TD now charging full commissions ($40) for Norbert's Gambit

moofur wrote: ↑I just called TD this morning to try to do a gambit using my TFSA. Because they changed their online system recently you can no longer do it online yourself. I did it twice after they changed the system and they've always charged me the online commission because they acknowledge that it's a functionality that they removed.

Anyways so I try to do the same thing this morning and they told me that a full commission will be charged. I called another agent and then spoke to their supervisor and was told the same thing. I was absolutely livid. They were unwilling to budge. The supervisor even acknowledged that it's a Norbert's gambit and that if I was able to do it online myself or through an agent with the online commission in the past then it's a benefit that I shouldn't have received. Ludicrous. More like a cash grab.

Has anyone gotten a similar experience recently?

Anonymouse wrote: ↑I bought DLR and the next day called them to ask that it be journaled over to DLR.U. He asked me if I was doing Norbert's gambit, I said yes. He arranged to sell the DLR.U over the phone instantly and told me not to wait a day next time. Charge was US$9.99 for the sale.

This was two weeks ago.

moofur wrote: ↑Before they had separate CAD and USD TFSAs they had a USD wash service where you can enroll and your US trades will wash into what was essentially a US money market fund and you had the ability to execute the Norbert's gambit directly online.

After they changed the system and separated the USD and TFSA portions of your TFSA they removed the ability to execute Norbert's Gambit yourself online since you can no longer sell interlisted stock on different stock exchanges.

deal_with_singh wrote: ↑Wash trades aren't the same as Norberts Gambitt...with the wash, you had to do the initial conversion...As far as I can remember, you were not able to ever do this online...You always had to call in to "Journal" the trade which would be done after settlement...and to do it instantly you'd have to pay the over the phone commission (unless you get a rep willing to waive it, which I would always try till I did). Both options are still the case, and they don't charge to journal still.

ksgill wrote: ↑OP, why don't you move your accounts over to a more modern brokerage. You don't have to put up with TD DI's *****ness.

ksgill wrote: ↑OP, why don't you move your accounts over to a more modern brokerage. You don't have to put up with TD DI's *****ness.

JUnit wrote: ↑I understand there are a few options to avoid the phone commission:
1. In a short-enabled margin account, you can first sell an interlisted stock on the US side, then buy on the CDN side. Call after settlement to journal the shares from CDN to US.
2. Buy DLR, wait 3 days for settlement. Call to journal the shares, wait for journalling. Sell through webbroker.
3. If you already own some interlisted shares, call to have them journaled to the US account. Sell these shares in the US account and repurchase in the CDN account. This would work best in registered (RSP/TFSA) accounts to avoid issues with capital gains/losses.

Step 1: Buy DLR in your Canadian trading account
DLR TD Waterhouse
A. I need over $20,000 US

B. Thus, on Dec. 15, I bought 2100 shares of DLR at $11.59 per share costing a total of $24,339 CAD + ($9.99 trading commission)

Step 2: Call TD Waterhouse to journal your shares over as DLR.U
This should take several days to “settle”, meaning for them to approve, go through with the transaction, and actually have it appear in your account. From the above picture, I made the transaction on the 15th and it is going to be settled on the 18th.

Step 3: Sell DLR.U in your US trading account
DLRU TD Waterhouse
A. I sold all 2100 shares of DLR.U at an asking price of $9.94 per share costing a total of $20,874 USD – ($9.99 trading comission)
*Note: I was trading on “margin” (aka loan) because in theory, it hasn’t settled yet. You have to have a margin account to be able to do this. Otherwise, you would have to wait until it settles, and then make the sale.

mkl38s wrote: ↑I did option 2) not long ago. If you call early in the day to journal, shares will be available by noon so you can sell. The only problem is CAD/USD could fluctuate a bit during 3 days, so it could be to your advantage/disadvantage. Do you have short selling accounts? I do but haven't tried option 1) and I don't think you need 3 days. Also, with RESP which still allows only CAD account, you could buy and sell inter-listed on the same day and get your conversion without calling to journal. RBC is like that, no need to call and do it on the same day. I asked TDW before and they said they will be allowing that in the future, but didn't know when

jerryhung wrote: ↑I'll do this in my CAD/USD Margin accounts (can short-sell)

so you bought DLR in the morning, call TDW to journal to DLR.U and DLR.U will show up same-day to sell already? doesn't have to wait 3 days for DLR.U to show up & sell?