Transfer of my TFSA – ING investigate

TickPasha Apr 30th, 2012, 08:42 PM

good luck with the transfer, I requested a transfer of my TFSA from ING in early march, last week, my transfer on my questrade account got cancelled, questrade ask me to call ING to cancel the transfer because questrade didn’t receive the money

ok, then
I call ING, they said they sent the draft on mid march, they’ll investigate for me
today I call ING back, they said my money has already been cashed !!! nothing ING can do !!! I’ll call questrade tomorrow try to find out where my money went, and I’ll LEAVE this sh**ty broker,
I’ll just need to sent all my TFSA cash in to my margin, then sent all my money from my margin to ING, no need to pay transfer fee

I should have STAY AWAY from questrade :facepalm:

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I have to face to 27% loss, over $1100, of my position in 8 working days

Joss says:
March 14, 2012 at 10:25 pm

I have a horrible experience too! I had a “all in kind” TFSA transfer request on 15-Feb-2012, on 3-Mar-2012, the status showed “completed”, however all my positions and fund didn’t show up in my account. After I chased them every day, the agent still didn’t know where my money and stock went…..Finally, my positions showed up in my account on 14-Mar-2012, 8 working days later!

But now I have to face to 27% loss, over $1100, of my position in 8 working days becasue it is in down trend and I couldn’t find them and sell it!! The agent told me they can credit me $25 for 5 free trades as repay. I don’t know now who shall I talk to because I couldn’t find any contacts of management level from their website.

Joss says:
March 21, 2012 at 6:40 pm

InvG, I think I am ready to take further action. The funny thing is QT agent replied my email on 12-Mar today, it took them 8 business days to reply my email!! I guess they may not have enough manpower. The agent replied that they changed the status to “completed” because they thought it was done, but they still need to take few days to deposite stocks into my account. What an answer! I am surprised again that their “completed” has another meaning which is “not completed”! So now the question is “CAN WE TRUST YOU?”


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I have had nothing but nightmares with everything I do at Questrade lately

Allen says:    
March 14, 2012 at 2:07 pm

(Sorry if you have read this already as I am cross posting to several blogs… That’s how angry I am…)
Glad to see even after all these years this thread is still alive… I have had nothing but nightmares with everything I do at Questrade lately. It all started well with margin trading in US & CDN and I never really had any issues. Seeing that things were good and trades on the cheap side I decided to entrust my TFSA contributions for my wife & I in 2011. That’s when the problems started… Still to this day, March 2012, zero of my 2011 contributions have been recorded with CRA (over 1 year). I have simply given up after phone calls, emails, reports generated & the BS excuses they keep giving me. They did’nt believe me on anything and expected me to call the CRA on their behalf! Huh? What a nightmare that is still unresolved. No idea if they will ever report our contributions. These will be cashed out in December of this year without a doubt and moved to my TDW account.

Being a little naive and trusting, I also signed up for direct withdrawals and purchase of Claymore ETF’s on a monthly basis. Well, that really started off on the wrong foot when they deducted 2 securities payments/purchase correctly but my third was 3x (!!!) the requested amount. I was lucky that I had the funds to cover it in my originating account but it took 2 deduction cycles (read $900 taken) to correct the problem and 3 weeks for them to actually send my money back. The onus was on me to prove they had actually taken the money, they had not purchased the securities on my behalf and for me to involve my bank in the process! It was brutal arguing with them constantly over a two week period.

Anyway, there is more but I digress… I am really happy with TDW and moved all my business there. They have been absolutely amazing for customer service, accuracy of request processing and just fantastic to deal with overall. Trading execution is noticeably faster for buy & sell requests. In my opinion, it is well worth the $9.99 per trade for the type of long term investor that I am. As Chris says: Let our experiences be a lesson to others.


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Nightmare experience with Questrade! A tax slip error costs me $1400

Apr 2nd, 2012 08:16 PM #1

Nightmare experience with Questrade! A tax slip error costs me $1400 …

Hi Guys,

I received a notice of reassessment from CRA stating that I owe $1400 in the tax year of 2010. I was suprised, but I quickly found out the root cause is because the RSP trustee Questrade made a mistake by puting my wife’s name as the contributor of spouse RRSP tax slip. The account was set up correctly with my name listed as the contributor and her name listed as the Anuitant. The account was also funded using a joint account from Scotiabank.

Questrade made the same mistake for tax year 2011 and agreed to correct the problem of 2011. But what really annoys me is they said they can’t issue any amendment for 2010. Despite of repeated conversation with their frontline support, there is only denial.

Do you have any suggestion about how to resolve the issue.?

$1400 is not a small amount. Never put money into Questrade! If there is any mistake, you don’t even have anyone to complain or escalate the issue. No management access. For whatever that is a little bit out of process, they are not willing to help.

Thanks in advance.


Apr 2nd, 2012 08:33 PM #2

I would escalate the issue to a manager. I can assure you prior year tax receipts can be amended but it does require a bit of work (I work for a financial institution so I know). If the manager is not willing to help, threaten to go to their Ombudsman, that should work. No way you should pay for their mistake (and I agree their customer service is abysmal). Best of luck

Edit: just saw that last bit about management access, I call BS, I don’t know of any company that does not have managers. Ask to log an official complaint

Apr 3rd, 2012 01:03 AM #3

That’s a pretty big screw-up on their part. Can you bring in an Ombudsman if they won’t escalate to a manager?

They should be correcting the 2010 slip AND covering the CRA penalty and interest incurred (if any).

Apr 3rd, 2012 06:00 AM #4

Thank you for the advise. Which level of Ombudsman shall I talk to? I found several websites and will try to make some initial call today.

I give up any hope on questrade to resolve this issue. Every call takes 20 mins waiting time and then another 10 mins to explain the same issue. They don’t even allow you to directly communicate with their supervisor on the phone; don’t even mention the management layer who is supposed to care more about their reputation.

Apr 3rd, 2012 09:20 AM #6

My wife called ombudsman toronto and was told they only cover government related issues.

Apr 3rd, 2012 08:31 PM #9

We have called Ontario Security Commission and have been provide with Questrade’s complaint officier’s email. Will try it, but it may take up to 90 days for a resolution.

CRA treated me well. But CRA can’t override the decision if Questrade insists they have good reason to reject it. The root of the problem is still with Questrade.

I personally think it is very short-sighted for a company to ignore a customer’s legitimate complaint. The damage to their reputation is way more than a single angry customer. BTW, i have started to close my three accounts with Questrade regardless of the result.

I will keep you guys updated with the final result on this forum. Thanks for the advise from everyone.

Apr 4th, 2012 04:02 PM #11

Questrade’s compliance office called back and said it is too expensive for them to revert the change for the tax year of 2010. It is just not doable. The slip was issue one year again for the first 60 days of 2011.

I do not see a good reason for questrade to reject my request. In short, they would rather lose me as their customer than fix the problem on their side. They are running a business!!

Apr 4th, 2012 06:43 PM #12

Gosh they’re terrible. If it weren’t for those $5 trades I’d abandon ship. My own headache is that their ETF T5 slips for this year are have STILL not been released.

Apr 17th, 2012 09:29 PM #15

“Originally Posted by coopercold
I disagree. It’s definitely time to give up. Too bad. Live and learn.”

Are you by any chance one from Questrade’s “social media” group? :-}
If it was your money at stake, would you find $1,400 an “easy loss”?
If I were the OP, I would continue challenging both QT and CRA. Everything can be challenged for up to 6 years in the past, or so. So I don’t see a reason why QT should not be able to fix the issue. They should have all the past documents and audits. It’s not just $25 that you can dispose of easily…Just an opinion.


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