$ fee.
Does national bank require any maintainence on the account during the year or can I just let it sit and not get any maintainence fees?
Deal Addict
User avatar
Dec 4, 2007
4869 posts
2743 upvotes
Quebec
tripleflip wrote: Does national bank require any maintainence on the account during the year or can I just let it sit and not get any maintainence fees?
Minimum 20k(all account combined) Cad value at the 1st may of the year, if not u will be charge 100$ cad for "maintenance" fee for the year.

I mainly use national bank because of the real no fees buying and selling minimum 100 shares of etf. Not like the "no fees" of questrade to buy, but will be charge for ecn fees(no big deal if u buy only a few shares, but if u buy huge amounts, it can be very expensive)

Some will argue, its easily avoided by delaying the transaction, i agree, but what if i want it now at this exact moment price? Sometimes u can mist serious opportunities by playing this "delay" game by submitting a limit order with a guessing price that might never happen.
Deal Addict
Jul 1, 2006
1124 posts
50 upvotes
HyperTech wrote: Minimum 20k(all account combined) Cad value at the 1st may of the year, if not u will be charge 100$ cad for "maintenance" fee for the year.

I mainly use national bank because of the real no fees buying and selling minimum 100 shares of etf. Not like the "no fees" of questrade to buy, but will be charge for ecn fees(no big deal if u buy only a few shares, but if u buy huge amounts, it can be very expensive)

Some will argue, its easily avoided by delaying the transaction, i agree, but what if i want it now at this exact moment price? Sometimes u can mist serious opportunities by playing this "delay" game by submitting a limit order with a guessing price that might never happen.
What are ecn fees? Are they market buys/sells?
Deal Addict
User avatar
Dec 4, 2007
4869 posts
2743 upvotes
Quebec
Its some "electronic communication network" fees that some broker charge extra in addition to the commissions fees. I don't know why some broker charge it and some not, perhaps some just include it in their 9.99 commission fees. That's what i think.
Deal Addict
Jul 24, 2003
2205 posts
1124 upvotes
manho wrote: Just got off the chat with QT. They're telling me to wait and see, as different asset could arrive at different time.

I wonder if it could because I only had enough cash balance ($160) remaining in the CIBC RRSP to transfer out ($125, which has been deducted) but not deregister ($100).
data point. everything arrived at QT. CIBC account was not deregistered (i.e. active with 0 balance).

...then I just received a $30 dividend from a stock in CIBC just now.. anyone has any good suggestion what to do with this $30 left over? i have a feeling i will get dinged a $100 annual maintenance fee (for being under $25k) just because of this $30...
Member
Aug 21, 2016
465 posts
164 upvotes
manho wrote: data point. everything arrived at QT. CIBC account was not deregistered (i.e. active with 0 balance).

...then I just received a $30 dividend from a stock in CIBC just now.. anyone has any good suggestion what to do with this $30 left over? i have a feeling i will get dinged a $100 annual maintenance fee (for being under $25k) just because of this $30...
You need to contact CIBC and tell them to transfer the residual. You shouldn't face any additional fee for this. Questrade mentions this in one of their emails they send you during the transfer process so try to look for that for more details from them but that's the jist.
Deal Addict
Jul 24, 2003
2205 posts
1124 upvotes
fern54 wrote: You need to contact CIBC and tell them to transfer the residual. You shouldn't face any additional fee for this. Questrade mentions this in one of their emails they send you during the transfer process so try to look for that for more details from them but that's the jist.
Thanks for your reply. I see it in QT's email now
If you requested a full transfer, please check that all dividends and payments have been transferred from your financial institution. Only your financial institution can transfer these and any remaining assets to Questrade.
Will contact CIBC. Let's hope CIBC don't ding me for another fee for this.

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